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369
Junior Member
366 Posts |
 Posted - 14 July 2008 : 16:15:50
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Hello,
I was declared bankrupt on the 2nd Nov 07, my OR told me I was going to be due an early discharge on the 23rd June, as it got nearer to the time I emailed them and asked when I would receive the paperwork and they said oh no, you wont be released early any more, you will have to wait until you are automatically discharged - another 5 months!
Is there any reason they did this? As they will not tell me.
And when you have an automatic discharge do you have to fill in forms about your salary/expenditure etc? As my salary has gone up considerable (luckily) since I have been bankrupt - they wouldnt want me to start doing an BRO would they?
Thank You
369 |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 14 July 2008 : 16:31:19
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Hi
They will contact you again for an up to date income and expenditure just before your discharge, as once discharged they can not ask you for an Income Payments Agreement. Although you would have signed a declaration that you would notify the OR of any change in your circumstances, so really you should let them know you have received a salary increase.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 17:03:00
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Great advice as usual Suzanne.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 10:45:31
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Thanks Suzanne,
I have emailed them and kept them up to date with my salary increases.
I was just wondering if they would compare it to last year when I went bankrupt and was on £20k a year and a year later I am on £28K a year, whether I would have an IPA. Would that £8K really make that much difference to them?
I just dont want to get to my discharge date, only for the, to turn around after I have filed in the forms and say actually you have to now have an IPA and pay it back over the next three years.....
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pix1
Average Member
689 Posts |
Posted - 15 July 2008 : 11:02:19
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Hi 369,
I believe - and I am trying to check this as I write on the Insolvency Service website 'Search' facility (currently down!) - that a bankrupt is meant to inform the OR within 21 days of a change of income during undischarged BR. I don't know if this means 21 days from when a BR started getting paid at a higher rate or 21 days from when he/she actually got paid for the work. Probably, if you send in the earliest payslip where your pay was higher that shouold suffice. It is better to do it asap as you have not sigend an IPOQ as yet. you will certainly need to return a completed IPOQ before you are discharged.
Interestingly, what I don't know is if you could ask your employer for a salary cut (with the tanker drivers on strike and what not that would be a first!).
One way or the other the OR must be told.
You would have signed a form from the OR in the early days of your BR which would have said, inter alia, that any changes in employemnt circumstances must be declared.
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 14:47:48
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Thanks Pix1,
I have kept the OR up-to-date with all of my salary changes.
I am just wondering if when I fill in the "forms" (and what are those forms?) just before i am about to be discharged, can they then right at the last moment say actually you have to pay back over 3 years this amount of money - just because my salary has increased by £8k in the last year?
Thanks
369 |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 15 July 2008 : 15:28:50
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Hi 369
Yes, if when they work out your final income and expenditure and it appears you have a surplus over £100 you may end up with an IPA. Of course expenses have gone up quite considerably lately, but I don't know if they have gone up to the extent of £8K pa.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 15:39:21
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Thanks Suzanne,
But surely nearly everyone that has gone Bankrupt would actually have more money seeing as though they are not paying out to creditors anymore.
I really dont want to go through the whole process, just to have to pay back the money for the next three years anyway, I might as well have not gone bankrupt if i have to do that.
Think I will have to list every single thing on my forms......what are the forms by the way and when do you usually get them? I am being discharged (hopefully) on the 2nd Nov 08, would i recieve them before then?
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 July 2008 : 15:41:43
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You wouldn't be paying back all of your surplus, only 50-70% of it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 15 July 2008 : 15:48:08
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Skippy is right, it is not all of your surplus you pay into an IPA.
You should get the forms around a 4-6 weeks before your discharge.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 16:08:42
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OK thanks.
I am actually on a fixed term contract at work until the 31st October 08, and my discharge date is the 2nd of Nov, so technically I will not have a job on the date of my discharge.
However, they may extend my contract, but this may be after I have filled the forms in and sent them back.
What would you suggest I put on the forms?
Thanks |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 15 July 2008 : 16:19:29
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As always honesty is the best policy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Topic |
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Being Discharged from Bankruptcy
