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Angie
New Member
United Kingdom
81 Posts |
 Posted - 13 February 2009 : 18:02:13
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Hello
I went bankrupt in early November 2008 and have been out of work since early October 2008. I am 54. I live in rented accommodation and have no assets.
I was wondering:-
1. If I do not receive an income breakdown form in the coming months will this be an indication that I will not receive a possible discretionary early discharge? It will be 6 months on 4 May 09.
2. If the 3 creditors object to an early discharge is that the end of the matter and I will have to wait out the full year. The reason is that I have 3 creditors £43,000 debts and I paid (payment plan when I was working) First Direct and Barclaycard but Nat West (unsecured loan) got the least amount simply because the former 2 were more intimidating and persistent. I had little left for Nat West so only paid them over a much shorter time period with a lot less - could this cause an objection for a possible early discharge?
I expect in any case as I am out of work I will NOT qualify for early discharge as I am unable to set up a payment agreement (IPA) as I only have £60.50 per week coming in. I had 2 telephone interviews in November 08 and have heard nothing further. Should I just wait and see what happens when the 6 months are up on 4 May 2009? I do not feel I can put closure on anything as I cannot contribute anything to my creditors and cannot get any work at the moment so am not able to set up any IPA or IPO (is this what they are called)?
Thanks ever so. I have not been able to talk to anyone about this.
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pix1
Average Member
689 Posts |
Posted - 13 February 2009 : 18:27:16
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Hello Angie,
As to the procedure to be followed in your bankruptcy the Insolvency Service website shows what the examiners do. Please see this link;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch13-24/Chapter22/part2/Part%202.htm
In your case, you went bankrupt in early November last year. So, it is just over 3 months into the process. Your case may be straightforward in terms of your income as you are on benefits. There may be asset issues I don't know about but as you do not presumably have a property being dealt with and if there are no other awkward assets to deal with your case may, as I said, be straightforward. What has happened so far is that you have had your bankruptcy order stamped by the judge and had your interview with the examiner. The examiner will have written to your creditors and be in the process of goign through your statement of affairs. All being well, you may expect to receive a letter 'EDREV' (early discharge review) after 6 to 7 months (sometimes earlier), say, around June this year, which will include a form IPOQ (income payment order questionnaire) which you will need to send back and contact them by phone to make sure they receive it! After that, the creditors will be contacted again and, if there are no objections or no objections they examiners deems worthy of enquiry and if your income has not altered you can expect an early discharge about 7 weeks after the EDREV and IPOQ letter.
Good luck and remember no news is good news.
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 13 February 2009 : 21:36:33
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Hi angie, i went BR on the 17th Oct, just before you, i spoke to my OR recently about something else and she advised me i would receive papers approx May time with ED end of June/beg of July. (takes between 6-8 weeks after papers rec'd to sort it out i believe)
HTH
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Angie
New Member
United Kingdom
81 Posts |
Posted - 13 February 2009 : 21:38:49
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| Thank you everyone so much for your excellent advice. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 February 2009 : 14:30:05
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My advice to anyone going BR is to expect to be discharged after 12 months - if you get ED it's a bonus. There's no point worrying about something that may or may not happen - I kept hoping, but after a while I realised that 12 months actually isn't that long, and as I was getting a fresh start I couldn't really complain!
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/
20 IPA payments made, 16 to go - on the home straight! |
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HelloI went bankrupt in early November 2008 and
