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Jane.l
Average Member
511 Posts |
 Posted - 07 March 2009 : 12:24:30
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I was made bankrupt in August 2007, got ED in March 2008, just received this letter from OR office today: (Got my heart pounding, why do these letters do that, eh? )
Dear Madam
I, Mr XXXXX,Offical Receiver and Trustee of XXXXXXX give notice that,
Insufficient assets have been realised to enable a dividend to be paid to creditors.
I intend to apply to Secretary of State for release as trustee.
Enclosed is a summary of receipts and payments as trustee.
Note: the property at XXXXXXX has been repossessed by the finance company and when sold will result in a shortfall
Yours faithfully
XXX
is this just for my information and does this mean this whole nightmare is REALLY over now? |
Edited by - Jane.l on 07 March 2009 12:25:11 |
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John
New Member
United Kingdom
73 Posts |
Posted - 07 March 2009 : 16:39:00
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Hi Jane
the nightmare was over when you were discharged this is just to let you know the OR has applied to the SoS to close the file permanently.
John White
England Jackman & Spacey |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 March 2009 : 16:46:05
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John, does everyone get that letter? I was discharged a year ago and I haven't had one, although I'm paying into an IPA.
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/
21 IPA payments made, 15 to go - on the home straight! |
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John
New Member
United Kingdom
73 Posts |
Posted - 07 March 2009 : 16:58:40
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Hi skip
as you are paying into an IPA the sum worth of your estate cannot be determined until it's completion. Therefore the OR could not apply to the SoS to close the file.
You will likely receive similar a little while after the IPA period is up and thus the value of the estate is known.
Whilst you are paying the IPA the creditors actually do not receive anything as the pence in the £ payment cannot be determined until all assets have been realised including monies collected through the IPA.
It is also why the debts, technically, are not written off until then either as the sum to be written off is equally unknown.
Many believe the debt is written of when they petition the court. Although the bankrupt's responsibility to repay the full amount no longer applies this is clearly not the case.
John White
England Jackman & Spacey |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 07 March 2009 : 17:01:20
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I doubt very much that the creditors will see a penny of my IPA payments, especially as I'm going to have to get them reduced for the last year due to a pay cut!
Thanks for the info John, at least I won't panic when I get a letter from the OR, which, if they run true to form will arrive on a Saturday!
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/
21 IPA payments made, 15 to go - on the home straight! |
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Jane.l
Average Member
511 Posts |
Posted - 08 March 2009 : 11:06:36
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| yes, I am so relieved and can put it all behind me now, but those letters do send me into a tizz and it had to arrive on Saturday too, I was shaking when I opened it, dunno why |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 March 2009 : 15:02:00
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That's really good news for you Jane!
My theory about the letters is that they send them to arrive on a Saturday so that if you don't like what's in it you've got a couple of days to calm down before you speak to anyone!
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/
21 IPA payments made, 15 to go - on the home straight! |
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Does this mean it is all over?....
