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daveg
Starting Member
United Kingdom
19 Posts |
 Posted - 19 March 2009 : 10:34:18
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hi,
i was declared bankrupt last year.
if i pay all my creditors what was owed in the bankruptcy so that everybody gets their money, do i still have to continue the ipa payments or do these stop and what happens to the payments i have already made?
also, i think (but am not sure) i shall come into an inheritance. at what point do i legally let the o/r know.
thanks again
dave |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 March 2009 : 10:51:23
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If you come into your inheritance or other funds during the term of your bankruptcy you should let the OR know straight away. If your 'estate' received monies the creditors would then be paid - you cannot 'pay' them yourself. If your debts were paid via the OR in full you could then apply for an annullment of the bankruptcy on the grounds of 'debts paid in full' and as such would not be liable for an IPO as you would no longer be bankrupt
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 19 March 2009 : 11:28:44
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melanie - thank you for your advice, but there is a couple of things i'm not sure of:
when exactly do i tell the o/r about an inhertance. is it when i'm informed officially that i have the inheritance or is it now that my family member has died even though i don't yet know if i'm included in the will or not?
and, assuming i am in the will, if my creditors are paid in full, what happens to the ipa payments already made by me - do i lose that money or is it included in the inheritance money?
thanks again for your help. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 March 2009 : 11:40:21
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You have an obligation to inform the OR if you receive notice of the inheritance coming to you ie a letter from a solicitor informing you of an amount etc - that is, if it comes to you whilst you are an undischarged bankrupt.
You would not get a refund of any IPO payment any monies would be paid into your estate and a dividend or payment in full made to your creditors - bear in mind though that there are charges impossed by the OR - only the OR could give you this info, if and when you go down that route, I cannot prejudge what they would be.
I would first hold fire until you are informed that you are to receive an inheritance - who knows it may not be money but a sentimental object your relative bequeaths you!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 19 March 2009 : 11:57:36
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thanks again for the advice melanie.
but could you now tell me my obligation to the o/r if i get such a letter from a solicitor and by then i'm discharged from bankruptcy.
thanks.
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Edited by - daveg on 19 March 2009 12:05:40 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 March 2009 : 12:16:27
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As far as I am aware you will need to inform the OR of the inheritance if your relative dies whilst you are bankrupt eve if you are discharged when you get the letter.
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 - 19 March 2009 : 15:25:11
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Hi
Skippy is correct.
In Insolvency your inheritance, although at the time not known, is deemed to be vested in the OR and part of your estate the moment your relative passed away.
John White
England Jackman & Spacey |
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daveg
Starting Member
United Kingdom
19 Posts |
Posted - 20 March 2009 : 06:18:13
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| thanks everybody for the advice. well appreciated. |
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paulsc
Junior Member
289 Posts |
Posted - 20 March 2009 : 11:51:04
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If you dont tell them how would they know
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 March 2009 : 11:57:09
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The bank may well tell the OR if a substantial amount of money is paid in after someone has been BR.
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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ipa payments
