To those of you have gone through it and early discharge. How much continuos involvement is there? Does the OR or trusteee ask to see bank statements again or only when/if you inform them of any increases/assetts? Are you asked automatically for info and reassesment of I & E during the 12 mths or for the early discharge or does the discharge just happen.
there are no hard and fast rules as each case is different and the manner in which a particular case is dealt with can also vary depending on which OR's office has been appointed.
Generally speaking statements would be requested only once but certainly could be if another I&E were requested, or if they suspect earnings which are not being disclosed.
Assuming your case is straight forward and without suspicion you would only expect a request for an updated I&E if the OR were considering ED. If ED is not considered for any reason then no further I&E will be requested, nor are you likely to be notified of your discharge. It will just happen on the 1st anniversary of your BR order which you can check on the Insolvency Register as discharge will be noted on your file and remain there for 3 months whence the file shall be removed.
Not every straightforward case is offered ED and you should read nothing into it if you are not.
It's just to check that nothing has changed as, I think, an IPA can only be setup during the bankruptcy period.
If you don't need to pay an IPA when you are declared BR then the OR/RTLU will want to check that your financial situation hasn't changed before you receive your ED.
Pension; I am trying to protect my pension lump sum This is not huge like the bankers and although fairly modest will give me a half share in a small property = Security in retirement I could have early retirement this yera and did take advice from an Insolvency expert who advised postponing my retirement for 12 mths., go BR and my lump sum ( which would have been a windfall/assett if taken) would,be safe. A little worried now I did ring OR office and ask the clerk, not the Case Manager if Ihad to inform in the "12 months before discharge" as I had the poss of taking retirement. She was very certain that this was only for the 12 mths. The form/aggreement from OR states that I have to inform them if "income" or earnings changes inthe 12mths andthen says "agreement" Technically my lump sum is not an income change and my earnings are unlikely to change
I always thought that if you had a lump sum then the OR would take it and if you were in an IPA then that would apply also. Perhaps you could ask one of the experts on here to confirm that.
Got my IPA agreement to sign this week Have doubled up this question on the site I knew that in an IVA my lump sum would be considered and taken as a windfall even though the Pensions act 1999 means that pensions are safe.It is -- whilst it is a pension but apparently once it is released into a lump sum and in the bank it becomes a windfall/assett I took advice from an Insolvency practioner localy who advised me to go BR to protect the lump sum and he said that it was only the 12mths considered and notthe 3yrs of the IPA. I am worried and gutted if this was the wrong advice.
My understanding is that an IPA can only be enforced during your BR and not once you are discharged. So if you are not in an IPA at the moment then you won't have one once you are discharged unless your income increases before your discharge date.
next 12 mths
Posted - 18 May 2009 : 05:47:38
