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indy2005
Junior Member
458 Posts |
 Posted - 19 May 2009 : 17:37:46
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Hi,
Now I am discharged (not including the BRU!), I was wondering what to do next? I understand I should be contacting my creditors and getting my credit file cleaned, but haven't received any kind of discharge notification.
I have read I should be contacting creditors with details of my order and my discharge notification, but as I was discharged automatically (I think / hope!), then how do I get a notification?
Thanks
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 May 2009 : 17:39:34
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| Do you mean a BRU or an IPA? If you have a BRU then it will extend the bankruptcy for the length of the BRU. If it's just an IPA then have a look at the following on another board as it has some very good advice about trying to repair your credit file - http://forums.moneysavingexpert.com/showthread.html?t=677875 |
Edited by - gettingoutofdebt on 19 May 2009 17:39:55 |
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indy2005
Junior Member
458 Posts |
Posted - 19 May 2009 : 17:43:59
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Hi,
I have a BRU for 4 years, but I am still discharged. It is just the restrictions on what I can do (credit, running a company) are extended. I am in an IPA also (not sure which is worse!).
Yesterday, if I inherited 100K it would have gone to the OR, today - I keep it. The BRU does not mean I am un-discharged (I hope!!). Now you have got me worried!
Thanks for the link, but is there any way of getting a letter of discharge to prove to your creditors you have been discharged?
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Edited by - indy2005 on 19 May 2009 17:46:44 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 May 2009 : 18:20:22
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Looking at the Insolvency Helpline:
What happens after a BRO or BRU is made?
When a BRO is made, or you enter into a BRU, the restrictions described above immediately apply to you. Details will be entered into a public register and will remain there until the order or undertaking has expired. The BRO or BRU is also likely to be the subject of a press release that will identify you, describe the conduct that brought about the application and state the period of the BRO or BRU.
This looks like you will still appear on the Insolvency Register until your BRU as expired, which will mean that you are still considered BR by any financial institution.
From my understanding the BRU is a way of increasing the BR period from the usual 12 months to as long as the BRU runs for.
My understanding of the IPA is that if your income changes during the 36 month IPA period then you have to inform the OR/RTLU and this includes any windfalls i.e. a 100k win on the lottery. |
Edited by - gettingoutofdebt on 19 May 2009 18:22:10 |
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indy2005
Junior Member
458 Posts |
Posted - 19 May 2009 : 18:25:07
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Hi,
I am discharged, but I am under the restrictions of bankruptcy for longer. It does not extend my BR, just its restrictions (very important difference).
If an asset fell into my lap today, I can keep it. Thats the difference. If I want to become a director of a company, I can't...because of the BRU.
For example, my mother will be writing me back into her will now I am discharged. The BRU does not affect an inheritance or other such asset coming my way....
Regards
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Edited by - indy2005 on 19 May 2009 18:27:01 |
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indy2005
Junior Member
458 Posts |
Posted - 19 May 2009 : 18:33:49
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quote:
Originally posted by indy2005
Hi,
I am discharged, but I am under the restrictions of bankruptcy for longer. It does not extend my BR, just its restrictions (very important difference).
If an asset fell into my lap today, I can keep it. Thats the difference. If I want to become a director of a company, I can't...because of the BRU.
For example, my mother will be writing me back into her will now I am discharged. The BRU does not affect an inheritance or other such asset coming my way....
22.5EA BROs/BRUs and discharge
If the official receiver makes application for a bankruptcy restrictions order (BRO) or accepts a bankruptcy restrictions undertaking (BRU) then the bankrupt will still be discharged one year from the date of the bankruptcy order (or earlier if the official receiver follows the early discharge process) but will be subject to the restrictions imposed under the terms of the BRO/BRU.
Regards
i
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 May 2009 : 18:50:39
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Ok, so I was wrong in my understanding of the BRU - didn't mean to get you worried  . Contact the OR/RTLU and see if they will provide you with a discharge certificate. |
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indy2005
Junior Member
458 Posts |
Posted - 19 May 2009 : 18:59:14
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Hi,
You are thinking of a suspension of discharge for very naughty people. I am a little concerned about your windfall statement, my understanding is that you cannot have assets taken off you after discharge, IPA or not. The IPA is for income only (in fact I was told by my case officer that I wouldn't have to tell them of my cash bonus next year - but this year, I had to give it them).
If you receive an asset so great you don't have to work and it becomes income, then thats a different matter. You seem to be suggesting that people on an IPA had better hope that they don't come into any money - a fear I was hoping we could all put behind us after discharge.
Perhaps someone could clarify?
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ripski
New Member
United Kingdom
90 Posts |
Posted - 20 May 2009 : 06:46:01
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Windfall/asset/income
I have a few posts on here re this issue and like yourself need clarity,very worried now.
I could get early retirement from September. Lump sum (not as massive as the Bankers!!)but enough and plannned to go halves in a small property. This would give me security in retirement and is the only financially responsible thing I have done in my life.
Aware that in IVA it would be considered an assett. I E pension is protected whilst it is a pension but once lump sum is claimed and in the bank it becomes a windfall/asset
I was advised by a local Insolvency expert to postpone early retirement for 12 mths,go BR and my lump sum would be protected so I did this in March.
Had my OR interview very positive experience = result was a IPA. I also have a Case Manager/clerk/admin as a first point of contact Telephoned a few weeks ago re this issue of informing of income change - ? 12 mths or for the whole 3 yrs. Explained that I could get pension lump sum next year. She was very definite that this was for the 12 mth period only.
Then received my IPA to sign and the last paragraph states that I must inform of change of income for the duration of the agreement. The onus appears to be on the individual to inform and the OR/trustee does not have continuous involvement. They do apparenetly ask to see statements and review matters at the point of early discharge. Someone else said that they only get re invovled if given cause to be suspicous. I am sure that they are looking for people who have squirelled away large amounts or inherit shedloads However I do not want to take the risk of getting them suspcious by asking the OR office too much
Point is,I think, literal interpretation of "income." My income will actually decrease on the pension. My mind would be settled if I knew but I cannot alter things now so I am trying not to worry as I have had enough of sleepless nights
Also as yourself I could get an inheritance ,£15000, if not this year, certainly within 3 years. I wondered if I could ask for the cheque to be made payable to my daughter and go inher account
ripski1 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 May 2009 : 13:10:47
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Regarding the discharge certificate - if you want one, you need to contact the court where you were made BR. There is a fee of around £60 (it may have gone up) and they will send it to you.
When I started cleaning my credit files I just printed notification of discharge from the insolvency register and none of them had a problem with 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/
22 IPA payments made, 14 to go - on the home straight! |
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ripski
New Member
United Kingdom
90 Posts |
Posted - 23 May 2009 : 05:18:25
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? Skippy. Anyone who has completed the process?
How much OR /Trustee involvement was there at point of discharge eg are you always asked for a review of I & E, do you have to give more bank statements or wage slips etc., Is it ongoing during the 3yrs of an IPA.
ripski1 |
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Discharged....now what?
