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 br ending early
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andy b
Junior Member

267 Posts

Posted - 24 May 2009 :  21:32:58  Show Profile  Reply with Quote
hi there,

not posted for ages as life marches on, have a question if anyone can help about being released early from br

i was made br on 12th jan and i had a letter the other day from the OR who said she will contact all my creditors and explain to them there is still no money available due to lack of disposible income etc
my question is what is the criteria for being released? is it a majority vote or does it depend on how much that person is owed?

regards,
andy

John
New Member



United Kingdom
73 Posts

Posted - 25 May 2009 :  07:12:38  Show Profile  Reply with Quote
Hi

the criteria are a) that the OR has established no assets, or that all asset value has been realised, and b) no current DI,no prospect of DI or an IPA is in place and c) not one of your creditors objects to your early discharge.

So no majority vote required as it needs to be unanimous and the sum owed to each creditor is immaterial.

John White
England Jackman & Spacey
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Sparkle83
Junior Member

258 Posts

Posted - 25 May 2009 :  16:53:54  Show Profile  Reply with Quote
So must the declining creditor give a reason? If it is a private creditor, such as someone who used to be a friend, can they decline out of spite?
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andy b
Junior Member

267 Posts

Posted - 25 May 2009 :  19:08:36  Show Profile  Reply with Quote
i see, i thought that the person with the greatest amount owed had a larger sway on the decision lets say than the lowest?

andy
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Sparkle83
Junior Member

258 Posts

Posted - 25 May 2009 :  21:26:50  Show Profile  Reply with Quote
I think there is some part of an IVA that works like that...
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