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ripski
New Member
United Kingdom
90 Posts |
 Posted - 01 July 2009 : 07:08:49
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It seems to be difficult to find out the exact process and procedures/regulations and disrcetionary approach from different area OR.
I went BR as I could never repay my debs with my house as planned and retirement looming.In the main to protect my pension/lump sum possible next year,not massive aka Bankers but enough to go halves on a small property for my retirement.
I will be discharged next March and in an IPA for 3 yrs
I got advice from an IP. Had phone advice and then went for an actual Consultation. I was advised todefr retrirment for 12 mths ,go BR
Telephoned IP as still worried about pension.He was sure that creditors would come after the lump sum in the 3 years of IPA, which states 'Notify them of any income change'
Rang OR on another matter (Insurance poiicy )and said that an elderly aunt was planning to leave me £15000 OR "definaltey not interested once discharged." After the 12 mths it doesn't matter if you win the lottery that is it and the IPA/trustee only wants to know, in the 3yrs, of any change of monthly income' Asked me to look again at the agreement. I signed and the wording.
Re Insurane and OR I had asmall life /death policy which I have paid for 20 yrs.Only £7:00 per mth.Or classed this as an assett for my estate and because I had paid it for 20 yrs, pre Br., it would always foreverbe taken for the creditors and notjust the 3yrs I have been abletobuy back the OR interest( a bit like BI in a house) for £50. I had the choice of stop paying itbut as I had paid for 20 yrs.I thought it was worth buying it back Intersting oint for anyone else
Also my co op account was not frozen and they were ok and not bothered However a friend wnet BR last week. They did not freeze her cash account with Bradford and Bingley and wrote to same "no interest etc" B & B,locally closed the account immedaitialy and she is in mess for getting wages out this week OR very good and faxed another clear letter to B&B but her local branch now say they have sent it to head office for a decison today. Can she still get her wages out tomorrow if they go in or will the B&b not accept her wages and bounce them back to work causing all sorts of probs and gossip.
ripski1 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 01 July 2009 : 08:42:03
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More information regarding the pension at http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/pension.pdf
If the B&B account has been closed/frozen then your friend's wages will be bounced back to her employer. I've had this before due to a mistake in my bank details and it can be a pain, and take time, to sort out. I have heard of this happening before where the OR informs the bank that they are not interested in the account but the bank freezes/closes the account, which is why it is recommended to open a BR friendly account prior to BR.
Your friend should apply to open a Co-op account and chase up the B&B account via the telephone. In this way if the B&B account isn't re-opened she can just use the Co-op account. It may also be better for her to contact her employer and advise that there are problems with her bank (she doesn't need to say what) and see if she can receive her pay another way this month. Depending upon the size of the company it can sometimes take a week or more for them to update the bank details as they have a cut-off point a week or so before the wages are paid. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 01 July 2009 : 08:50:00
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Hi there
I will try to address some of the points you raise:
Each of the items you refer to are all treated differntly as are 'differnt' types of assets
Pensions are always exempt from bankrupty
any asset you have at the time of bankrupty ie your insurance policy would form part of your estate and the OR has to realise it or give you the opportunity to 'purchase' back
inheritances etc only come into question should you actually comeinto receipt of the funds during the perio of your bankruptcy (ie prior to discharge)
If an individual is subject to an IPO/IPA they have a duty to inform them of any changes to income/outgoings, but I would only do this if income changes say £50 per month - any other changes can be picked up at the annual review
With regard to the bank account question i always advise clients i take through the bankruptcy process to open/operate a basic bank account completely seperate to any of their creditors for income purposes - this does not need to be listed on the forms as it is not a creditor as you do not owe them money, but when you have the telephone appointment with the OR you inform them that you have a basic account - name etc for income purposes. This ay you eliminate the problems of havening to wait whilst the account is 'unfrozen' (The OR should on the making of the order notify all bank accounts and freeze accounts held - those on the forms, sometimes this is not done immeadiately and the OR will tell you that it is okay to continue with the accout, if they have done their job correctly thr account will need to be unfrozen - due to the time this can take and the difficulties people have with access to their salary, This is why I always advise against listing the basic account on the forms - to minimise any difficulties in getting at your funds)
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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ripski
New Member
United Kingdom
90 Posts |
Posted - 02 July 2009 : 06:45:04
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Thanks for the reply Mel., and as always very clear unlike my ramblings
Re insurance, I now undersand having spoken to OR and have bought it back. I had paid this small policy for 20 yrs so it was worth doing so Another one was only 2 yrs old so I cancelled this one.
Feel more reasurred about re pension now as I was niggled re this . Getting advice and finding out is esential Probably like many on here I can be guilty of burying my head in the sand in the hope that it will go away or wont happen.
I did advise my friend to change her wages account to Co op just in case but she was sure that B&B would be ok "leading horses" springs to mind She has sorted it now and the OR office were very helpful Only prob is B&b say it could take up to a week to be active agin and wages are paid tomorrow
To everyone. The advice on here is invaluable and gives the support so necessary when you are in a mess and in the depths of despair. It is really true to say that there is no problem which cannot be solved if you tackle it
I am now sleeping through and although still up with the lark it is great not be pernmanently anxiuos etc., I also have enough cash now for petrol to work and buy bits when I need them. Still afew resdual probs to sort but now on target.
ripski1 |
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Windfall/assetts/income
