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luckyone
Starting Member
United Kingdom
35 Posts |
 Posted - 28 July 2009 : 10:29:11
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| once you have gone bankrupt does the OR have control of your finances and bank accounts |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 July 2009 : 11:22:57
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Hi,
The OR does not have control of your finances. Your bank acount may be frozen, but if the OR has no interest in it, which they generally don't, they will write to the bank to say so.
You may have an IPA for three years, dependent upon what your disposable income is, and you will have a nil tax code for the rest of the tax year.
Otherwise, your money is your own.
The glimmer gets brighter all the time
Jan
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luckyone
Starting Member
United Kingdom
35 Posts |
Posted - 28 July 2009 : 12:21:42
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Sorry to sound stupid but whats an IPA i have opened a new account anyway and have no debt with new bank at all. Works out that we have about £100 a month left after all normal everyday outgoings. I keep banging on about my house but thats my biggest worry but you are so helpful thankyou very much
Unlucky in money |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 July 2009 : 12:27:21
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| An IPA is an Income Payment Agreement. If you have more than £99 DI (Disposable Income) after all of your outgoings then a certain percentage (50% - 70%) is paid to the OR for 36 months and they distribute this to your creditors after taking their own fee. |
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luckyone
Starting Member
United Kingdom
35 Posts |
Posted - 28 July 2009 : 12:42:21
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Thanks for that
Unlucky in money |
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paulsc
Junior Member
289 Posts |
Posted - 28 July 2009 : 18:31:35
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The OR has set a limit on my bank account if i go over the limit he wants to know about it but wouldnt tell me the limit
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luckyone
Starting Member
United Kingdom
35 Posts |
Posted - 28 July 2009 : 18:38:00
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So basically the OR is in control of your finances what happens then if you have extra money one month does he need to know about that aswell ?
Unlucky in money |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 July 2009 : 19:08:14
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When you are declared BR you have to sign a couple of forms. One of them (NTB2) states that you need to inform the OR within 21 days of any property that becomes yours and any increases in your income during your bankruptcy.
If you get a bonus one month or do some overtime then, just to be safe, it would be recommended to inform the OR. If it is just a one-off they may not bother to take the money as it will mean paperwork for them but a regular increase would definitely be something that they would be interested in. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 July 2009 : 19:10:07
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quote:
Originally posted by paulsc
The OR has set a limit on my bank account if i go over the limit he wants to know about it but wouldn't tell me the limit
How is this supposed to work then? Does the OR mean that he is monitoring your account and when it reaches a certain limit the bank are going to inform him?
I haven't heard of this happening before. I can imagine that if you saved £1000 then the OR would be interested but it seems strange that they don't tell you the limit. |
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luckyone
Starting Member
United Kingdom
35 Posts |
Posted - 28 July 2009 : 19:57:53
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I am more confused than ever now !!
Unlucky in money |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 July 2009 : 20:28:08
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No, the OR doesn't have control of your finances. You are in control of your bank account, but you have to notify the OR of any changes in your circumstances prior to discharge, and if you are in an IPA you have to notify them for the duration of that. Other than that you are free to run your own bank account, and any surplus money (once your IPA has been paid) is yours to do as you like with.
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/
24 IPA payments made, 12 to go - on the home straight! |
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luckyone
Starting Member
United Kingdom
35 Posts |
Posted - 28 July 2009 : 20:54:40
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Thankyou you just get such mixed replys from questions it gets confusing .im at court in three weeks extremely anxious and scared havent got a clue what to expect
Unlucky in money |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 July 2009 : 21:06:53
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It's a bit different for everyone, but if you have a look at my blog I've written about my 'day in court' and what happened afterwards - hopefully it might put your mind at rest a bit x
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/
24 IPA payments made, 12 to go - on the home straight! |
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does the OR have control of your finances
