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snowman57
Starting Member
12 Posts |
 Posted - 29 November 2009 : 15:45:16
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Hello,
Can someone please confirm definatively where I stand in respect of my current situation.
I am bankrupt and have agreed to pay x amount back to my creditors over a period of three years.
I am currently working but due to the current economic climate, have been issued with notice of redundancy.
Therefore, I will be paid two weeks redundancy pay.
My question is: will this redundancy pay be mine? or will the OR want this? I have been told conflicting opinions as to whom should get this money. The reason I am asking is, I wish to study photography and I need a large screen laptop for my editing, I wanted to buy this with this redundancy pay.
Finally, I would like to ask you if I decided to move abroad? how will this affect my circumstances with the OR? the payment plan? I was also considering using this money for accommodation abroad perhaps for renting a room?
Could someone who knows these answers please please reply to my post.
Many Thanks
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debtinfo
forum expert
2826 Posts |
Posted - 29 November 2009 : 16:17:34
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Hi Snowman, presuming that you are not discharged yet.
When the redundancy happens you will get an amount that represents things like pay for notice period and holiday pay owed to you. THis is yours to keep. The other part for compensation which is usually dependant on length of service should be paid in full to the OR.
There is nothing to stop you going abroad, the payments can be reviewed at any time to reflect how your circumstances change |
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snowman57
Starting Member
12 Posts |
Posted - 29 November 2009 : 17:20:00
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Thank you for your reply, I do understand what you are saying however my points were, I was hoping to use my redundancy money either to assist in moving abroad for travel and accommodation purposes or staying here in the uk making a career change,studying a photographic editing course and hopefully finding new employment. In which case I would need a decent Laptop. Could I use this money either way to accomplish these goals or will the OR have a say in the matter and refuse my actions?
Thanks
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debtinfo
forum expert
2826 Posts |
Posted - 29 November 2009 : 17:30:53
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| Im afraid it is a simple as it is the OR's money so what you want to do with the money matters not |
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snowman57
Starting Member
12 Posts |
Posted - 29 November 2009 : 18:44:47
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Thanks, but This is redundancy money paid to me, my redundancy money. ok If this meant not funding a course leading to work ok so be it. But,If I needed money to put a roof over my head for example, here, there, wherever, then I have this perogative to housed myself. Are you saying the OR will still demand (his) money? as it is (his) money as you stated? I think you are wrong. there are such things as mitigating circumstances, any judge in the land should understand this.
I have been given notice of tenancy to leave my property, I have no funds at all, dividing what monies payed to me between a course/ computer for future employment/accommodation is fundamental to my sustainable living.
but thanks for your comments, I do hope someone who knows more could also comment on this.
Thanks again
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 29 November 2009 : 19:02:43
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if the money is seen as a windfall then the asset is vested in the ORs realm and it is NOT your money
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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RHB
Senior Member
1159 Posts |
Posted - 29 November 2009 : 19:09:01
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| You need to contact the OR & see what they say. |
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debtinfo
forum expert
2826 Posts |
Posted - 29 November 2009 : 19:11:38
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I assure you that i understand the rules and regulations Here is the section of the Insolvency service technical manual which covers this point.
31.8.38 Redundancy payments
A redundancy payment represents compensation for loss of a job, rather than loss of earnings [note 8] [note 9]. This is easily rationalised when it is considered that the award is made based on fixed rules (particularly, length of service and past salary) regardless of whether or not the redundant person secures alternative employment. The level of the award will be the same even if that alternative employment is immediately secured and obtained at a higher wage.
A redundancy payment received during the period of bankruptcy would, therefore, be considered as after-acquired property (rather than income) and should be claimed by the trustee accordingly, see also Chapter 30, paragraph 30.116
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snowman57
Starting Member
12 Posts |
Posted - 29 November 2009 : 19:36:18
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Thanks guys for your comments.....approach the OR..? I'll just write him a cheque thank you, whats the point...? its his money after all..why pay me redundancy anyway? who needs it? all you people in similar positions take note!!
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snowman57
Starting Member
12 Posts |
Posted - 29 November 2009 : 19:49:37
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I'm not doubting your integrity debtinfo..!! legally yes as you stated rules are rules..!! which must be obeyed..!! when rules and laws are broken circumstances will be taken into account..!causes and explanations will be heard! questions will be raised..?? rules sometimes get changed..!! laws as well..!! and for the better..!! thats why we have judges....thats why we have lords, parlimentarians, human rights, solicitors etc etc...!!! "why did you shoot this man in the head"? "because you didn't like him"? no judge...because he had a gun pointing at my head"...."why did you steal that loaf of bread"? for fun? ..no judge...."because I had no money and hadn't eaten in three days..."why did you spend this redundancy money?" because I had no place to live.....case dismissed.
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 29 November 2009 : 20:21:03
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i get the impression that regardless of what anyone tells you about how your situation stands in law and how the OR wil view it... you are going to do what you believe is right in your case.
feel free to do this but i feel bound to advise (warn) you that one of the people in life you do NOT want to alienate (p**s off) is your OR!!!!!!!!!!
the OR and the rules that they follow have been put in place by the judges and law makers that you refer to.
should you "annoy " the OR or deem to be non cooperative or even fraudulent in your affairs the penalties can be severe ranging from BRO and indefinite suspension of discharge upwards
your choice.
"you pays your money you takes your chances"
Good Luck with it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 November 2009 : 20:33:40
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To be quite honest I don't understand why you have asked for advice, because like Chester2005 I get the impression that you are going to do what you want to do, not what you should do according to the laws of BR.
If you need to find a place to live, speak to your OR and you may find that they will allow you to keep some of the money. Keep it from them and if they find out you could be in deep trouble.
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/
28 IPA payments made, 8 to go - in single figures! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 November 2009 : 22:11:31
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I totally agree with the others.
You seem hell bent on pursuing your own course, regardless of what the consequences may be.
If you get found out, and there is a good chance you will, then you stand a good chance of getting a BRU and that will knock you back for a few years.
The glimmer gets brighter all the time
Jan
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debtinfo
forum expert
2826 Posts |
Posted - 29 November 2009 : 22:38:30
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| not to mention that the OR can apply to recover the money that is disposed of whilst undischarged and in very serious cases can bring a prosecution for imprisonment. I assume the the original poster has read the form NTB2 that they will have signed acknowledging to the court that he is aware of all this |
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xmas baby
Average Member
537 Posts |
Posted - 30 November 2009 : 16:21:16
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Afternoon Snowman,
I can only agree with all the others who have posted on here to be honest. As hard as it is to part with any money you earn, whether it is through redundancy, overtime or bonuses, it is best to inform the OR. That way, you are being upfront and in the OR's eyes, completely honest with them. Yes, you might lose the money (or a percentage anyway), but at least you can relax in the knowledge that you have done the right thing by BK rules. Maybe if you speak to the OR and mention everything you have in your posting, they may look favourably on your plight and it might not be as bad as you imagine. At least you're being honest.
Good luck
xmas baby |
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ADVICE PLEASE
