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Once discharged...
Tomchris
Posts: 8 Forumite
Good evening
I wonder if someone can confirm something for me?
Once discharged from bankruptcy does the OR care about our income/expenditure anymore? Can we also cancel life insurance policies if we so wish once we have been discharged? Someone has said we would need to keep paying this for a year after being discharged...
Thanks
I wonder if someone can confirm something for me?
Once discharged from bankruptcy does the OR care about our income/expenditure anymore? Can we also cancel life insurance policies if we so wish once we have been discharged? Someone has said we would need to keep paying this for a year after being discharged...
Thanks
0
Comments
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It depends!
If there is an IPA/IPO agreed, prior to Automatic Discharge, then the Discharged Bankrupt still has a duty to inform the OR of any changes of [financial] circumstances....within 21 days of the event.
The purpose of this is to allow the OR to adjust the amount of the IPA up, down or to zero altogether, to suit the amount of surplus income after the change...if there is any.
This will continue for 3 years from the date of commencement of the IPA/IPO.
If no IPA is in place, then , once Automatic Discharge has occurred, the OR has no interest in any subsequent changes....and life insurance [I believe?] can be dealt with as you wish.No, I don't think all other drivers are idiots......but some are determined to change my mind.......0 -
Thank you for your response. No IPA/IPO in place and it will remain that way as we aren't expecting any change to income/expenditure.0
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