Worried - trustee

MercMan

Going BR on Monday 9th. I'm worried that a Trustee might be appointed. What powers does a Trustee have and are they less 'friendly' then the OR?

peachyprice

Hi MM,
They have the same powers as the OR but if the trustee is appointed by one of your creditors they will be far more agressive in realising assets and are likely to be less generous with your I&E, hoping to get the max possible IPA.

nervousmother

we in same situation, case passed to a trustee. We havent even had the OR meeting, that is happening today for me. Im not sure who put us forward for a trustee but i think i read somewhere its because there is enough assets to pay the trustees fees.

JCS1

IP's tend to be appointed if assets over £10,000 or something unusual.

nervousmother

my oh has a business, we have equity in one property worth about £16k so thats probably the reason.

MercMan

Um I will have £12K when the house is sold. I hope that doesn't mean I'll get an IP. Apart from that I have !!!!!! all assests.

peachyprice

That alone won't necessarily mean you get an IP, we went BR with £20k equity but remained with the OR.

However, as you are being petitioned, your major creditor can request an independent IP be appointed.

nervousmother

I was told the reason we had gone to the trustee was to do with the assets, If its any good I have been told my trustee is really nice, although iv yet to deal with him, We were referred to the Trustee from the OR

MercMan

Next question. Does the OR decide on my car prior to handing over to an IP.

nervousmother

no, i asked my or today and she said the trustee will deal with it all, if you look further down the board for a post by me, OR phone interview over? was it any use?' iv written down how mine went today.

This does worry me incase the OR is harsher, my mother in law has jsut said if need be she will buy my car back for me... i luv her