How long does it take to get IPO sorted???

Bankrupt_Novice

Not that I want to chase the OR's office too much I am wondering why on earth its taking so long to hear from them.

OH and I went bankrupt in January 2009 at Newcastle upon Tyne County Court.

Early Feb we met with a really nice guy at the OR's office who took our SOA etc and noted that we wanted to buy back the OR's interest in our home, buy back OR's interest in our insurance policies etc.

There is more than enough surplus for an IPO so I'm just wondering why we haven't had a single letter, telephone call re the IPO since February.

Wondering if any other fellow Newcastle County Court Bankrupts have any experience/timescales on this?

THANKS;)

Lost2

There probably that busy they haven't got to you yet or it could be there sorting out you paper work

Bankrupt_Novice

I'm hoping that they are simply so busy that my AD date just creeps up on them!!

Roll on January 2010.

alastairq

I got my bankruptcy in the middle of May....although I spoke to the OR's office on the day, I subsequently have only recieved the two forms which have to be signed..and the note of when my telephone interview would be.

ok, so I did all my SOA , and legal stuff, online at the Insolvency Agency's site...which may have helped as the OR has direct access to the information I had provided initially.
However, I had my interiew last week...and even now, one of my creditors, Barclays, are unaware of my bankruptcy...and have been telephone chasing me for over a month now...I don't know about all the others as I haven't spoken to, or heard from them for over 6 months..ever since good ol' CAB got really into gear.

I finally answered the phone to Barclays today, and it gave me great pleasure..and changed their tone, to give them the very basic of information...ie bankrupt, the court, and to talk to the OR, [since I didn't want to know!!!!]

so the OR's are obviously very busy??

strange one this...on the interview, I was informed as to how I was to pay my IPA...and how much it was!

it boils down to this :-

The OR tells the Inland Revenue to change my tax code, immediately, to 'zero'...ie nil tax code!

After I recieve my first pay cheque, with no tax paid, I am to 'save' the money that WOULD have been paye'd to the IR, and subsequently pay that money to the OR or their agents.....which goes on until discharge! They then pay that to the IR, I assume. [Which means, paying into a savings account, paying out only when needed, and pocketing the interest??]

Which is all rather strange behaviour, and must be all about ''ticking the boxes'' as far as the OR's office is concerned??

Because my IPA will cost me nothing!


Another daft one..not the OR's, but Barclays........I have [had?] a long standing, overdrawn current account with them.....maxxed out..and 'in' with the other creditors.

Barclays added on their strange ''reserve'' feature... which added another £500 to the available credit, but at a cost of £22 per week one was into the reserve.

Now..I had a 'personal loan' from Barclays, nowt big..[in comparison to my other debts], but payments made automatically from my current account [no choice here].....in fact, these payments were what truly maxxed it out in the first instance.
However.....the current account hadn't been my primary account [which is with another bank altogether] for over 12 months...so very little actually went in.

Once the CAB were involved, and it was plain as to which course I had to follow, on their suggestion I stopped ensuring sufficient funds were available to meet this payment..it was a pointless exercise!

However [this was before New Year]....as far as Barclays were concerned, they were having their payments met....since there was this 'reserve' fund!

They were also charging for this facility!!

So..even though I haven't paid anything [myself] for over 6 months, I had apparently only missed one payment!!

The fact that they were paying [and charging!!] themselves from an account which was overdrawn, and had not had anything done to reduce that overdraught, for over half a year, hadn't really hit them in the eye!

[they have sent me a letter warning me that my credit rating could be damaged unless I pay that one month outstanding.......me being bankrupt!!!..ha ha]

Had they not been so hung up with having computers control customers' accounts, the fact that in reality nothing was being paid to them would have been discovered last year!!

NO wonder the current economic pickle happened...they've all been too busy getting into debt with themselves!
.

Bankrupt_Novice

My OH was put on Nil tax code in January. The OR said as it was so close to the financial year end it would be too much of a hassle to collect and we could just keep it - thus we had a couple of months of an extra £700 in pocket.

Absolute madness.

Bankrupt_Novice

PS we too have had numerous letters from Creditors after bankruptcy.

They don't bother me in the slightest - I bin them.

If they do persist I simply email a legal warning and it stops, funny that!