bank and bike

powermouse.

evening troops, just a couple of question's

i had a letter off the bank DEMANDING repayment of monies owed and then in bold type undrneath a line saying " no further action is required by you in relation to this demand". i guess this is the way they go to be able to try and get reimbersement from OR?

secondly,

a letter off the OR to a request from me for my bike to be exempt which reads "the OR , as trustee of bankruptcy estate aggrees that this property (my bike) is exempt under section 283(2) of the insolvency act 1986" OR does not propose to take possesion or sell the property.
question on this is i need it for travel to work, if i move closer that i could walk to work would they change their minds and then bring bike back into my bankruptcy?

answers on a post card please lol

thanks in anticipation

Bankruptcy09

powermouse. wrote: »

evening troops, just a couple of question's

i had a letter off the bank DEMANDING repayment of monies owed and then in bold type undrneath a line saying " no further action is required by you in relation to this demand". i guess this is the way they go to be able to try and get reimbersement from OR?

secondly,

a letter off the OR to a request from me for my bike to be exempt which reads "the OR , as trustee of bankruptcy estate aggrees that this property (my bike) is exempt under section 283(2) of the insolvency act 1986" OR does not propose to take possesion or sell the property.
question on this is i need it for travel to work, if i move closer that i could walk to work would they change their minds and then bring bike back into my bankruptcy?

answers on a post card please lol

thanks in anticipation

Hi

As the bike has been exempt, that is the end of the matter. The bike is exempt and it would be hard for the OR to re-take the bike after formally exempting it. After all, it has to be worth under a certain amount. Therefore, regardless if you move, the OR allows you to keep the bike! At least you have a form of transport to get around town, work, any family commitments etc.

To the first point you raise, the debt would be included in the bankruptcy, all they could do is place a Proof of Debt in the bankruptcy placing a claim for x amount of debt if there was to be any funds distributed. Therefore there is no need to worry.

I work for an insolvency company so I can assure you of my advise today and have been employed by them for the past four years! Hope the above information helps.

powermouse.

Bankruptcy09 wrote: »

Hi

As the bike has been exempt, that is the end of the matter. The bike is exempt and it would be hard for the OR to re-take the bike after formally exempting it. After all, it has to be worth under a certain amount. Therefore, regardless if you move, the OR allows you to keep the bike! At least you have a form of transport to get around town, work, any family commitments etc.

To the first point you raise, the debt would be included in the bankruptcy, all they could do is place a Proof of Debt in the bankruptcy placing a claim for x amount of debt if there was to be any funds distributed. Therefore there is no need to worry.

I work for an insolvency company so I can assure you of my advise today and have been employed by them for the past four years! Hope the above information helps.

thanks for the super fast reply, i have had a look at rental property in that area and there is one that looks perect, 2 beds and a garage 30 mins walk from work, i will have enought for bond and first months rent, or can apply to local council for paper bond, it will all depend on credit checks, and if my br shows up. may have to go private rental,

hey ho, dont ask dont get

bancruptcy09 TYVM :T:T:T