Repayment to friend

stevemarsh1976

sorry another thought if he pays the £60 back into my account via transfer (paper trail) would that satisfy the OR....

started thinking logically now I will get partner to set up the SO to him if needed....thanks all for input getting my head together slowly

curly04

stevemarsh1976 wrote: »

if hes put as a creditor then will he receive something from my ipa ?

Yes but it wont me a lot may be £1 - £2 per month
all depends on the size of your other debts

curly04

stevemarsh1976 wrote: »

sorry another thought if he pays the £60 back into my account via transfer (paper trail) would that satisfy the OR....

started thinking logically now I will get partner to set up the SO to him if needed....thanks all for input getting my head together slowly

Not sure about point 1 - dont really want to say it will be fine when I dont' know.

Point 2 - that should be fine

Good luck

Round_The_Bend

stevemarsh1976 wrote: »

if hes put as a creditor then will he receive something from my ipa ?

I don't think so. I think that loans from family/friends are excluded. I declared a loan from my parents and although other creditors are receiving payments from my IPA, my parents have not received anything.

JCS1

All creditors, including family and friends, will receive monies from the IPA. But - the OR's fees get paid first which start at £1,715 (though probably gone up a bit over the last few years). So unless it's a big IPA, by the time OR and Moonbeever get paid there generally isn't much left over.

debtinfo

All debts will be treated equally, however often none of the creditors get much because the bankruptcy costs get paid first

Round_The_Bend

debtinfo wrote: »

All debts will be treated equally, however often none of the creditors get much because the bankruptcy costs get paid first

Interesting. I'm on an IPA of £300, per month, and in addition to this, I made a separate payemnt to the OR of £4000, from a tax rebate. My parents are definitely not receiving anything but other creditors are. I thought that I'd also read on here previously that loans from family and friends are excluded, although you still have to declare them on the bankruptcy petition.

debtinfo

Do you know that other creditors are being paid, usually they only pay out at the end when all assets and IPA's have been dealt with, they then ask people to fill in proof of debts

Also did you put them on your forms, and did they receive a report to creditors

Round_The_Bend

debtinfo wrote: »

Do you know that other creditors are being paid, usually they only pay out at the end when all assets and IPA's have been dealt with, they then ask people to fill in proof of debts

Also did you put them on your forms, and did they receive a report to creditors

I receive a statement, every six months, from one creditor, which shows a reducing balance, so I figured that this was the IPA. Also another balance on my credit report has been reducing steadily. My parents did receive a letter from the OR shortly after the BR but that was all. I received an early discharge after about six months but I don't think that they were informed of this by the OR.

debtinfo

hmm, might be worth them putting a letter in writing asking if they are noted as a creditor and if they can expect a payout.

It is true that in an IVA personal creditors are asked to stand aside but in bankruptcy everyone should be equal