Does bankruptcy conditions last for three years?

bacil_uk

Classylady2010 wrote: »

I think any income, lottery win, inheritance has to be declared to the OR if you have an IPA for 3 years and they can take 70% from you
cl

SO what is the point of discharge in this case ? in this case even after discharge you are bound by BR rules and the bankruptcy estate is still not finished, hence extending your BR for 3yrs instead of 1. So you can not move on after discharge and have to keep low for length of IPA/O ?

lottodreams

distressedpleasehelp wrote: »

That is terrible no one made me aware of that. i did try and find out as much as I could about bankruptcy, but never heard of that!
The CAB also told me, one year and that's that!
So annoyed, three years of feeling this way!! One year is bad enough!

Don't worry Its a bit different in Scotland

If you inherit say £100,000 in the first year before you are discharged then the AiB will take the full amount up to the amount you owed to creditors plus costs already incurred

If you have an IPA and you inherit £100,000 after the one year discharge the AiB will only want to increase your IPA by the amount of INTEREST you receive from that inheritance

BTW same rules apply in ENGERLAND and WALES

I do hope this helps

I was personally told by the AiB Your INCOME would have to increase by a good few £100's before your IPA would be reviewed after discharge This would only apply to SCOTLAND

Therefore before discharge inheritance be prepared to pay off your creditors after discharge an increase of IPA ONLY

If you are at all worried about any of the aspects of your Br call the Aib general help line they are very good easing any worries you may have

Lotty

PS If you seriously want to get discharged early and you or someone on your behalf could make an 'offer of composition' to the AiB This would have to be at least 25p in the pound of what you owed plus any costs already incurred
All this would mean was that you were discharged early and you would be released from your IPA

To have your Sequestration recalled you or someone on your behalf would have to pay 100% of the money owed plus cost already incurred

curly04

I've just been told after AD next month if I come into some money all I have to do is pay the rest of my orginal IPA off (as frozen at the moment) as £71 x 24 months in one lump sum, then I won't have to declare anything any more

this is england though.

Good Luck

Classylady2010_2

Im in the same boat as you, I pay an IPA for 3 years so any surplus cash I receive has to be declared to the OR. And yes I think of my BR as being 3 years so I dont know what the point is of " discharge"
I have moved on though. I did know about this b4 I went Br, my CCCS advisor told me.
cl

QUOTE=bacil_uk;37409800]SO what is the point of discharge in this case ? in this case even after discharge you are bound by BR rules and the bankruptcy estate is still not finished, hence extending your BR for 3yrs instead of 1. So you can not move on after discharge and have to keep low for length of IPA/O ?[/QUOTE]

Classylady2010_2

I didnt know that curly, perhaps one of the mods could clarify as I thought it was any surplus cash you received, i.e. lottery win, inheritance etc
cl

curly04

Classylady2010 wrote: »

I didnt know that curly, perhaps one of the mods could clarify as I thought it was any surplus cash you received, i.e. lottery win, inheritance etc
cl

Well I'm getting a xmas bonus of £1600 less tax but then I will have been discharged and I've asked can I keep some to buy furniture and I got you have to pay back etc I said I know what but for another 2 years if I work over tiem or bonuses you are going to take 70% so how am i ment to get a sofa (got one 20 years old ripped and badly stained of someone when I left my hubby)

so the lady at the RTLU said if I could pay it back, then pay it as it will then all be over

(but in the mean time she is going to speak to her boss about me getting a sofa with part of my bonus)

bacil_uk

curly04 wrote: »

Well I'm getting a xmas bonus of £1600 less tax but then I will have been discharged and I've asked can I keep some to buy furniture and I got you have to pay back etc I said I know what but for another 2 years if I work over tiem or bonuses you are going to take 70% so how am i ment to get a sofa (got one 20 years old ripped and badly stained of someone when I left my hubby)

so the lady at the RTLU said if I could pay it back, then pay it as it will then all be over

(but in the mean time she is going to speak to her boss about me getting a sofa with part of my bonus)

I think we need to clear this ... because it would mean that they would only take what ever your IPA/O is and not 70% of what ever you get extra .... and from other previous posts i can see that OR would include your extra to the bankruptcy estate (my understanding).

Classylady2010_2

I hope you get your sofa, 2 years is a long time to wait
cl
x

Classylady2010_2

its very confusing

curly04

bacil_uk wrote: »

I think we need to clear this ... because it would mean that they would only take what ever your IPA/O is and not 70% of what ever you get extra .... and from other previous posts i can see that OR would include your extra to the bankruptcy estate (my understanding).

I agree but I can only go off what I am told. I think each case is look at on its own merits. I may have signed for an IPA but i've never paid a penny due to the break down of my marriage, so that could have something to do with it

Classylady2010 wrote: »

I hope you get your sofa, 2 years is a long time to wait
cl
x

Lets hope so the OR didn't think i was being un reasonable, but she couldn't authorise it