Bankruptcy (Discharge) and Savings

lee1985

Right, I'm a keen poster on these forums, full of amazing people to be quite honest, but now I need help for myself not for other people! Basically I went bankrupt almost a year ago it will soon be one year exactly and I will be automatically dicharged.

Now, I need a definitive answer here guys because a lot rides on it to be honest as you can figure...

I've managed to save up a total of around £2,000 during the bankruptcy, £50 here, £100 there to live on, and make a fresh start.
I now have a bank account that has nothing to do with my bankruptcy although they will be aware through credit checks (they still credit check basic bank accounts) that I have been bankrupt.

I was bankrupt with debts of around £20,000, I was allowed to keep my tiny car from 1998!

After the discharge, would I be alright to put all this money into my bank to keep it safe instead of in cash, or would anyone at all still have a right to take this off me?

If I did, and they taken it off me saying it is a substantial amount or whatever, I would be heartbroken! So I need certain answers.

Thank you so much!

Falze

Do you have an IPA Lee ??

lee1985

What is an IPA?!

Thanks
Lee

Falze

An Income Payment Agreement - Where you pay a monthly amount for 3 years to contribute to your bankruptcy

lee1985

Oh I know what you mean now, thank you.

No I do not have one, I have been unemployed with no income at all through the entire bankruptcy.

Lee

scot88

Don't know if this helps but after I got my letter informing me of my AD, I called A.I.B (Scotland) to ask similar questions regarding any future monies I may get. Their answer was ,it would be all mine . I did not have to make any payments either as ,like you was unemployed.

Falze

My understanding is that it is all yours, as long a truthful information has been provided and assets were not hidden and you have saved the money out of what the OR allowed you to have.

If this is not the case, i dont know what sort of action an OR could taken.

Great work in saving the money though mate.

Spend it wisley


Falze.

fiveyearplan

Once you are discharged the money is all yours to do as you wish. Congratulations on saving that amount!

lee1985

Thank you Falze and fiveyearplan.

To be honest the bankruptcy hit me really hard and I've practically had no social life for the past year! I've been on JSA then I went onto ESA (I lost my job because of severe depression and anxiety) before the bankruptcy and to cut a long story short I have hardly been anywhere or bought anything. So to look back and now think that, despite just keeping myself to myself, that I've managed to save up such a sum, I feel great!

Falze

lee1985 wrote: »

Thank you Falze and fiveyearplan.

To be honest the bankruptcy hit me really hard and I've practically had no social life for the past year! I've been on JSA then I went onto ESA (I lost my job because of severe depression and anxiety) before the bankruptcy and to cut a long story short I have hardly been anywhere or bought anything. So to look back and now think that, despite just keeping myself to myself, that I've managed to save up such a sum, I feel great!

And so you should mate. BEst of Luck going forward

davidgmmafan

Saving up two grand without a job must take some doing. I am in awe