Bankruptcy nightmare

fermi

They have also removed the bit about buying the BI for £1 from the pdf on the IS site I think?

JCS1

fermi wrote: »

They have also removed the bit about buying the BI for £1 from the pdf on the IS site I think?

Yep - looks like it has been updated in the past week or so.

debtinfo

also remember that the part you see is available under FOI and is usually a slightly out of date version, IE they wait a while after updating it before they release it to the public

Also i would point out that this is only the OR's guidelines, private trustees have always and will continue to have there own guidelines that are not open to the public, hence why we stress that it is important for advisors to stress the law first and then what the current OR's guidelines are, ie you might not get dealt with by the OR

wotway

Most people are directed towards the publications page as it is the easiest to navigate, others ring and ask for a printed leaflet. Those people researching this in the last 12 months would have planned their BR on this information. It's significant that the pdf in publications has been ammended (and I know why that was) but still bears the date of 1.1.10 obviously a cover your !!!! excercise. I think that many people including many that used this forum to plan a BR will now be seriously in trouble as this lady is. It's all very well to display your very deep and valuable knowledge folks but how does it help all these people in hindsight? If you go back over older posts and threads it looks like most info on this site was given on the previous basis. I havn't yet found any body recieving the 'new' advice within say the last 2 months and certainley not 6 months ago, and as i say this lady would have needed 6 months to break an iva. I think the lady did say that the OR was the trustee here. I think it indicates that the 'easy landing ' br is history and soon the process will come away from a judge and go to a 'commitee' to decide if a BR order is allowed on a case by case basis.Thats is the last rumour from mill is anything to go by. I'm not trying to lock horns with anyone here , it's problem for everyone except IVA companies.

JCS1

But it appears that the OP has an IPA under the old guidelines, and there have been no changes to HP. The only thing that has changed for them is the house sitution.

It therefore appears that the company used did not advise correctly - though until the OP comes back we don't know for sure.

Agree that people are affected if they decided to go BR under the old IPA guidelines and get assessed under the new, but that does not appear to be the case here.

PennyLane37

Hi folks, I've just read all the comments and wish to thank you for them. I would like to say though however 'stupid' I may appear, I can only imagine there are hundreds of people in the same situation that I was when I when I was approached by the company who gave me the advice. As pathetic as it may sound to some of you, I was genuinely frightened of the prospect of what could/would happen if I did not take the professional advice being offered, albeit at a rather high price.. but at the time I though I was doing the right thing.. Maybe I did, maybe I didnt.
Perhaps if I had looked at a site like this back then, I would have saved myself alot of time, heartache and of course money... but perhaps not. Today I have received the letter from the OR, which gives me 14 days in which to appeal in writing from the date on the letter. I received it today and already 7 days have passed, so I shall be sending a copy via email to the company that dealt with me. They incidently protest they have acted in my best interests with the knowledge they had at the time.
I am currently going through the income and expenditure as sent by the OR and the as BB & B mentioned on the previous page, not all the information appears to be the same as I gave. I have been informed my expenditure has been completed based on the allowance information the company had regarding what the OR would accept.
I have no idea what to next........

andyf1980

PennyLane37 wrote: »

Hi folks, I've just read all the comments and wish to thank you for them. I would like to say though however 'stupid' I may appear, I can only imagine there are hundreds of people in the same situation that I was when I when I was approached by the company who gave me the advice. As pathetic as it may sound to some of you, I was genuinely frightened of the prospect of what could/would happen if I did not take the professional advice being offered, albeit at a rather high price.. but at the time I though I was doing the right thing.. Maybe I did, maybe I didnt.
Perhaps if I had looked at a site like this back then, I would have saved myself alot of time, heartache and of course money... but perhaps not. Today I have received the letter from the OR, which gives me 14 days in which to appeal in writing from the date on the letter. I received it today and already 7 days have passed, so I shall be sending a copy via email to the company that dealt with me. They incidently protest they have acted in my best interests with the knowledge they had at the time.
I am currently going through the income and expenditure as sent by the OR and the as BB & B mentioned on the previous page, not all the information appears to be the same as I gave. I have been informed my expenditure has been completed based on the allowance information the company had regarding what the OR would accept.
I have no idea what to next........

For what it's worth I don't think you were stupid at all. As you say, you took the advice you were given in good faith. I only found the site 2 days before I was due in court - would have saved me a lot of heartache.

Anyhow I hope things work out for you.

debtinfo

dont feel down, many people have used these companies, im sure that when you are in a tricky situation with no real experience of how to handle these matters it must seem an attractive option

If you would like to you can post the figures the OR has allowed and we can look at them for you. Do remember though that just because you have claimed something doesent mean the OR has to accept them just as you dont have to accept the IPA, usually it requires some negotiation from both sides

andyf1980

debtinfo wrote: »

dont feel down, many people have used these companies, im sure that when you are in a tricky situation with no real experience of how to handle these matters it must seem an attractive option

If you would like to you can post the figures the OR has allowed and we can look at them for you. Do remember though that just because you have claimed something doesent mean the OR has to accept them just as you dont have to accept the IPA, usually it requires some negotiation from both sides

As an aside I didn't take any advice at all. I'd say that was a bit silly. :rotfl:

PennyLane37

Thank folks.. really appreciate it...

I am actually ok about things right now.. there is no point me feeling the way I did on Friday as it wont change anything.. I have to be proactive and try and sort this mess out.

I am not going to post any figures, purely as this thread has induced comments I really wasnt not expecting form some..( not sure what I was expecting) and although I cant thank most of you enough I feel its inappropriate to have the finer details of my BR on here. But do appreciate your sentiment Debt info

I will of course keep you posted with what happens next! Until then my MSE friends! ..............