When can I strike a deal with my OR?

VinJones99

Hi, I posted this in the advice section also, just thought someone might of been through this already and can share some advice...

I was made bankrupt on the 28th April 2009 and discharged 1 year later.

My insolvency administrator has informed me that:

“At present we have received claims from your creditors totalling £39,116.17. Four creditors have not yet claimed so this figure is likely to increase once these claims are made”

Also that they have been able to retrieve £11668.67 and £5,000 from two properties.

I have also paid 17 months of IPA totalling £8,330.

A further £10535.02 is being paid direct to the IA from a PPI Claim.

Do I have any recourse and mechanism where I can now do a deal with the OR, when I had my business and 2 firms went bankrupt on me I never saw a penny but my creditors will be getting a very large amount back.

At present I have not been able to afford a decent holiday with my kids as I do not have any spare cash and it looks like my work contract will end soon and I am worried that I will be jobless and penniless.

Hope you can help.

kepar

I don't understand , what sort of deal are you trying to get?

You have so far repaid about £36.5k and although you have repaid 17 IPA payments you have not been paying every month. When is your IPA due to finish.

VinJones99

I have paid 490pcm for 17 out of 36 months. I was looking for a reduction or even write off the remaning debt.

wildheart83

You'd need to factor in the OR's fees into the final amount as well

wildheart83

Sorry, I clicked before I was finished. Basically if you let the IPA run til it's end you'd have paid just under £45k for a £39k debt. But, what the OR's fees on top of that would be I don't know.
I think a full and final settlement would only be considered if you had a lump sum that was big enough to be able to get the BR annulled and everything, including court fees and OR fees was covered.

Your best bet is to speak to the OR and see what they say about it

debtinfo

Hi Vin, Bankruptcy just does not work in that way, the deal is you get protection from creditors and hand over all assets and an appropriate amount of surplus income for up to 3 years. That is the deal made, as said above the only time they would take less than that is if you had paid all debts plus charges plus fees

tigerfeet2006

VinJones99 wrote: »

At present I have not been able to afford a decent holiday with my kids as I do not have any spare cash and it looks like my work contract will end soon and I am worried that I will be jobless and penniless.

Hope you can help.

Did you not have an allowance for holidays?

If your circumstances change then you inform the OR and you fill in a new SoA form and if you do not have enough surplus for an IPA then it will be suspended. The suspended months count towards the 36 months.