Made BR in July '11, today had letter from Trustee??

Ineedaname

JCS1 wrote: »

It's unusual for a IP to be appointed as Trustee where there are no assets, but it can happen if a majority creditor asks for it to happen.

The IP is now your Trustee, so you do have to co-operate and fill in their forms, etc.

As JCS said above...

It's nothing to worry about, just a different office dealing with your paperwork.

JCS1

brclub wrote: »

Why would the OR pass this to an ip when I have no assets... I just don't understand. Do you know why this would happen? Do they think I've got assets or something? I live in a rented house, I have no car or any expensive items. I'm really quite worried about it.

I suggest phoning the OR's office on Monday and asking them why. It is unusual where assets are below £10k, but it can happen.

ETA - was there any equity in the property that was repossessed?

brclub

As far as I know there was no equity at all in the house. There was also a secured loan of £50k on the property that was included in br so it's pretty certain no equity.

brclub

As they've asked for a new soa (not as detailed as the one on the br form) are they likely to want to change my ipa? Am I basically going through this stage of br again?

immoral_angeluk

Has the property actually been repossessed and sold, or was it just handed back? Has the lender actually taken possession ie changed the locks/sold it etc?

brclub

immoral_angeluk wrote: »

Has the property actually been repossessed and sold, or was it just handed back? Has the lender actually taken possession ie changed the locks/sold it etc?

Yes it has been sold, it was repossessed nearly 3 years ago... I stopped paying the mortgage and the bank repossessed it. My credit report shows the mortgage account as settled. Could it have anything to do with the secured loan on it?

brclub

brclub wrote: »

As they've asked for a new soa (not as detailed as the one on the br form) are they likely to want to change my ipa? Am I basically going through this stage of br again?

Can anyone advise on this for me?

Ineedaname

As mentioned above, if your financial circumstances change you need to notify the OR (or in this case now, the Trustee) within 21 days of the change. As your rent and council tax have increased it is likely you will be able to demonstrate less surplus which means your IPA could be reduced.

An IPA lasts for 36 months and can go up, down or be suspended during that time, any suspended (nil payment) months do count towards the 36 months.

So you are not being asked to go through any stage of BR again, as you have an IPA you have an obligation to keep the relevant department informed of any changes. If they request you to submit a new SOA at any time, you are also obliged to do so.

In this instance it should be in your favour and hopefully reduce your IPA payment.

brclub

Thanks for all the information so far everyone.

Has this happened to anyone else who can give me some advice on what to expect. Am I going to have to have another interview and go through everything again?