Beware - they never forget.

macsacel

Mike_St_Helens wrote: »

I think there is one hell of a difference in struggling with all your debts, creditors, debt agencies, bailiffs, threats, demands.. all the other words that appear every day when you are that desperate you have to go bankrupt. Bankruptcy certainly is the final straw.

However it is also a lifeline to people like me, and im sure countless othere here. I am now able to start to try and plan a future. if I still had £130k worth of debt, im sure that would take a lot longer to deal with than what my bankruptcy will take to deal with.

Nearly 6 months on since mine, there isnt a day goes by where I dont think about it, im sure that will happen for the rest of my life. I for one dont take bankruptcy as a panacea, as Im sure the vast majority of people here dont either.

It is something that, administration wise you are dealing with for a relitivley short time, the more complex a bankruptcy.. of course its going to take years to sort out. Certainly not as long as dealing with the debts I had thats for sure.

Mike

Mine wasn't complex. But the OR is so snowed under it literally takes years for them to deal with every case, and they will deal with EVERY case. Getting a discharge doesn't automatically mean "it's all over", that's all I'm saying.

I agree with Bankruptcy being a good thing, I had nearly £60,000 in debts, of which I am now no longer responsible for, and I would recommend it to others in the same boat. But the OR will try and get as much of it back as is possible. I am finding that now as I'm being harassed by my trustee. If you go in to it, do so with your eyes opened wide.

When did you have your trustee appointed? Like I said earlier, mine took nigh on 4 years from the date of my bankruptcy, and is now fishing in to matters from 7 years ago, 3 years prior to my bankruptcy. II'm not being pessimistic, just realistic. These are my experiences.

Mike_St_Helens

macsacel wrote: »

Mine wasn't complex. But the OR is so snowed under it literally takes years for them to deal with every case, and they will deal with EVERY case. Getting a discharge doesn't automatically mean "it's all over", that's all I'm saying.

I agree with Bankruptcy being a good thing, I had nearly £60,000 in debts, of which I am now no longer responsible for, and I would recommend it to others in the same boat. But the OR will try and get as much of it back as is possible. I am finding that now as I'm being harassed by my trustee. If you go in to it, do so with your eyes opened wide.

When did you have your trustee appointed? Like I said earlier, mine took nigh on 4 years from the date of my bankruptcy, and is now fishing in to matters from 7 years ago, 3 years prior to my bankruptcy. II'm not being pessimistic, just realistic. These are my experiences.

I agree with you, Wasnt having a dig or anything. Just trying to get it accross hat it isnt taken lightly.

My trustee has just peeped her head up.. The OR was very nice,. It takses ages for them to deal with anything. I sent the letter back saying I wanted to buy the BI in the house months ago.. still not heard anything, also teh IPA was due to start in Jan.. Again not heard anything.. mind you the latter one.. they can wait Im not rocking the boat there !

I do think though with the new 'rules' things have cut off dates and can be somewhat more black and white than they used to be.

macsacel

But they are still vague in their dealings. And there seems to be a lot of contradictory opinions on what the OR can and cannot do and when they can do stuff.

I've been trying to glean info on this IPA business post discharge, a lot of people think they cannot enforce one, yet the insolvency site makes it appear they can.

Because my bankruptcy was brought about due to an alcohol and drug problem my OR seems to have taken a personal view on this and has been quite vindictive in his dealings with me. I think complaining about him will just make things worse for myself.

uther_2

I'm glad I dont have a house,or anything of any value really.Hopefully my Br will be easier.But even though I dont own a house,its still a very difficult step to take.

davelacey

Follow-up Question:
As previously mentioned, in my particular case - although I "owe" the OR a tad over £17000 pounds, I'm now informed that this will accrue interest at 8% per annum.
So the follow-up question is:

Who ultimately stands to gain from forcing a bankrupt (and family if applicable) out of their homes?
Because from where I sit, it sure as hell isn't the Creditors!!!

Mike_St_Helens

macsacel wrote: »

But they are still vague in their dealings. And there seems to be a lot of contradictory opinions on what the OR can and cannot do and when they can do stuff.

I've been trying to glean info on this IPA business post discharge, a lot of people think they cannot enforce one, yet the insolvency site makes it appear they can.

Because my bankruptcy was brought about due to an alcohol and drug problem my OR seems to have taken a personal view on this and has been quite vindictive in his dealings with me. I think complaining about him will just make things worse for myself.

I have heard that they can be quite 'harsh' under certain circumstances and it isnt appriciated is it. I think we landed on our feet, we had has a sh1tty time when we went B and it was clear that that was the case in our OR'a'view. It may bight me in the bum in the future but things do see to be coming on, slowley though...

The IPA thing.. I am really not sure, Id say once you are discharged then thats it.. they cant claim. Thats what Id guess anyway. Have you ever seen the OR's tech manuals ? the are availible.. if you need them I can PM you the links ?

Mike

Erikin_2

…”trying to glean info on this IPA business post discharge”


When entering into an IPA you will be asked to sign a document which is a statuary contract. This binds you to the agreement which allows for its future change, variation etc., during its 3 years period even after discharge.

If for some reason you refused to agree to an IPA the Official Receiver will take you to Court and seek a court order for an IPO whether you like it or not. And likewise the court order can and will be changed / varied / updated if need be during its 3 year period.

So even if you are discharged from bankruptcy after 1 year, you can still be dealing with a trustee some 3 years plus a few months later - the few months accounting for the time of BO to setting up the IPA/ IPO.

Default means suspension of your discharge.

davelacey

macsacel wrote: »

Because my bankruptcy was brought about due to an alcohol and drug problem my OR seems to have taken a personal view on this and has been quite vindictive in his dealings with me. I think complaining about him will just make things worse for myself.

My bankruptcy was brought about by destruction of Musical equipment whilst in transit from Greece to the UK, and my Insurance company refusing to pay out until they ascertained whether it was the Cruise Line, the Freight Company, Greek freight handlers, UK freight handlers or my Uncle John's CAT in Scunthorpe that were to blame. And while they're making their investigations, (saying payment for replacement of equipment is simply "delayed pending enquiries"), of course, payments in the real world go on, and how was I supposed to work with no equipment??

The OR didn't adopt a sympathetic approach with me, although I must admit that the Judge himself was sympathetic, and muttered the words "insurance" and "necessary evil" in the same breath.

jodenice

OK is this only for people who had property whilst bankrupt? Under the amnesty my bankruptcy ended in 2005 - they can't come and make me sell my property that I've just got a mortgage on - can they?

davelacey

jodenice wrote: »

OK is this only for people who had property whilst bankrupt? Under the amnesty my bankruptcy ended in 2005 - they can't come and make me sell my property that I've just got a mortgage on - can they?

That depends on general circumstances - i.e. the value of your interest in your house vs. the amount you went bankrupt for.

Today, I was told by the OR that the reason for applying a charge on my beneficial interest in our house was to protect their interest, and to free us to sell the property ourselves if we so wished.
In my case - they are pursuing the total debt I owe to creditors - they are not pursuing the whole of my beneficial interest in my home.

They are not forcing a sale of the property - they tell me that if we chose to do nothing, the interest on my debt would "simply" accrue compound interest at the rate of 8% per annum - and when myself and my wife died, then they would take their cut then.

I would strongly suggest, though, that you contact the OR to ascertain your own individual position.