Money as a gift

iquit

When all is said and done I hope that your OR is understanding and allows you (and your children) to keep and use the gifted money. I feel very lucky (yes lucky) to have gone br when I did. The IPA I was given still left me with a reasonable amount of excess which can in handy for repairs, bills, clothing etc. People going br with IPA these days are left struggling.

lazer

fiveyearplan wrote: »

I take it you are not or have not been bankrupt so I'm assuming you have no idea what it means and feels like to do so. Perhaps a lottery win would be different but I know that anyone whom I would receive an inheritence from would not have wanted their money to go to OR fees, exhorbitant interest rates and charges that most debts accrue before BR etc, and if they thought that would be the case they may want to change their will.

Also, you have no idea the circumstances of mine or anyone else's BR. Not everyone goes off spending on consumer items just so they can run up debt and go bankrupt. Most of the time all it takes is a minor change in circumstances that can lead to walls tumbling down.

Personally myself I would have preferred any windfall to help me on my way to a fresh start. That is all I meant by my post. It is irrelevant anyway as I didn't receive any windfall or inheritance and didn't buy lottery tickets for the duration of my BR .

I hope that explains things for you but please note I will not feed any trolling.

I agree that an inheritance is different to a lottery win - but if an inheritance was enough to pay off the all OR fees, and pay off all the debts this could annul the bankruptcy - would this not be better than receiving the inheritance 2 days after discharge as it means you really do get a fresh start - no BR, no debts and probably some spare cash to start off.

An inheritance which is not enough to cover the whole BR would simply go the OR and more creditors would be paid but you personally would not be in a better position after BR, so this is obviously not the intention of the person who died, and as a result I can understand why a person receiving an inheritance would not want it during Bankruptcy.

As I have said above I do understand about changes in circumstances meaning people are left with no option but to go BR, and although I have not been BR, close family and friends have been and I understand how difficult and painful it can be.

alastairq

It's as much about no longer wanting to see ''good money being thrown after bad?''


Heck, if I won the lottery, I wouldn't care less about BR being on my records...in fact, I wouldn't give a tinker's about my credit records anyway.

But I would ensure that all those close and dear to me, past & present, reap some benefit of my good fortune....meaning that, I wouldn't keep it all for myself [wouldn't need it, anyway........BR not only gives a fresh start, it also gives a fresh outlook on the reality of life.]

fiveyearplan

Good point Alistair about the fresh outlook.

I didn't mention that my BR was a business BR which included the remaining 8 years contract of a franchise. This amount alone totalled over £65,000 which is an amount I didn't actually 'spend' or receive goods for, it was for future use of trademark.

weareone

Hi all, just want to say thanks for all the help and to update you as it may help others.

Contacted the OR and spoke directly with the lady working on my case and well what a shocker. I think I had this scary image in my head that they are really mean etc but what a lovely lovely lady who took all my details looked into everything for me and called me back to advise that as I am using the money to pay bills, buy clothes, fix car etc that they do not have any interest in the £2k!!! I offered to provide bank statements but was advised they were not required! Well a scary experience turned into something positive and a lot of worry over nothing. Think maybe ORs might have a stigma they do not deserve. Anyway thank you hope this helps
Someone else one day.

fermi

Good news.

Sorry that we had to spell out what could be the worst earlier in the thread. Some people in similar circs have had a hard fight of it. Pleased it was OK in your case though.

fiveyearplan

Glad you got the result you were looking for.