Why has my BR been handed over to a Insolvency Practitioner??

Brandnewstart79

Hi all my OR contacted me to say that my BR has been handed over to a Insolvency Practitioner last month.

I was making my IPA's quite happily and now i'm worried that they will try dirty tactics to get more money out of me?

My Insolvency Practitioner is called Grant Thornton. Has anyone had dealings with them?

Regards

TakeAwayKing_2

Do you or have you ever owned a house/ flat?

Cobalt77

I believe it can also be requested by one of your creditors, if you owe them a reasonable amount of money.

Brandnewstart79

Yes I used to be own a house which I voluntarily surrendered and the negative equity was added to the BR.

Brandnewstart79

What does this mean for me as I cannot afford anymore than the IPA amount I'm paying now which was agreed through the OR.

Cobalt77

Brandnewstart79 wrote: »

What does this mean for me as I cannot afford anymore than the IPA amount I'm paying now which was agreed through the OR.

There isn't really much difference. Your IP may ask you to go through another income & expenditure statement to make sure you are paying the correct amount under your IPA, but that's about it.

fermi

Brandnewstart79 wrote: »

What does this mean for me as I cannot afford anymore than the IPA amount I'm paying now which was agreed through the OR.

You do not allow yourself to be pressurised into paying more.

You would have to agree to any increase.

The only legal way the IP could force it on you is to go to court and ask them to set a higher amount, which if what you are paying now is reasonable, it's unlikely to be granted, and it's unlikely the IP would try.

debt_doctor

Hi,


I can only think this must have been at the insistence of your main creditor - any trade creditor, revenue or similar in your BR?


If you are presented with a revised unfair IPA then you should challenge it - and we can help you do that.
DD

TakeAwayKing_2

its possible that a major creditor wants GT to review the hand back of the house or some other pre petition transaction. Was it a Cred or debtor petition?

Cobalt77

TakeAwayKing wrote: »

its possible that a major creditor wants GT to review the hand back of the house or some other pre petition transaction. Was it a Cred or debtor petition?

The hand back of the house is totally irrelevant. The OP has already said the negative equity has been included in his BR, so no creditor is going to be remotely interested in a property being handed back to the mortgage lender where there is negative equity involved.

As I said my first post (and been confirmed by several other posters since), the reason for transfer to an IP has almost certainly been done at the request of one of the primary creditors. If there were any concerns about "pre petition transactions" or other suspected naughtiness by the OP, these would be dealt with by the OR (who has far more wide-reaching statutory powers of investigation than any IP)

As fermi & DD have said, one of the main creditors probably believes they will be able to recover more money for themselves if an IP is handling the case rather than the OR.

So, the only thing Brandnewstart79 needs to be concerned about is resisting any pressure to increase the IPA repayments.

TakeAwayKing_2

Apparently not to the appointed ip. Especially if it's grant t.