'Windfalls' during BR

silvercar

...I suppose that if the OR retained the interest until just before discharge, they could benefit from any prize money,....

They wouldn't need to retain the interest, as any win before discharge would need to be declared.

TheGardener

I thought that if they kept them - they would claim the prize if the PB 'ever' came up as a winner as the PB's now belong to the IS ?

patman99

The or would most likely cash in the premium bonds once the bankruptcy period has ended.

TheGardener

patman99 wrote: »

The or would most likely cash in the premium bonds once the bankruptcy period has ended.

Most of the posters in this thread are talking about a fiver or so though, it would cost more in the admin time to cash them in than they were worth - if I was an OR - I'd be tempted to keep all those little ones in a big shoe box having logged all the numbers with Ernie and gamble some of the numbers would come up at some point.

However, it shows how honest most of us are declaring these tiny assets. If we hadn't declared them the OR would never have known, there would be no records of these little £1 and £5 bonds for the OR to pick up on. Its also surprising how many of us have a sentimental attachment to them and -it seems - my OR was very unusual in giving me the opportunity to buy them back. Let hope this post alerts others to the option

KellyMM

I can understand that savings and investments are taken in BR because they have a cash value. However I thought the form made it clear that any non-household assets worth less than £500 (e.g. laptop, phone) were of no interest so I'm not sure why people are worrying about old toys and games and things. Sell them at the car boot and have a night out with the proceeds!

silvercar

Most of the posters in this thread are talking about a fiver or so though, it would cost more in the admin time to cash them in than they were worth - if I was an OR - I'd be tempted to keep all those little ones in a big shoe box having logged all the numbers with Ernie and gamble some of the numbers would come up at some point.

Premium Bonds are not transferable, so no way could an OR log the numbers with Ernie.

Added to which it doesn't set a good example if the OR starts gambling!

elljay

KellyMM wrote: »

I can understand that savings and investments are taken in BR because they have a cash value. However I thought the form made it clear that any non-household assets worth less than £500 (e.g. laptop, phone) were of no interest so I'm not sure why people are worrying about old toys and games and things. Sell them at the car boot and have a night out with the proceeds!

In the year of my bankruptcy I received a tax rebate (£900 ish) and was allowed to keep some for car repairs, but had to send in the garage receipts to ensure I kept back exactly, to the penny, the amount shown. Think it was about £60. I declared a couple of smaller amounts and they had to be paid in too. Once discharged I only had to declare changes of regular income so my IPA was adjusted, (lost one of my jobs due to the BR - grrr!) but they don't need to know about windfalls or one-offs once discharged, even if you have an IPA.

Violet1881

I was wondering what happens if you wanted to purchase premium bonds - after discharge - after having handed some over to the OR at the beginning of a bankruptcy.

My daughter was buying some and she had to register as a new applicant. It just got me wondering. If I was buying some after I have surrendered my old ones I would I guess also have to register as a new applicant - but NSANDI say they would marry my new account up with my old account. In the event of a win (unlikely I know!) would the OR get the money even if there was no outstanding IPA?

Has anyone bought back those old premium bonds after discharge?

Gaz1

Hi, guys, I have been reading all your posts about going bankrupt and having a "windfall" as I've made the decision reluctantly go bankrupt and there are a few things I need a bit of help with 1. my car is only worth less than a £800- £1000 which I need to pick up my children as there are no direct buses but they probably won't take that into account 2. I have a motorcycle that's worth less than £1000 now I expect this to taken but may have to sell it to raise the BR fee and 3. I have a workplace injury claim just started, how long it's going to take I don't know or what the outcome will be so do I tell the OR about it or not and what if it takes longer than the 12month period.
Thanks in advance
Gaz

db2016

my understanding is, if any ppi or other claims etc were entitled to you before the br or in the undischarged period, the OR has an interest.