Bankruptcy & reclaiming bank charges

dtcanvassman

Hello all
I have a question that I am unsure of wondered if anyone could help me?
I am unfortunately in the position of having to consider bankruptcy due to my situation such as it is but have not yet applied for the forms. I started attempting to reclaim my bank charges around April/May 2007 & got to the stage of preparing for county court but the test case was announced so I guess my timing was off!

Anyway, can anybody advise me whether I would still receive my reclaimed charges were the banks forced to pay out if I were to be declared bankrupt? or would the O.R consider them to be assets? Simply, if I am bankrupt by March 2008 & the consumer wins? Sorry if this is unclear or if someone else has already posted this but I am confused. My debt is with the bank that I am reclaiming from by the way.

Thanks for any help:o

tigerfeet2006

If you go BR and get the charges back then the OR will have them I'm afraid

nomoneyprobs

tigerfeet2006 wrote: »

If you go BR and get the charges back then the OR will have them I'm afraid

HI tf, I can see that point of view because they would be an asset, BUT what if the op wasn't working and had no income, would they be able to keep a proportion or all of them ( depending how much they are ).

The reason I ask is because the or is meant to be told about any monies in your account that is more than you need to live on, If the op was only getting I.S or similar benefit then surely they would be able to keep some of it, Anyone on benfits will tell you that it's not enough to live on.

Just my thoughts, Have you or anyone else got any thoughts on that?

Ian

tigerfeet2006

Yes but when you go BR the account is no longer your property it belongs to the OR and as such any monies belong to him/her

OP is the bank your only creditor? Would the reclaimed bank charges clear your debt? Do you definatly want to go BR and have you sought any advice from the debt charities in my sig?

fermi

This gets asked a lot, and the answer is the same from every OR and the legal position seems pretty clear. (It's been done do death on forums like this )

Any refund of charges incurred on an account before your bankruptcy belong to your bankruptcy estate (no matter when then refund is received). In most cases the OR (and even sometimes the bank) will insist a refund is payable directly to the OR/trustee.

From a strictly legal standpoint I have even heard it argued that when you go BR your legal "right of action" over the charges passes to the OR/Trustee, so there could be a grey area whether you even have the right to continue the claim yourself.

tigerfeet2006

Thanks for the confirmation Fermi.

dtcanvassman

tigerfeet2006 wrote: »

If you go BR and get the charges back then the OR will have them I'm afraid

Thanks for the reply but if the charges are deemed unlawful ie: I win, my only creditor IS that very same bank so in theory, the charges were mine in the first instance therefore are they not relevant ????? I am on benefits also as I have a disabled child to care for on my own - would the O.R take this into consideration? Sorry if this is confusing but do I have a point in law or not? Thank you for advising me!

tigerfeet2006

OP did you see the other posts?

Broken_hearted

dtcanvassman wrote: »

Thanks for the reply but if the charges are deemed unlawful ie: I win, my only creditor IS that very same bank so in theory, the charges were mine in the first instance therefore are they not relevant ????? I am on benefits also as I have a disabled child to care for on my own - would the O.R take this into consideration? Sorry if this is confusing but do I have a point in law or not? Thank you for advising me!

No. Disability and being on benefits have nothing to do with it.

nomoneyprobs

fermi wrote: »

This gets asked a lot, and the answer is the same from every OR and the legal position seems pretty clear. (It's been done do death on forums like this )

Any refund of charges incurred on an account before your bankruptcy belong to your bankruptcy estate (no matter when then refund is received). In most cases the OR (and even sometimes the bank) will insist a refund is payable directly to the OR/trustee.

From a strictly legal standpoint I have even heard it argued that when you go BR your legal "right of action" over the charges passes to the OR/Trustee, so there could be a grey area whether you even have the right to continue the claim yourself.

Hey fermi, did you see that ?

did I see what ?














... my theory going out the window :rotfl:

Thanks for clearing it up

Ian