The OR

Gaz1971

I thought the purpose of the OR was to tie up your debts and deal with the creditors on your behalf but from reading some peoples posts on here its like they are there to screw as much cash out of you as possible to pay your creditors, which is right?

tigerfeet2006

Both!!!

Gaz1971

Seriously? Am I going to spend the next year trying to hang on to any cash I get?

maxmycardagain

i know three BR's, who have been told the same thing by the OR

"You are now bankrupt Mr *****, you owe no-one anything"

comforting words indeed.

maxmycardagain

Gaz1971 wrote: »

Seriously? Am I going to spend the next year trying to hang on to any cash I get?

keep it your sock or under the bed, unless its a lottery jackpot, in which case........

leg it to spain

tigerfeet2006

Sorry to clarify. They sort out all your affairs and see if you would be subject to an IPA to pay your creditors. Some people go BR and without debts do have a bit of surplus money. But the allowances are quite generous so you will generally have a slightly better lifestyle than before you went BR.

tigerfeet2006

Gaz have you seen some of the I&E's people have posted and the advice we have given to make sure that everything is claimed for?

You have to notify the OR if you get the odd bonus etc. but we have found that generally the OR is not to bothered about people getting these one off's as it costs a bit to process.

Have you got any particular worries?

Gaz1971

Im unemployed at the moment, I was my fathers carer until he died in November. Income is peanuts but I was worried if I manage to get a decent job Im going to cop an IPA. Do I tell them about my new bank account for example? What do I have to tell them and what can I keep from them?

tigerfeet2006

Unfortunatly you can not keep anything financial from the OR. You are required to disclose everything.

If you start work don't forget you're soa will change anyway as you will have different expenses so you may not get an IPA. To be honest IPA are not that onerous. If you do get a job we can help you sort out your soa to maximse it.

You work out your soa, then anything over £99 surplus is subject to an IPA. Check the scale in the link.
http://bankruptcysupportersclub.co.uk/OR.aspx

That is also a good site to join.

Which bank is your new bank account with?

Gaz1971

Account is Co Op. Whats SOA? Are you allowed to keep things like internet and Sky?

Also I was expecting my old bank account to be frozen but I checked it yesterday and its still active and some bills have been paid from it via DD. I never cancelled anything as I assumed it would get closed down quick and they wouldnt get their money and would then contact me

tigerfeet2006

SOA= statement of affairs or I&E= incomings and expenditures.

Co-op are a BR friendly bank so you will have minimum problems hopefully.

You can keep Internet and sky if you pay for them out of your excess, hide them within something else or if you need the internet for work or study it is allowable in your I&E

this will give some ideas
http://www.hmrc.gov.uk/manuals/dmbmanual/DMBM800120.htm

http://www.insolvency.gov.uk/freedom...rt2/part_2.htm