Discharged Today !!!!
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Butts
Posts: 1,289 Forumite
Well the year has positively flashed past and today I received my "Get out of Jail Free Card"
The long and winding road from Scotland to Wales was worth it !! I was online at 5am on The Insolvency Register and my status was updated to Discharged On 02 October 2018 bang on the nail.
I have been really lucky during my Bankruptcy with the only casualty being my Virgin Media Package which I was able to replace with Now TV.
Bank Account Untouched
No Tax paid from October to March and the OR did not request an NT IPA so I trousered that.
Generous living costs with the use of creative accounting to create a budget within the framework of the CFS maximising all the allowances. More a case of "Tax Avoidance than "Tax Evasion" - the former being legal.
And the icing on the cake no IPA then or ever now !!!! - the very thing I moved from Scotland to avoid.
To be honest the whole process was a lot less invasive than I was expecting. I had visions of the OR poring over every entry in my Bank Accounts in the preceeding three years leaving me sweating about having to justify every bit of expenditure. Didn't happen.
I was expecting them to be in touch every few months checking my income and any changes in outgoings. Didn't happen
My earnings did vary a bit during a bit over the year but as the average amount didn't exceed my expenditure allowance agreed with the OR I didn't bother contacting them. Amazingly my pay has suddenly doubled overnight in anticipation of discharge.
Overall I felt the supervision was very lax but I guess they have bigger fish to fry. So many times I was tempted to smash the earnings barrier and I'm sure I would have got away with it - but you never know when they might come knocking.
So £100,000 plus - gone in 60 seconds - well 365 Days actually!!
Anyone out there who is contemplating Bankruptcy - don't be frightened it's not half as bad as you think. Just utilise the system to your advantage operating within the allowed paramaters for an uncomfortable if not unpleasant experience.
Find out as much as you can utilising the experts on sites like this-knowledge is power.
Finally thanks to everyone on here who helped and encouraged me through the process :T
The long and winding road from Scotland to Wales was worth it !! I was online at 5am on The Insolvency Register and my status was updated to Discharged On 02 October 2018 bang on the nail.
I have been really lucky during my Bankruptcy with the only casualty being my Virgin Media Package which I was able to replace with Now TV.
Bank Account Untouched
No Tax paid from October to March and the OR did not request an NT IPA so I trousered that.
Generous living costs with the use of creative accounting to create a budget within the framework of the CFS maximising all the allowances. More a case of "Tax Avoidance than "Tax Evasion" - the former being legal.
And the icing on the cake no IPA then or ever now !!!! - the very thing I moved from Scotland to avoid.
To be honest the whole process was a lot less invasive than I was expecting. I had visions of the OR poring over every entry in my Bank Accounts in the preceeding three years leaving me sweating about having to justify every bit of expenditure. Didn't happen.
I was expecting them to be in touch every few months checking my income and any changes in outgoings. Didn't happen
My earnings did vary a bit during a bit over the year but as the average amount didn't exceed my expenditure allowance agreed with the OR I didn't bother contacting them. Amazingly my pay has suddenly doubled overnight in anticipation of discharge.
Overall I felt the supervision was very lax but I guess they have bigger fish to fry. So many times I was tempted to smash the earnings barrier and I'm sure I would have got away with it - but you never know when they might come knocking.
So £100,000 plus - gone in 60 seconds - well 365 Days actually!!
Anyone out there who is contemplating Bankruptcy - don't be frightened it's not half as bad as you think. Just utilise the system to your advantage operating within the allowed paramaters for an uncomfortable if not unpleasant experience.
Find out as much as you can utilising the experts on sites like this-knowledge is power.
Finally thanks to everyone on here who helped and encouraged me through the process :T
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Comments
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We're one month into our journey and counting the days already. Thanks for this very positive report and good luck for the future.0
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Good on you! i am possibly about to go into it and I will be the !!!!!! who gets stuffed with everything including an awful IPA! Always my luck LOL
Out of interest, are things different in Scotland? Maybe I need to move there for a while if so! Would love to hear if this is the case.0 -
Wow that year has gone fast!!
So pleased to hear all is good......as I always say "Its in the planning" and you did a lot of that!0 -
Thanks Butts.
No IPA partly because my only income is state pension so I am dependant on my husband and we followed the guidance from this site when doing both our SOAs. Strangely, the OR queried our £500 car presumably as we are retired and so don't need to get to work. We had to send evidence of my husband's medical needs to justify keeping it. We were definitely surprised about that as everyone says a car below £1000 should be no problem. We had no other assets so maybe that was why. It's definitely a scary thing to do but after months of worry about threatening letters and calls all is now calm and, fingers crossed, will stay that way.0 -
Good on you! i am possibly about to go into it and I will be the !!!!!! who gets stuffed with everything including an awful IPA! Always my luck LOL
Out of interest, are things different in Scotland? Maybe I need to move there for a while if so! Would love to hear if this is the case.
In England and Wales if you don't get an IPA before automatic discharge you will never get one.
In Scotland an IPA (or it's equivalent) can go live after discharge. For example in my case where my earnings suddenly shoot up post discharge an IPA would kick in for another couple of years even though in my parsimonius first year I paid nothing.
So the moral of the story a one year sentence south of the border can become a three year one in Scotland.
Thats why I moved from Scotland to Wales to go Bankrupt. I will be returning shortly.0 -
luvchocolate wrote: »Wow that year has gone fast!!
So pleased to hear all is good......as I always say "Its in the planning" and you did a lot of that!
I did indeed it started six years ago when I signed the House over to my ex-wife and could answer honestly on the BR Application I had no properties nor disposed of any in the last five years.
I sold my car to my son one year before BR so I could honestly answer I had not had a vehicle in the last year.
I moved from Scotland to Wales tx in my job so I would only serve a one year sentence with regard to an IPA - ie discharge after a year and thats it.
Finally three months before going BR I reduced my income massively to avoid an IPA.
I still lived relatively well for the year of my bankrupcy.
Obviously not everyone will be able to take all the steps above and my debt situation had been accumulated over a decade - well north of 100K.
Being old, free and single for me it was a breeze
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Hi Butts
Just seen what time you last posted. If you're old shouldn't you be tucked up in bed at that time? Unless the single life keeps you out at all hours, of course!!0 -
At my age, you're just a youngster. Although I only ever admit to being over 29 if asked. Do you still have the legs for a kilt as you're soon moving back?0
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