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  • FIRST POST
    • discolisa
    • By discolisa 15th Oct 19, 7:02 PM
    • 4Posts
    • 1Thanks
    discolisa
    Bankruptcy 1995 - issues
    • #1
    • 15th Oct 19, 7:02 PM
    Bankruptcy 1995 - issues 15th Oct 19 at 7:02 PM
    Hi
    I posted here a few years ago. My dad was made bankrupt in 1995. When he was 66 (4 years ago) we had a letter from Wragg and signed over the pension. Fair enough as we know the rules were different pre 2000.

    Now, he's 70 and he has received another letter from Gowling WLG this time, about the SAME pension - apparently some of it isn't available until he's 75.
    With this letter there was a copy of an approved application to extend the 'contract' until Nov 2020. I don't really know what this means as it'll be 2024 when he's 75.

    My first issue is how upset he gets over these letters. It's been 25 years and he's still affected and worried by it. Is he due another 5 years of letters or will it go on forever. Will it ever end?!

    My second issue is how (or if) can we find out the balance of what we owed against what they have taken over 25 years. They had 1.5 houses from us (the half is a long story but it saved us from being homeless), payment every month for 6 years, and God knows how many (large) pensions. It just does not add up to me at all. I imagine costs will be the answer...

    I really wonder if we did the right thing all of those years ago. It is frustrating, especially when i read on a forum (not sure if it was here) someone saying the IS (or whoever) were not interested in their 100k pension pot and they could keep it! Maybe it is just bad luck on our part .

    Thanks
    Lisa
Page 1
    • Minkym00
    • By Minkym00 19th Oct 19, 3:01 PM
    • 220 Posts
    • 88 Thanks
    Minkym00
    • #2
    • 19th Oct 19, 3:01 PM
    • #2
    • 19th Oct 19, 3:01 PM
    You are right in that costs taken by the trustee are likely to have been substantial. I think it’s unlikely you will be able to find out what they are now, this far down the line. Do you know who the insolvency practitioner was? They might have records. When the trustee is released they send a report in to the IS which will break down their costs but it’s unlikely they would still have a copy, but you could ask.

    As far as pensions goes, as you said yourself the rules changed in 2000 so, whilst it may seem unfair that someone gets to keep their 100k pension pot, that’s the way it is.
    • Jillybeans
    • By Jillybeans 20th Oct 19, 10:25 PM
    • 3 Posts
    • 0 Thanks
    Jillybeans
    • #3
    • 20th Oct 19, 10:25 PM
    • #3
    • 20th Oct 19, 10:25 PM
    Hi, Just wondering if you found out anymore about your Dad's case?? im having a similar issue now, the funds and things just dont add up, my parents dont seem to have abreakdown of who was owed what and where the money paid has gone?? Im currently trying to tract it all down, its a nightmare!
    • discolisa
    • By discolisa 30th Oct 19, 10:56 PM
    • 4 Posts
    • 1 Thanks
    discolisa
    • #4
    • 30th Oct 19, 10:56 PM
    • #4
    • 30th Oct 19, 10:56 PM
    Hi.
    No, sorry, not had any luck. Just can't find any advice anywhere or any similar situations or stories online either.
    If we played the game like sending back unopened letters we'd probably fair better but we're too honest. This will probably go on until he not of this world anymore- sorry to sound brutal.
    Bankruptcy was just the worst route in my personal experience.
    Lisa
    • maxmycardagain
    • By maxmycardagain 10th Nov 19, 2:24 PM
    • 4,912 Posts
    • 3,801 Thanks
    maxmycardagain
    • #5
    • 10th Nov 19, 2:24 PM
    • #5
    • 10th Nov 19, 2:24 PM
    Hi.

    If we played the game like sending back unopened letters we'd probably fair better but we're too honest.
    Originally posted by discolisa
    experience is a harsh teacher
    Dont worry, be happy
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