debtinfo
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Everything posted by debtinfo
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well they were right if you simply asked can i pay what is owed as you cant, it was to late the bankruptcy had been made, as i said above the OR is simply appointe dby the court to do a specific job, they are not allowed to advise you, you had to seek your own advice. Leaving that aside getting back to the original question, you cant just say, that was a lot of money, i am unhappy. What you need to do if you are going to challange it is find out what specifically you thing they have done wrong, The IP is alot to be very expensive, it is part of the job, they are also allowed to keep the property until it gains value, again all within the law. What you need is a breakdown of the charges to see if anything was charged for that was not done, or anything was done that was not needed to be done, the rates that they charged are they inline with stadard practce etc.
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you still have not answered the questions i asked, without that it is very difficult to give you any info, Also for the record the letter you get from the OR at the start of the bankruptcy usually gives details about what you should do if you want the bankruptcy cancelled, i presume you read all this info thouroughly, Also it is not for the OR to advise about annulments, their job is to proceed with the bankruptcy at the order of the court, it for you to seek your own advive and start any annulment action yourself
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basically, in bankruptcy they wont consider that you are paying a "rent" if you are living together, you are living as a couple and contribute equally to the property. The OR will consider that by doing so you over time gain an interest in his property, at the moment that interest is very small, probably not worth them bothering about (as the onus is on them to prove the interest), but if alot more time passes before bankruptcy and you continue to contribute then you may get to a point where they take an interest in the property As far as income is concerned, they wont take any of his income but they will expect him to contribute fairly to all the household outgoings
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the trustees fees are set by the creditors as below, the OR's fees are set by law, did you have any other creditors, what assets were realised The trustee’s/liquidator's remuneration The OR's remuneration (payment) as trustee/liquidator is specified under insolvency law. An IP's remuneration as trustee/liquidator is fixed by the creditors'/liquidation committee. If there is no committee, it may be fixed at a meeting of creditors. The remuneration can be fixed as a percentage of the value of the assets realised and distributed or on a time basis. Any creditor, with the support of 25% in value of unsecured creditors, can apply to the court for the remuneration to be reviewed if they consider it too high. If the creditors do not agree a remuneration, the IP will receive the same as would have been paid to an OR, but s/he can apply to the court to agree a higher amount.
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i think you need to think about the car now and discuss it with your IP, the last thing you want is to get to 2012 and find that the IVA fails as you cant afford the new payments because you need to buy a car, or there is an extra dabt to go in which fails the IVA. At that point you would have wasted alot of money and have nearly al your debts back so it really is best to get it sorted with your IP as soon as possible
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The RX1 form is the protection for creditors that you wont just sell the property behind their back and run off with the money. You have to be realistic, switching IP's or IVA's is not going to solve your problem here, the IVA was accepted by creditors on the basis of a certain level of return for them, If you had put forward lesser payments form the start it is very likely that it would not have been accepted in the first place. So you have 2 options really, find someway to get another car and keep up the required payments or stop the IVA and try something else, knowing very lttle about all your other circumstances it is impossible to say which would be better
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1. They wont take anything of your domestic items but they will take the £400 savings, You should not give this to your father as that would be a preference payments, but you could use it for any reasonable domestic expenditure, or for the bankruptcy fees. 2. If you have a coop or barclays a/c then it will not be frozen by the Official Receiever and you wont have to give up your card, in fact one of the first questions the OR will ask you is if you have a bank account you need left open for your ordinary outgoings. The best thing to do with outgoings is to put down everything you will spend in a year, the worst that can happen is they the may say no to some of it, but if you dont ask then you wont get, so put down everything you can think of
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the answer is a little complicated Basically when you go bankrupt the OR has 3 years to deal with the property. Now if it is in negative equity the OR wont do anything with it at the moment, they will simply wait. If by 2 years 3 months it still has no equity then they will start the process of giving you it back with no fees. If it does have equity by this point then they will ask you to buy them out. If you cant do that then if it is a small amount of equity then they may simply put a charge on the house and give it back to you if it has a lot of equity then they may consider selling the property
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So basically, you have made yourself and the bank a preferential creditor to make sure you dont have a personal liability to the bank, I can see where the liquidator is coming from, although i cant give you a definite answer If you had repaid the directors loan to the company all of the creditors would have been paid prorata including the bank and so you would still have a liablty to the bank. The thing to consider here is that originaly there was not 1 direct chain of debts but that you had 2 distinct debts, 1 you have paid, 1 you have not
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Well, there is no definite answer, but the OR is goig to look at a few things in making their decision, first is it absolutly necessary, if not what benefit might the creditors get and lastly how would it affect what you would be paying, (ie if your IPA was £1,000pm already and you asked for £150 you might get a different answer than if it was £150pm and this would mean the creditors get nothing
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Houses pre jan have changed as well, the new guidelines apply to all family homes, the only exception being ones where the £1 has already been paid and the process already started. Just to point out as well, this is ONLY the OR's guideline so if your bankruptcy is with a private trustee these guiselines do not apply, only the 3 year law applies
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