Notifying the Official Receiver

[mish1953]

hi ..

Melanie you said on a different thread ..
"Once you are discharged from bankruptcy, you no longer have to make any declarations to the OR about your circumstances."

Im going to disagree with you .. sorry [:I]

If you have an IPA you have to notify the OR of any increase in income for the duration of the IPA .
So even after discharged, if you have an IPA you must notify the OR of any wages increases, bonus etc

I beleive that the old IPA form that you sign on said until discharged , the new one says for the tem of the agreement ( ie the IPA ).

If you dont have an IPA, then I guess you dont have to notify them of any increase in income after discharge as they cant give you an IPA after your discharged .

So its a bit of a pain, if you have an IPA , you have to notify them of any increase... intrestingly there is nothing on there to say what to do if you have a decrease or if your expenditure increases .. it seems as if they can increase the IPA but not drecrease it..

The document is badly worded , for example it says that the obligation to make payments does not end when discharged and then says failure to make payments can affect the date upon which I am discharged... so if I fail to make payments after Im discharged .. can they un-discharge me .. weird !

Ive put the wording below

Mish [:D]

Until the end of the term of this agreement I shall notify the Offical Receiver or other trustee of any increase in income within 21 days of becoming aware of the increase. I understand that the Offical Receiver or trustee may claim any increase in income for the benefit of my creditors. I acknowledge that my obligation to make payments under this agreement does not end when I am discharged from bancruptcy and that failure to make payments can affect the date upon which I am discharged"

[MelanieGiles]

OK - I stand corrected oh wise one!!!

I was, of course, aware of the need to advise of increases under an IPA or IPO, but the original post (I think!) talked about could a new IPA be commenced after discharged due to a change of circumstances - and this cannot happen after discharge.

Perhaps we are both right!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mish1953]

Moi -- wise -- oh I think not ..

merely a complusive reader of all the piles of litreature the insolvency service send ,me .

As an aside -- my Trustee arranged a surveyor to come round an value my house this afternoon .. they need the figures for a creditors meeting in November ..

Anyway .. whil chatting to the surveyor .. turns out he has an IVA .. bizarre conversation ensued. Pro's and cons etc ..

Small world eh !

Slainte
Mish

[fudge34]

Hi Mish hope you are well - Melanie was right I was talking about after the BR dischage and I have no IPO set up as I was under the threshold. My big concern now is that my new promotion comes into effect in April of next year and I don't want to earn any more money (BIZARRE NEVER THOUGHT I WOULD HEAR MYSELF SAYING THAT) as obviously this then sets me up to pay towards an IPO at my six month review so I am trying to think around it i.e. say to my boss give me a pay increase after September instead!

[mish1953]

I am well thanks .. but having well strange and mysterious thoughts ..

Like .. I have an IPA , ok its only £80 a month.
At the end of 3 years my IPA stops and I'll be £80 a month better off .. thats good !
But my daughter will have left school by then so I wont get child benefit or child tax credit .. approx £120 .. and she will leave school before the IPA finishes ... ratz !

So right now Ive in theory got more money than I will have at the end of the IPA ... so these are the good times then !

If my wages go up, so will my IPA so that should negate any pay rises ...

bugrit Im off to get a bar of chocolate

Slainte
Mish
[xx(]

[fudge34]

its like the old saying you get with one hand and it taken away with the other - I was the same, we were clapping our hands in glee at having 20 quid a month spare then we realised that we now have to pay more council tax due to the rise for this year and next which is 16 quid extra a month - sigh - it will all be OK in the long run, shall we devise a dragon's den idea and get lots of money, something about the dummy's guide to being BR ....

[Soulgrowth]

Enjoy the good times Mish!!! [:D]

From the experience of my own children growing up though it has taught me that time doesn't stand still and a lot can change and you could be in a totally different situation in a few years time than you are now ... you might find a rich widow!! ... I definately try not to look too far into the future nowadays [:)]

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[Skippy]

I have the old wording on my IPA which states that I need to notify the OR of changes in circumstances until discharge. I think they have now closed a potential loop hole!

If you have in increase in expenditure or reduction in income you are entitled to ask for the IPA to be reassessed.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[BrassicLintus]

Hi all, just a quick question, thanks to Melanie and her team the OR has agreed that I don't have enough surplus for an IPA. Is it possible to ask for an early discharge? Or is it a mandatory 12 months? I ask because I'm tied into my mortgage until next January (if I get to keep my house that is - still waiting for OR to agree that I have negative equity and can buy the BI back) and I'm worried about how my payments are going to increase. If they increase substantially then I'll have to sell my house (as it is my mortage and secured loan take up about 45% of my income). And as I understand it i can't switch mortgages or do anything until I'm discharged - is this correct?? Also, if I did end up selling my house and didn't get enough to pay the mortgage and secured loan off - would I still be liable for the shortfall?? Cheers.

[Skippy]

Hi Brassic, from what I understand you don't ask for an early discharge, it's down to the OR. I did read that someone was told that if they asked for ED they would be less likely to get it! I don't know how true that is, but I certainly won't be taking a chance! Good luck with sorting everything out and I hope you get your ED x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[BrassicLintus]

Thanks Skippy. Hmmmmm... doesn't sound too good then!! Will just have to throw myself on the mercy of my mortgage lenders (or sign myself up for another 5 years of misery with them!!!)

Sam
x

[MelanieGiles]

Sadly, you cannot ask for an early discharge, but the OR locally tends to do this more often that not so fingers crossed!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[BrassicLintus]

Thanks Melanie, but as you know my I've had a few problems with the chap in charge of my case (ie the overtime issue) so I won't hold my breath (and driving me train with me fingers crossed is a bit difficult!!!!)