Issues and questions that come up during your bankruptcy period

Moderators: TalbotWoods, JaneClack

By zAndy1
#30448 Ok so as you may know I went bankrupt on the 13th Sept. The first meeting of creditors was on the 16th November. I recieved a letter from the OR on Wednesday advising me that a trustee had been appointed and also that any existing IPA agreement would have to be discussed with the trustee. I rang the trustees yesterday about the IPA (turns out I pay them instead of the firm I was due to pay i.e. Clarke & Wilmott). I also asked whether he had come to any conclusion regarding my car and my plasma TV i.e. would he be wanting them off me. He asked how much the car was worth to which I replied about £2500 part ex value, he asked if I needed it for work to which I replied 'Yes definitely' at which point he just said he therefore had no interest in the car! I then asked about my plasma and he said since TVs have little second hand value he wasn't interested in that either! I was astonished to be honest, I honestly thought I'd lost at least one if not both of those items but to keep both is fantastic news and a nice early Xmas present for me and the family. It seems this trustee is going to be very reasonable which is a huge relief!

Merry Xmas everybody and thanks for all the advice you gave me, couldn't have done it without you!
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By JulieP
#30463 Fantastic news! And a Merry Xmas to you too!
By Mel_Odious
#30476 Pleased for you Andy, it was a nightmare going through it with you but all's well that end's well. A joyful Christmas to you and yours and a happy debt free future.

Mel
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By Sammehrlich
#30505
zAndy1 wrote:Ok so as you may know I went bankrupt on the 13th Sept. The first meeting of creditors was on the 16th November. I recieved a letter from the OR on Wednesday advising me that a trustee had been appointed and also that any existing IPA agreement would have to be discussed with the trustee. I rang the trustees yesterday about the IPA (turns out I pay them instead of the firm I was due to pay i.e. Clarke & Wilmott). I also asked whether he had come to any conclusion regarding my car and my plasma TV i.e. would he be wanting them off me. He asked how much the car was worth to which I replied about £2500 part ex value, he asked if I needed it for work to which I replied 'Yes definitely' at which point he just said he therefore had no interest in the car! I then asked about my plasma and he said since TVs have little second hand value he wasn't interested in that either! I was astonished to be honest, I honestly thought I'd lost at least one if not both of those items but to keep both is fantastic news and a nice early Xmas present for me and the family. It seems this trustee is going to be very reasonable which is a huge relief!

Merry Xmas everybody and thanks for all the advice you gave me, couldn't have done it without you!


Hi there!

I received a letter from the OR's office to say there would be a creditors meeting in January.............STILL getting letters from some creditors though (went B on 25th October!). What is this meeting for? What happens for me next? Is this because hubby & I have a house/mortgage etc? Just wondered, I was hoping all the worrying would be over by now.
By zAndy1
#31041 Yes, it will be because there's a property involved so the OR office won't deal with it. It's nothing to worry about just a formality although it does mean things won't get sorted out so quickly. Hopefully you'll get a trustee like I got!

Merry Xmas to everyone on the forum and a prosperous new year

Cheers
Andy
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By JaneClack
#31120 Andy - look! You are a true asset to the forum - you are now able to give others the benefit of your experience.

Very well done!!!
By zAndy1
#31369 Thanks Sarah! I'm certainly not going to blow my own trumpet cos I'm not proud of what I had to do but I do now know it was the right decision. My wife and I were trying to get to the £300 surplus needed for an IVA so as to avoid bankruptcy and kidding ourselves we had that surplus, my wife is now paying £125pm into a DMP and we're just about managing at that so if we'd done the IVA I have absolutely no doubt it would have failed already.
If there's one piece of advice I can give it's be realistic about your surplus income, probably take your first estimate and halve it and you'll be somewhere close to what you probably can actually afford, and don't be bullied into an IVA by anyone playing on the stigma of bankruptcy, ok it's a last resort but it's transformed my life for the better.
By David
#31426 Happy Christmas Andy...
There is a Santa ....
D
By zAndy1
#33045 Finally had quite a bit of overtime paid this month, dates back to August, it's a blessing in disguise that it wasn't paid on time cos now I'm on an NT tax code I've actually been paid more than I would have been. Rang the trustee about this the other day to ask if he'd want any of it 'oh it's christmas' he said 'keep it'. I then asked about a £250 bonus payment I'm getting in January, 'keep that as well' he said. I am staggered to be honest, not only does he let me keep my car and my plasma he's now let me keep all the overtime and bonus payments I'm getting as well. I swear he's got something horrible up his sleeve and he's trying to soften the blow!

Anyway, merry xmas everyone and dare I say it, a prosperous new year

Cheers,
Andy.