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| T O P I C R E V I E W |
| Mike62 |
Posted - 11 November 2010 : 22:37:25
Hi,
I have a couple of questions that I hope someone can answer for me. We are 4 months into our Bankruptcy, the Trustee has just sent a letter to our car finance company ( Thanks's for that!) who came and uplifted the car even though we hadn't missed a payment and Trustee had no interest in it, the company said it broke our terms and conditions.
I have just started a new job 4 months after the business went under, prior to this job we were £200 a month short of our living expenses and had to borrow from family etc. As it happens, the other half's hours have been cut so we are now still just above the living costs we indicated on our SOA, which included the car at £200 a month.
The Trustee had our 3 month bank statements a while ago and we've heard nothing about an IPA as yet, so my questions are as follows.
1. Even though we are still on about the same income, now I'm working do I still have to inform the Trustee bearing in the mind the wife's hours reduction?.
2. Are we allowed to pay our son monthly for the car, which he'll actually own on paper, or will cause a problem?
3. How often will we have to submit bank details to the Trustee?.
Sorry that's dragged a bit, but I hope it makes sense.
Regards, Mike. |
| 2 L A T E S T R E P L I E S (Newest First) |
| Mike62 |
Posted - 12 November 2010 : 21:59:13
Hi Big Al,
Thanks for your reply, we do indeed have a
Trustee as we had a number of properties and a business etc, so the O.R. passed it on to them. With the Car,I think it was the finance company sticking rigidly to the terms of the agreement, bit silly really as it'll go to auction for less than we owed on it, oh well.
With regards to the car, we spent about £230 a month on it, the replacement one is roughly the same so our overall outgoings are the same, but still only just above our soa requirements.
Should we know by now if the Trustee is looking at an IPA?, as we've not heard anything since sending our bank statements to him, we don't have to submit them to him on a regular basis, but I wondered how many time he is likely to ask to see them in the future, so for instance if we do pay our son for the car monthly, will the trustee pick up on this in 6 etc months by reveiwing our bank statement outgoings and would this cause us a problem?.
Regards, Mike. |
| Bigal4787 |
Posted - 12 November 2010 : 00:07:41
Hi Mike,
when you say trustee do you mean the OR? as when you have a car on HP, and if the amount outstanding is greater than the value of it(as in most cases), the trustee will have told them that they are not going to adopt the agreement, and for them to exercise their options to repossess the vehicle, as there is a clause in the agreement, that the finance company has the option to repossess the vehicle in the event of bankruptcy,with the shortfall being claimed in bankruptcy.
As regards the other points:
1. when assessing IPA's etc, it's your individual incomes that are used to calculate it, so if your other half has reduced hours she will be less likely to incur an IPA, however if you feel there is no change even though you are now working then there is no need to ask the trustee for an income expenditure review, but you are no longer paying the £200 per month car finance.
2. What payments are you making to your son?is it a car to replace the one repossessed? If your son has purchased one on HP for you to use, then unfortunately as far vas the trustee is concerned it is your son's responsibility to pay and the trustee won't allow you to include it in your domestic expnditure(if you did want to pay, it would have to come out of any surplus left after the application of an IPA).
Unless the trustee asks for bank details/transactions then there is no need to supply them.
Big Al |
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