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tmccann1955
Starting Member
United Kingdom
10 Posts |
 Posted - 07 July 2011 : 19:00:44
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| I was made Bankrupt in January 2011. I have a court order in situ for £350pm. I have recently inherited around 32k, which the receiver knows about. Will they now cancel my repayments? or just divi up the 32k. some of the debts were joint with my ex but unfortunately she beat me by six months in going bankrupt. Finally should I lose all the 32k am i entitled to know how the money was split between creditors? sorry hope thia makes sense |
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debtinfo
forum expert
2826 Posts |
Posted - 07 July 2011 : 19:23:41
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| ok couple of questions, When you say court order do you mean an IPA to the OR, and how much were your total debts |
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 07 July 2011 : 19:36:16
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| Court order was IPA total debts 140k this comprised house repossesion leaving 24k shortfall (joint debt) and secured loan for 25k which has grown to over 60k with thier interest charges (joint debt |
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debtinfo
forum expert
2826 Posts |
Posted - 07 July 2011 : 19:57:08
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Then the IPA will continue, it would only be stopped if you had paid all your debts and associated costs.
You should eventually get a statement showing how the money had been used but that might not be for 3 years when the IPa ends |
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 07 July 2011 : 20:00:53
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| So even though the IPA was for £12600 over 3 years they will also take my inheritance, is it worth fighting this or just accept it |
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debtinfo
forum expert
2826 Posts |
Posted - 07 July 2011 : 20:04:27
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| they will take anything they are entitled to up to the value of the debts and costs, what grounds would you fight it on? |
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 07 July 2011 : 20:10:01
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| True oh well what you never had you cannot miss, wish I could blame ex wife for leaving me all the debts but she had no choice either. So due to size of debt they will take it all, thought I may have been left with a few bob |
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debtinfo
forum expert
2826 Posts |
Posted - 07 July 2011 : 20:15:01
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| if you win the lottery you still could be but anything else is likely to be swallowed up |
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 07 July 2011 : 20:25:56
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| That was going to be my next question. I have worked for 40 years and never claimed a thing, got into magadebt living the dream, banks were throwing money at us. Guess now I should give up work and claim benefits at least IPA will reduce. Sorry bit of wallowing there, |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 09 July 2011 : 01:04:53
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| Maybe you lived the dream for too long? Time for a life check? I have had to do that and its very hard, and I'm only at my 4th month! |
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 09 July 2011 : 08:32:49
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| mate I am also in my fourth month, but have been paying debt management company for three years. I woke up a long time ago. But its still a bit galling that a company that lent you 25k now claim 60k including there interest. Could happily strangle Carol Vorderman and her advert. ho hum time to keep moving on |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 09 July 2011 : 10:40:09
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Hi,
Did you inform the OR/trustee of the inheritance as soon as you became aware of it?
And did the OR/trustee actually write to you(and executor) stating that they will be claiming the inheritance as an after acquired asset, as they have 42 days to formally inform you that they are claiming the inheritance for the benefit of the bankruptcy estate.
However, it should be noted that the 42 days begins from when a trustee is appointed, or has already been appointed.
Hope this helps!
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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tmccann1955
Starting Member
United Kingdom
10 Posts |
Posted - 09 July 2011 : 19:11:28
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| I informed the OR in March 2011 that i was to inherit some money, however at that time I did not and still do not know the full amount. My siblings recieved an interim payment of 20k and that the final settlement would be more or less another 10k. my share was held back. The OR wrote to me in May asking for my fathers will and soicitors name, I provided this. I have heard nothing since except that the solicitor and the OR are communicating and I have been told that I am unlikely to recieve any money.All this is supposed to be finalised next week. |
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I was made Bankrupt in January 2011
