| Author |
 Topic  |
|
|
daveg
Starting Member
United Kingdom
19 Posts |
 Posted - 17 March 2009 : 21:29:32
|
hi again
or, assuming i get to keep any inheritance if my grandma dies and it's enough to cover my bankruptcy what happens to the remainder of my ipa - does it cease?
also - what sort of fees could i expect to pay?
also - if that happens and i pay what i owe for the bankruptcy am i then considered as never having been bankrupt.
also - in respect of my bank loans in the bankruptcy. is what i owe the amount of the loan with the interest added as if it went full term or is it the amount on the day i went bankrupt (not sure i've explained that well but what i mean is similar to this - if i had say £10000 to pay over the next 2 years then i'd pay £10000 but if i settled it today then the figure might be closer to say £8000)
thanks |
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 17 March 2009 : 22:42:57
|
Hi
you would not be able to keep the inheritance so effectively there is no answer to your questions here I'm afraid.
John White
England Jackman & Spacey |
 |
|
|
daveg
Starting Member
United Kingdom
19 Posts |
Posted - 18 March 2009 : 05:37:53
|
hi john,
thanks for your reply.
can i just ask please - would i not be allowed to keep any of the inheritance. i mean, say i went bankrupt for £50000 and the inheritane was for £100000, would the o/r take all of it?
and would i still have to make the monthly ipa payments once the o/r takes the inheritance? + what happens to the money i've already paid into the ipa?
thanks again |
|
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 07:20:27
|
Hi
this would all rather depend on whether your case is being dealt with by the OR acting as trustee or a private sector trustee.
If it is the former, they would take all the funds, settle in full with your creditors then deduct their own fee which, I think I am correct in saying, max's out at £6K. The balance is then returned to you plus however much you have thus far paid into your IPA. You can then apply to the court and have your bankruptcy annulled.
If your's is a private sector trustee the same applies but there is no limit to the fee they can charge and you would stand a very real chance of losing most if not all the £100K.
And as the inheritance is a windfall asset it can be claimed in full by the OR. As it would not be claimed as income the % rules of IPA do not apply.
John White
England Jackman & Spacey |
Edited by - John on 18 March 2009 07:22:23 |
|
|
|
daveg
Starting Member
United Kingdom
19 Posts |
Posted - 18 March 2009 : 12:36:50
|
thanks again for the advice john.
still a bit confused about the ipa payments - the last paragraph of your reply. in the private sector scenario, if my creditors are repaid in full would the ipa stop and would the payments i've already made be returned to me like in the o/r scenario?
also john, while i think of it, thank god none of this has happened yet (though i think it will from what the hospital has said) so at what point do i notify the o/r - presumably when i get a letter telling me the content of my grandma's will, but i'm not sure - after all, she may have changed her mind about the will just before she died for all i know at the moment and there's nothing coming my way!
thanks again
dave |
|
|
| |
Topic |
|
inheritance part 2
