Author Topic: Bankruptcy  (Read 13653 times)

Jeanette.5

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Bankruptcy
« on: Jan 25, 2012, 10:00:53 PM »
Sadly my IVA agreement is in the process of failing and I am awaiting documentation from my IP in the next month or so.  This was due to redundancy and then having to give up my job search to care for my dad who has had a stroke (I live with him).
 
My question is with regard to pensions.  I have worked all my life and entered into company pensions.  However upon reading 6.28 Statement of Affairs I am not sure if I am required to show the company pension details or do they mean a private pension/personal pension which I do not have??  Sorry really not sure.
 
Regards
 
Jeanette.5

James Falla

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Re: Bankruptcy
« Reply #1 on: Jan 26, 2012, 01:51:19 PM »
Hi Jeanette.5
 
Sorry to hear that your IVA has failed. If you go bankrupt you do need to include details of your company pension on your application form. Any pension pots that you have built up will be safe and cannot be touched by the official receiver. However if you are currently making contributions into a company pension scheme these might have to be reduced if you are paying over the minimum allowed.
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Jeanette.5

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Re: Bankruptcy
« Reply #2 on: Jan 26, 2012, 02:25:55 PM »
Thank you, much appreciated.
 
Jeanette.5
 

James Falla

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Re: Bankruptcy
« Reply #3 on: Jan 27, 2012, 01:17:26 PM »
No problem at all Jeanette.5. If you have any more questions about the bankruptcy process or completing the forms please do not hesitate to ask. One thought - if you have been in an IVA, before you can declare bankruptcy you need a letter confirming the failure from your IP. You should ask for this asap as some IPs seems to drag their heals producing these.....
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Jeanette.5

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Re: Bankruptcy
« Reply #4 on: Jan 27, 2012, 02:23:28 PM »
I spoke to my IP in November last year and they advised (Grant Thornton) that it may take a couple months. I spoke to them this morning and they say it may be another month until I get the documentation.
 
 
 
Regards
 
Jeanette.5

James Falla

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Re: Bankruptcy
« Reply #5 on: Jan 27, 2012, 04:20:37 PM »
Hi Jeanette.5
 
I suspect the reason for the delay is that your IP cannot formally fail your IVA untill you are three months in arrears with your paymnts. They have to wait until you have missed three payments and then they can sent you a formal notice of you breaching the terms of your IVA. They then have to give you a further 28 days to resolve the situation if you wish. Only after that process has been followed can they issue the certificate of failure.
 
This situation is designed to protect you. However if you know that your IVA will fail and you want to get on with the process of going bankrupt, it can actually be rather annoying. However the one benefit is that during this 3-4 month period, your creditors will not chase you because they still believe that your IVA is running. As such people often use this time as a breathing space to save up for the cost of their bankruptcy.
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Jeanette.5

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Re: Bankruptcy
« Reply #6 on: Jan 28, 2012, 01:10:26 PM »
Hi James
 
Please be advised that I did miss more that 3 payments when job searching when I was made redundant.  I did receive the 28 day note in November last year and it was then passed to the department responsible in issuing the certificate of failure on 3 December 2011.  They said it would take approx 2 months.  When I spoke with them yesterday they said it might be a little longer.
 
In the meantime I am preparing 6.27 and 6.28 and trying to get details regarding old company pensions and hoping I have what I need in time just in case the certificate of failure arrives.
 
Regards
 
Jeanette.5

James Falla

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Re: Bankruptcy
« Reply #7 on: Jan 30, 2012, 03:29:16 PM »
Well in that case Jeanette.5 I have to say that the service you are getting from Grant Thornton is extremely poor. Other than staffing issues there is really reason why they could not have issued you your certificate of failure as soon at the 28 day notice of breach was over. Taking two months plus from that date is simple outrageous. Perhaps this is reflective of how many IVAs they currently run which are failing?
 
You are doing the right thing getting your bankruptcy application forms in order. I would also advise you to contact your local court to confirm whether you can just turn up any day to go bankrupt or whether you have to make an appointment in advance. Some courts have a relatively long waiting period so it is good to know in advance.
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Jeanette.5

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Re: Bankruptcy
« Reply #8 on: Jan 30, 2012, 11:18:12 PM »
Hi James
 
I did ring the court yesterday and they said I need to book an appoinment.  Normally it is within a week but sometimes it can be up to two weeks during busy times and they advised I can have the choice of either St Albans or Watford court.  I am trying to gather details on my old company pensions but it may take a little time so I am relieved I have not had the documentation as yet to be honest.
 
Regards
 
Jeanette.5

James Falla

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Re: Bankruptcy
« Reply #9 on: Jan 31, 2012, 04:10:46 PM »
Its good to know that you will be able to get an appointment relatively swiftly Jeanette.5. If you have any other questions please do not hesitate to ask :)
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Jeanette.5

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Re: Bankruptcy
« Reply #10 on: Feb 03, 2012, 04:25:05 PM »
Hi James
 
Thank you.  I appreciate all your help.
 
Regards
 
Jeanette.5

James Falla

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Re: Bankruptcy
« Reply #11 on: Feb 07, 2012, 11:37:25 AM »
No problem at all Jeanette.5, its a pleasure. Let me know if you have any further questions.
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Jeanette.5

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Re: Bankruptcy
« Reply #12 on: Feb 07, 2012, 01:02:52 PM »
Hi James
 
Hope you are sitting down. Grant Thornton say process can take 3-6 months.  I asked why so long and they said they are dealing with many at this present time.
 
Regards
 
 
Jeanette.5
 :o

James Falla

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Re: Bankruptcy
« Reply #13 on: Feb 08, 2012, 10:28:47 AM »
I think its a pretty poor service Jeanette.5. I understand that they have to communicate with all the creditors to inform them that an IVA has failed and divide up any money that they have in the IVA account. However to have a back log of 3-6 months is ridiculous. They must be dealing with 100s and 100s of failed IVAs. I know that they took over a lot of cases from Baines and Ernst last year. Perhaps the delays are somehow a result of this transfer?
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Jeanette.5

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Re: Bankruptcy
« Reply #14 on: Feb 08, 2012, 11:50:46 AM »
Hi James
 
I was originally with Wilson Philips based in Blackburn when my IVA was approved.  Grant Thornton took over the cases approx 6 months later and sent me a letter advising. I believe GT have around 12,000 cases at this present time.
 
Regards
 
Jeanette.5