Editor's Blog2 mins ago
Finding out how much you owe during bankruptcy?
5 Answers
Hi
My brother made himself bankrupt in April 11 and is set to be discharged in April 2012. He has since decided that he wishes to make a proposal for a Fast Track Voluntary Arrangement. He has been making payments every month and is set to continue making these for 3 years in total. Assests were also seized at the time, therefore some of the debt has been paid off.
How can he find out what is now owing to the creditors so that he can make an appropriate proposal for his FTVA? Will a credit report be accurate taking into account the monthly payments? Will the official receiver know?
He cannot remember all of the creditors to contact them directly!!
My brother made himself bankrupt in April 11 and is set to be discharged in April 2012. He has since decided that he wishes to make a proposal for a Fast Track Voluntary Arrangement. He has been making payments every month and is set to continue making these for 3 years in total. Assests were also seized at the time, therefore some of the debt has been paid off.
How can he find out what is now owing to the creditors so that he can make an appropriate proposal for his FTVA? Will a credit report be accurate taking into account the monthly payments? Will the official receiver know?
He cannot remember all of the creditors to contact them directly!!
Answers
1 to 5 of 5
1. Not all debts appears on Experian reports (or those of the other credit ref. agencies).
2. More importantly, at present his estate is in the hands of the Official Receiver (or bankruptcy Trustee if one has been appointed), & he will have financial responsibili
2. More importantly, at present his estate is in the hands of the Official Receiver (or bankruptcy Trustee if one has been appointed), & he will have financial responsibili
21:42 Fri 20th Jan 2012
Sorry - hit the Submit button too early!
I use these people: https://www.creditexpert.co.uk/ I don't have any debts per se, but their monitoring service is invaluable in today's online fraud climate. E.g. if someone were to carry out identity theft and, say, try to obtain a loan or mortgage in your name, you'd know about it almost instantly. They also show when other institutions have done a credit check on you, which can also be an indication of identity theft. E.g. if your report suddenly showed that a loan company had done a credit check on you and you had had no contact with that company yourself, you might wonder why they'd done a credit check on you...
I use these people: https://www.creditexpert.co.uk/ I don't have any debts per se, but their monitoring service is invaluable in today's online fraud climate. E.g. if someone were to carry out identity theft and, say, try to obtain a loan or mortgage in your name, you'd know about it almost instantly. They also show when other institutions have done a credit check on you, which can also be an indication of identity theft. E.g. if your report suddenly showed that a loan company had done a credit check on you and you had had no contact with that company yourself, you might wonder why they'd done a credit check on you...
1. Not all debts appears on Experian reports (or those of the other credit ref. agencies).
2. More importantly, at present his estate is in the hands of the Official Receiver (or bankruptcy Trustee if one has been appointed), & he will have financial responsibilities to them until the 3 years are up, even though he will be discharged in April. At that time his debts will be wiped out.
3. It sounds as if he is trying to speed up the process by doing an FTVA, but to do so he must have sufficient funds to get the creditors to accept it. If he has these funds he is duty bound to let the OR or Trustee know about them. He cannot simply go ahead with another option while he is involved with them. If he wants to do this he must talk to the OR/Trustee & find out whether it is feasible.
4. It is likely that no money has yet been passed to his creditors. The first call on the money he has paid (& on realisation of the assets) is to pay the OR/Trustee costs. It is normal that no payment (called a dividend) is made to creditors until quite late in the process. If the OR/Trustee agrees to what he wants to do they will have all the information needed, but as well as the creditors there could well be outstanding costs to the OR/Trustee to be paid.
2. More importantly, at present his estate is in the hands of the Official Receiver (or bankruptcy Trustee if one has been appointed), & he will have financial responsibilities to them until the 3 years are up, even though he will be discharged in April. At that time his debts will be wiped out.
3. It sounds as if he is trying to speed up the process by doing an FTVA, but to do so he must have sufficient funds to get the creditors to accept it. If he has these funds he is duty bound to let the OR or Trustee know about them. He cannot simply go ahead with another option while he is involved with them. If he wants to do this he must talk to the OR/Trustee & find out whether it is feasible.
4. It is likely that no money has yet been passed to his creditors. The first call on the money he has paid (& on realisation of the assets) is to pay the OR/Trustee costs. It is normal that no payment (called a dividend) is made to creditors until quite late in the process. If the OR/Trustee agrees to what he wants to do they will have all the information needed, but as well as the creditors there could well be outstanding costs to the OR/Trustee to be paid.
1 to 5 of 5
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