Monthly Archives: March 2015

Income Payments Agreements and Payments Orders

income payment order

After you’ve been declared bankrupt, the Official Receiver (OR) will decide whether you can afford to make payments to your creditors from your disposable income. If they find that this is the case, you’ll be asked to set up an Income Payments Agreement (IPA). If you don’t agree to the IPA, the court may make… Read more »

Home Repossessions After Bankruptcy

home repossession bankruptcy

According to the latest Money Charity statistics, 54 properties are repossessed in the UK every day. That’s one every 26 minutes and 30 seconds. So if you end up having your home repossessed and sold as a result of declaring bankruptcy, you won’t be alone. But how likely is it that you’ll lose your home… Read more »

R3 Calls For Reintroduction Of Criminal Bankruptcy

R3, the insolvency trade body, has called for criminal bankruptcy to be reintroduced to help combat fraud. In the past, Criminal Bankruptcy Orders could be made against convicted fraudsters whose offences caused damages or loss worth £15,000 or more to their victims. However, criminal bankruptcy was abolished in 1988 for unknown reasons.   Now, a… Read more »

Basic Bank Account Changes Could Benefit Bankrupts

The government has struck a deal with the major high street banks that could benefit bankrupts and other people who use basic bank accounts. From September 2016, the range of services available with these accounts will become broader, so that the people using them aren’t ‘shut out’ from everyday banking facilities that most people take… Read more »