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Discussion and questions about what to expect when your bankruptcy is finished
By mike01062
Hi Everyone,
I have just been discharged after a year in bankruptcy a few days ago. I do have a few questions.
First of all shouldn't the or office send me some sort of a document to say it's all over ? I realise that my name will stay for ever on the online london gazette but i thought it would go from the insolvency website and that's not the case. Finally can i just go online now to open a new bank account with preferably a bank that wasn't involved with my bankruptcy because i have used cardone banking so far and it's very expensivve !!! thanks again to james for all the help :)
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By Geraldine
Hi there Mike, that is really great news.

Once you are formally discharged by the Official Reciver your name will be taken off the insolvency register as you are no longer a bankrupt person. You should also get a letter from the OR confirming the discharge. If you have not received anything I would give the OR a call and ask them about it. You could also ask when you can expect the Insolvency Register to be updated. Generally speaking once you are discharged this happens shortly afterwards.

In terms of opening a new account, wait until the above is sorted. However even then you need to remember that the record of your bankruptcy will still be recorded on your credit file for 5 more years so your credit rating is still poor at the moment. I remember that you had difficulties opening a new account befoere and that is why you ended up with the CardOne account. Even though you might have had debt with them in the past, my suggestion would be to speak to Co-Op. Tell then that you are a discharged bankrupt (don't mention their debt) and say you want to apply for their Cashminder. I am pretty sure they will open one for you.
By mike01062
Hi Geraldine,
thanks for your answer, i'd rather not call the or for a bit lol but it's only been since last saturday i've been discharged.
I did notice some names on the insolvency website that have been discharged for over 4 months and still on there so this is why i wondered. Do you think i should wait a few more days to see if i get any letters from the or to confirm everything is ok before call them? And finally i was thinking i could just open any bank account now on line since my bankruptcy is over without asking for any credit cards,...of course. I guess it's not that straight forward but don't feel up at the moment to go see someone in a bank,...
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By Hayden
Hi there Mike

Can I ask, if you have not heard from the Official Receiver how do you know you have been discharged? Generally speaking you need something in writing from them to confirm. Are you basing it on the fact that you knew you would be automatically discharged after 12 months? If so I would definitely speak to the OR to make it official. You really have nothing to worry about but normally the OR will send you a final income and expenditure budget to complete before your final discharge so I think it is worth speaking with them to confirm.
By mike01062
Hi, Yes i assumed by the dates that i'm now discharged. Also on the insolvency website it says discharged against my name and i just checked my credit report and new information have been added yesterday saying court info now satisfied. Appart from that i haven't got anything from the or as yet,...
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By Steve Jackson
Hello Mike

Really good to hear that your bankruptcy is over. If the Insolvency Register is now showing you are discharged then there is no question that is the case. The Official Receiver's office will have submitted the update. I do find that it is slightly strange that you have heard nothing from the OR. As Hayden mentioned, normally before you are discharged the OR would send out a final income and expenditure form for you to complete. However they clearly must not have felt the need to do this in your case. Do you have an income payment agreement in place or was one never set up? There is absolutely nothing to fear from speaking to the OR to just clarify the situation so I would give them a call.

The OneCard account is certainly not ideal. As Geraldine mentioned, even if you had debt with the Co-Op in the past, I would give them a go. You should give them a call, mention that you have been bankruptcy and say that you are interested in opening a "Cash Minder" account. I would be surprised if they cannot help you. The account is free and comes with a debit card.
By mike01062
Hi, thanks for that.
Nope, not a word from the OR, about 2 months ago because of personal circonstances, i did give them a call to explain i was becoming my partner's career and that i had a payment of 900£ paid in as backlog and wondered if they would take it. I called a few times and on every occassions they said it's benefit, therefore doesn't matter you can keep it. Afterwards i got just one letter saying that they advised the court that they are releaving themselves from my bankruptcy. I never had any coming in monies while in my bankruptcy apart from the careers benefit and never paid anything towrds it, so i don't know what is coming on really lol, but i will give them a call next week to see if everything is ok.
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By Steve Jackson
From what you have said Mike, you have absolutely nothing to worry about. Given that you had no income to make any payments, it follows that an income payment order was never set up. The OR clearly felt that there was no prospect of your circumstances changing and so they have just actioned the automatic discharge and left it at that. I would give them a call just to satisfy yourself but as I say, I am sure there will be absolutely no issue.

How are you getting on with opening a new bank account? Did you have a word with the Co-Op?
By mike01062
Hi thanks for that, I will be giving them a call to see if everything is ok. As for the bank account, i haven't done anything as yet but will soon. Last question, i noticed on some post that despite being discharged, the OR has got the right to take monies in the next 3 years if i get a job again or come to some assets, is this true ? or can i just start again without having to inform anyone ? thank you.
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By Hayden
Hi Mike

Your understanding of the income payment agreement is not quite right. If at the time of your discharge, the official receiver has not already set up an income payment agreement (IPA) with you, then they lose the right to do so. This means that if you then get a job in the next three years you will not have to tell the OR and you are not risk of having to start payments. As such because you do not have an IPA set up and you are now discharged, you have nothing to worry about and do not have to inform the OR of future changes.

If an IPA had already been set up while you were still bankrupt, then you would then still have to inform the OR of changes to your circumstances until this IPA ended - normall 3 years from the date the IPA was set up.