Once you are discharged then you only have to pay what has been agreed that you can afford from your income. Any windfalls are yours to keep, I'm happy to report.

Hi Girl 10,

Your automatic discharge from your Sequestration (Bankruptcy) is after 1 year and Kevin is correct that any windfalls (such as the Lottery) would be yours to keep.

It sounds as if an Income Payment Agreement has been established - this lasts for 36 months and after the final contribution has been paid your creditors will receive notification of the level of dividend which could be 0p in the £.

The £500 appears to refer to the nominal sum that is "required" to be paid in relation to zero/little equity in a heritable property.

Overtime should be declared and could be deemed by the Trustee/Accountant in Bankruptcy to be extra income which may well enhance the £80 contribution, some months. If appropriate you should highlight that the extra income from the overtime comes with extra costs for travel, food etc.

Hope that helps

Chris

The company i am dealing with told me the £80 a month was there fee for dealing with my case and i had to pay them for 36 months.
Do you know if i increase my hours after discharge (thats when my child gose to school) will i have to let the company know and will i have to pay more money a moth to them?

Hi girl10.

I think Chris is suggesting in his previous post that an improvement in your circumstances might result in an increase in your payment.

If you have an extra costs as a result of taking on these extra hours they may help to offset the extra income.

Thats what i thought but thats the bit i dont really understand, if i earn extra money i may need to pay more a month but if i win the money i can keep it? sorry feel really stupid asking this

That sounds about right girl10.

It certainly is a bit confusing. The monthly payment is usually titled an "income payment agreement" which perhaps helps to explain what it does and doesn't cover.

It is right - Section 32 of the Bankruptcy (Scotand) Act 1985 outlines that in the event of any change in the debtor's circumstances, the sheriff, on the application of the ...Trustee, the debtor or any other interested party may vary .... and order set in relation to Income Payment Orders. The order's timespan should have been set in the terms of the order.

It also adds in the same Section that as long as certain criteria has been met an Income Payment Agreement should be treated as if it was an Income Payment Order. Furthermore it adds that the terms can be varied by written agreement between the parties or by the sheriff, on an application made by either the Trustee, Debtor or other intewrested party.

Chris