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| T O P I C R E V I E W |
| Becs |
Posted - 17 February 2009 : 00:47:19
Hi,
Went BR on 10th Feb and was told that I would hear from OR office within the week.
Hadn't heard anything so rang to enquire, was told my case had been transferred to a different office, which got me a little panicky!
Anyway, rang new office and was told the OR would ring in the next day or two. He rang within 20 minutes, was really very nice indeed, and we arranged the telephone interview for this afternoon. (Incidentally he said the case had been transferred purely with regards to capacity, and nothing sinister .... phew!).
Part of me wanted to put it off, the other part of me wanted to get it over with as soon as possible!
Anyway, the interview lasted just over an hour and a half, went through the SOA page by page, the explaining what the debt was spent on was HUGELY difficult.
He agreed all my I and E's except for sundries and childs pocket money.
And agreed a small IPA for 36 months which I felt was very reasonable.
He really was very helpful and understanding and fair.
The only downside is that he felt that there may be a small possibility of a BRU for poss 36 months, due to me continuing to obtain/use credit when I should have realised I would be unable to repay it. He wasn't patronising, just clearly explained his concerns and asked me to try to put together a list detailing where two large sums of money I received in the last 5 years went, and what financial position it left me in each time. He said he wants to understand where the money went, and why I did not resolve my debt issues on those occasions.
I can't disagree with him, with the benefit of hindsight it looks absolutley dreadful, but we will see what the outcome is.
So thats my update.
I was really upset after the telephone conversation about the possibility of a BRU, but have since tried to reason with myself that I will be paying an IPA for 36 months anyway, and I don;t have any immeadiate plans for becoming a company director, so really I guess it is a slap on the wrists.
And to be honest, one that I am prepared to accept if it means the rest of my life will be debt free.
Becs |
| 13 L A T E S T R E P L I E S (Newest First) |
| Becs |
Posted - 18 February 2009 : 19:12:10
Thanks .... I think they will find a way!
Its such a nightmare.
Does the OR tell you the content of the entry they will be making on the register? Can this just simply be listed as 'Poor conduct, took additional credit without means of repaying' or something like that?
Its so annoying because going through my accounts I must have been completley deluded, but it geniunely never crossed my mind that I wouldn't repay it.
If I volunteered for an extended bankruptcy term would they be more lenient with the description?
Sorry if this doesnt make sense but I'm in an absolutely tizzy.
Also, I will be very honest with my detailed breakdown of where the money went, but as the accounts are from 2006 I have very limited evidence, and where I do have cheque stubs I haven;t always put where the money was goign to  I've been such an idiot.
Will they be able to go through my accounts and track the cheques? I did enquire with my bank to see if I could get this info, but they were less than helpful and said they would charge for each transaction search. Which I clearly am not in a position to pay.
Also the OR said to detail with as much infomration as 'reasonable' ... but surely being vague just makes it all look a whole lot worse.
Any help, really appreciated xxx
Becs |
| Skippy |
Posted - 18 February 2009 : 09:15:54
Unless your parents know about the register I don't think you've got to worry about them finding out. Let's be honest, how many people actually know about it?
I asked my best friend once if she knew it existed and she didn't have a clue. She worked in the information area of the library for years and was asked all sorts of strange things so I half expected her to know!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| givemestrength |
Posted - 18 February 2009 : 08:14:51
Hi Becs, theres nothing you can do to change that if it happens so just hold your head high. |
| Becs |
Posted - 17 February 2009 : 22:14:55
Absolutely gms!
And spelling is irrelevant .... the point is well made, what will be WILL be.
Altho just followed a link to the insolvency website to view reasons why individuals have been given BRO/U's and flamin wish I hadn't!
Its not that they have been given a BRO, its the fact that the facts and figures are listed as reason ..... is it not bad enough that our names, addresses and occupations are listed without all that extra detail!
Crap. I'll die a THOUSAND deaths if I get a BRO and my parents read that.
Booger 
Becs |
| givemestrength |
Posted - 17 February 2009 : 21:46:25
oh i'd love to be PM + just wipe everyones debt out instead of bailing all these banks out, seriously though i think now for us its a case of que sara sara(hope i've spelt that right)its just something we've got to do.. its the only way. thanks every one. |
| Becs |
Posted - 17 February 2009 : 21:37:51
Just wanted to add that he confirmed that any mortgage shortfall realised even after BR discharge would still be included in my BR order. (Regardless if this was 2 or 10 years down the line). In fact he said ANY debt incurred up until the date the BR order is made is included in the BR, altho there are a few exceptions, one of which is Student Loans taken out after a certain date (can't remember the date, sorry).
Becs |
| Becs |
Posted - 17 February 2009 : 21:32:48
Hi pix1,
yeah, totally gutted on the PM front ... bummer!
No, I got the impression he was very experienced, but I could be wrong. He re-itereated that a BRU was just a possibility, but possible none the less.
yes I was suprised at the I& E agreement re: IPA. But it is half my disposable income (after Child benefit is discounted).
He was the Examiner for the OR, so maybe it will alter. But he was very clear that the agreement would be sent to me within the next few days to sign, then back to him to sign and that was that.
He explained that if my income increased I would be looking at a 50% reduction towards the IPA.
But he said they just expected a certain amount of level headedness (is that a word), so if my utility bills increased by £5 or so I wouldn't be writing to get my IPA re-assessed, and equally if my inomce only increased by £20 or so, he wouldn't expect me to contact them either. A little give or take he said.
As you prob know Student Loans are exempt from being included in the BR, and he gave me the option to continue paying it (altho the SL did offer to defer it for the 12 month duration of the BR).
I figured that I may as well pay it as there is only 18 months left, but then I will have to make 50% of that payment into the IPA for the remainder of the IPA (18 months).
That way on my 36th payment I will be TOTALLY debt free. Which is SUCH an awesome prospect!
I'm aware having poured through the posts on here that this could alter before everything is in black and white. But I'm remaining hopeful ... why not eh?
Becs |
| pix1 |
Posted - 17 February 2009 : 20:42:08
If you get a BRU you won't be able to be Prime Minister either. You won't miss that! The BR will stay on the credit file for 6 years, too. So, a year or two of a bru won't kill you. A lot depends on the examiner. Did you get a feeling it was a newish examiner? If so, he might be covering all the baes, as the Americans say, in mentioning a possible bru. He may discuss it with colleagues and decide not to pursue it. Its not something they rush into, anyway. Usually it takes months. I was a bit surprised that an IPA was agreed right at the start. I hope you have not ended up with more disposable income than you should have but you did ask about your I&E's so it should be alright. Only thing about the IPA is that you won't be able to earn anymore money than currently for 3 years without standing to lose at least half of any increase. |
| Becs |
Posted - 17 February 2009 : 19:48:43
Hi
Thanks for replies!
Really hope my experience hasn't concerned you.
I should explain that I had a big lump sum from the sale of my marital home in 2006, and another lump sum gifted to me in 2008, neither of which set me on the straight and narrow, when they both should have really.
I've been going through my accounts, and while the sum in 2008 is easily explained, the 2006 amount is sketchy to say the least and I'm struggling to work out where the money went. I'm totally gobsmacked at how I seem to have spent such a large sum of money, its a nightmare. So I think my case is probably a very good one for a BRO/BRU (not sure of the difference there!).
But like I said, although I'd ABSOLUTELY rather be discharged after 12 months, the actaul impact of an extended BR isn't too devastating when I stand back and think logically about it!
We will see, and I'll keep you posted!
I love this site, it really keeps me sane!
A very strage thing happened to me this afternoon .... I got really excited about the prospect of budgeting!!! Now let me assure you, that really is an absolute first!!!
Just one other thing ... Melanie I am as always HUGELY greatful for your kind words and support, but one thing has been bugging me .... did you start gaining your insolvency expereince from the age of 5? You don't look old enough to me to have 28 years expereince behind you! Perhaps you've been using some of givemestrengths magic creams!!!
Becs |
| givemestrength |
Posted - 17 February 2009 : 14:41:11
hi Coxy, thanks for that, you're right we're not the first and wont be the last and me too i never ever want to be in this situation ever again it has aged me 20 years over the last few months i can always say ive spent alot on hair dye and wrinkle cream,seriously though im looking forward to managing my money more carefully in future. |
| coxy |
Posted - 17 February 2009 : 10:21:07
HI
Reading your posts becs & gms cant see what youve done that most people that go br havent done,if we all had a crystal ball there would be no need for insolvency service.
Reckon im heading for bru/bro but if it saves me from getting in this situation ever again bring it on,longer the better.
I Have heard that a long bru/bro is reserved for people who treat br as a game and have been br 1 or more times before.
I Would think that the insolvency service can sort out the genuine cases and the ones abusing the system. |
| givemestrength |
Posted - 17 February 2009 : 08:46:00
hi Becs, thanks for writing the details of your experience with the OR, i think i might have the same questions from mine then, i remortgaged twice in 5 years i paid some debts off(smaller ones) but not all of them, it was mainly used for home improvements then that ran out and i got loans and credit cards and then another loan to try and pay the other debt and so on. We have had holidays every year but nothing luxurious. package holidays and wet weeks in cornwall,thanks for preparing me incase i get asked this. |
| Melanie.n |
Posted - 17 February 2009 : 08:18:05
So glad you had a positive chat with them after your concerns, well done for agreeing to the appointment that afternoon there was no point in delaying things - Onwards and upwards for a debt free future!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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