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RandomGuy
Starting Member
14 Posts |
 Posted - 24 July 2011 : 02:10:13
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OK, so my life is a bit of a mess, which on Friday I made the first steps at turning it around.
I think my case is a bit unique, as I have been literally crippled by the debt to the extent I have suffered quite severe depression. I don't think I knew it at the time, but in hindsight it kinda feels that way.
Anyway, late 2007 I got divorced. Had a fair amount of debt, but could pay it. I think my depression started around that time with job pressures, and the divorce. I left my job for self employment in early 2008. Business was going well until injury made it collapse. Causing more depression, especially as I had spent alot of effort and a couple of thousand on stuff to get it up and running (no major expenditure really). Anyway, by the end of 2008 realising things weren't working out I went on job seekers for 6 months, until failing to get a job i decided to do a course. This didn't work out due to depression, and I have literally been housebound since not working.
At the same time, now living with my mother, I stopped spending anything as soon my business failed, apart from the cost of the course of around £400. The rest of the job seekers stayed in an account that i didn't owe any money to, and a few hundred in cash which I didn't touch. Anyway, for around 2.5 years I have spent nothing, and had no income. I literally just ate what my mother put on the table to eat, and became housebound.
I am worried, as I don't seem to fit in the usual mould of what you guys have experienced, having incomes etc, and it was a long time before knowing i couldn't pay my bills until i finally have done something about it. I think my only comfort when i get interviewed by the OR next week is that I did completely stop spending all those 2.5 years ago, and this will show in my records. All my accounts that were in debt were closed several years ago, and I just have debt collection letters now regarding them all.
I don't have any bank statements, or decent business records for the business I ran for those 6 months (although I have lots of receipts and the bank statements will show a fairly complete picture).
Because the debts that led to the bankruptcy occured several years ago, will the OR also go back that far, and if so will my lack of records hinder things? |
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debtinfo
forum expert
2826 Posts |
Posted - 24 July 2011 : 10:02:29
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Its actualy more common than you think so dont worry your not the only one, i once interviewed someone that had had a complete breakdown and had basically done nothing except live at his partners house for 3 years, it had taken that long for him to recover enough to start looking at sorting the situation out. His mental state improved significantly though once things started to get sorted out.
as to your questions, as far as the OR is concerened, if your only income has been benefits then there is nothing since 2.5 years ago that you could have done to improve the situation, so whilst not ideal that it has taken this long it is not a problem, the key thing as you seem to have already realised is that you have not taken any new credit.
any bank statements the OR wants they can get from the banks so dont worry about that.
Business records would be good but since you have not got any receipts are a good second best, no need to do a complete analysis but if you could put them in a general order so the OR can get a brief overview that would be helpfull, also if you could write a simple timeline, ie when you started, what the idea of the business, what roughly you spent to start, how business went, what went wrong, when and why you stopped etc. That should easily be sufficient for the OR, As the business was just for 6 months, it is unlikely that any great daage has been dine and the OR might not be interested at all but best to have a little smething prepared.
In general, the longer ago something is the less it matters |
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RandomGuy
Starting Member
14 Posts |
Posted - 25 July 2011 : 10:04:47
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Ok, that was quick. Had a phone call from the OR this morning, and my interview is tomorrow at 10.30am.
Rather embarrassing as my mother answered and started to say I wasn't in, and even if I was I wouldn't answer (used to all the collection calls). But I thing I recovered the situation, even though the OR did seem a bit annoyed by that (understandably). I will apologise again tomorrow, and also told my mother I am now wanting to speak to anyone who calls to avoid that again.
Anyway, now to draft out my timeline in a bit more detail so I make sure I don't get myself in a muddle tomorrow.
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glafy
forum expert
436 Posts |
Posted - 25 July 2011 : 10:42:42
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That post made me smile, Visions of you wrestling the phone from your mother!!
I'm glad that you don't have too long to wait for your telephone interview.
Try & be organised for your interview (you sound like you are) have a cup of tea (I had wine!!) to hand and just try & answer all questions as honestly as you can. Don't worry if you can't remember some details, we are all human!
Good Luck tomorrow & let us know how it goes.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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RandomGuy
Starting Member
14 Posts |
Posted - 26 July 2011 : 11:11:43
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OK, just got off the phone with the OR. Very nice lady.
Took about 30 minutes in total, and the only thing really of issue (although this wasn't actually an issue) was the car (which is currently not in working condition) and I can get a relative to buy that back at scrap value. I just need to provide a copy of the quote I got off the internet.
I am allowed to keep my account at barclays which is good also.
Just got to wait for some forms through the post to fill in and sign, and then return.
Then after that I guess its the big wait.
361 days to go. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 July 2011 : 11:53:19
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Glad it went ok Random Guy.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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glafy
forum expert
436 Posts |
Posted - 26 July 2011 : 17:54:28
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Well done. Glad that part is over & done for you.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 26 July 2011 : 21:33:22
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welcome to the exclusive club !
congratulations on a debt free future
Good Luck Richard,
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RandomGuy
Starting Member
14 Posts |
Posted - 28 July 2011 : 12:50:11
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OK, just a quick update on my progress....
I received a letter this morning from the Insolvency Service. I have a couple of declarations to sign, one needing to be witnessed.
I have to send the car log book, and a declaration \ quote of the scrap value of the car along with £170 bankers draft.
A couple of things I needed to send as indicated in the telephone interview were not mentioned on the letter, but I am sending them anyway (post office account book, sorn acknowledgement notice).
Hopefully this is pretty much everything. In the end they didn't want any old business records or statements from me, or any other information I hold about my accounts. I guess they will get copy statements themselves. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 28 July 2011 : 18:13:34
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Hi Randomguy,
I doubt they will even go that far, you've been virtually housebound for over 2 years, the business didn't run very long, and you have not acquired any further credit since, in short I would imagine that your case will be closed very soon, then just wait for AD.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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RandomGuy
Starting Member
14 Posts |
Posted - 29 July 2011 : 21:07:14
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OK, just a quick question on something I have been mulling over.
One of my debts is a joint loan I had with my ex-wife. I put on the Statement of Affairs, details of the divorce and a summary of the settlement. I didn't give any court ref. of the order of the settlement or much info regarding it, just that I gave indemnity regarding a joint loan as part of the divorce settlement.
Is this sufficient to cover me against future claims in the future? |
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RandomGuy
Starting Member
14 Posts |
Posted - 30 July 2011 : 01:24:35
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Wow, talk about a wierd evening. I was going through what Bankruptcy means with my mother, and she just told me I inherited £5000 last year and she was holding onto it until I had sorted myself out.
You can imagine my panic when everything was starting to slot into place. I have sent an email to my OR. I am quite worried about this.
My sole goal from this is to get a fresh start. I don't think I can cope with getting into trouble over the fact this was not in my Statement of Affairs.
Do you think this will cause problems? |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 31 July 2011 : 22:09:50
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HI,
You've done the right thing by informing the OR of your inheritance now that you do know about it, they now have 42 days in which to claim it, but only once the OR becomes the trustee, so that will be 42 days from when they become trustee.
As for the joint loan, I'm not too sure but the court may be able to get the indemnity overturned, as in some cases bankruptcy has precedence over some parts of divorce law and settlements. But it may depend on whether the indemnity was a court order or not.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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RandomGuy
Starting Member
14 Posts |
Posted - 31 July 2011 : 23:34:28
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I was careful in the divorce to not get a spousal maintenance order, and we had no kids (so no child maintenance order), and I think its those that would be caught after bankruptcy.
I feel kinda bad, until I remember what she was like before the divorce (and the fact I got totally screwed in the divorce settlement, as I was earning reasonable money at the time). |
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RandomGuy
Starting Member
14 Posts |
Posted - 31 July 2011 : 23:40:48
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As for the inheritence... it kinda sucks but there is absolutely no point in risking the fresh start I will be getting because of £5000. Once I am discharged its a relatively small sum to earn bearing in mind my lack of debt payments. In fact I have been worrying abit all weekend. I know I will feel happier once I have followed up the email with a phone call, and got the money sent off.
My sole goal is to get everything done on my end as fast as possible. I am already got the energy and mental focus back to start thinking about my future, and I think I will be doing some vocational retraining this year so I can do some freelance web development work once the bankruptcy is discharged. Although I have alot to learn before then... but I definately don't feel depressed anymore. |
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RandomGuy
Starting Member
14 Posts |
Posted - 28 October 2011 : 18:23:17
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Its been a while since I have posted, but think I have some good news to share.
I received the IPO questionnaire that they send prior to giving early discharge. With a bit of luck I may be discharged by xmas. |
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Bankrupt as of last Friday
