| Author |
 Topic  |
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
 Posted - 03 October 2008 : 16:26:48
|
Hi folks 
I've just had my OR interview which lasted 64 minutes. I spoke to a lady and I must say, she was very nice and understanding with me.
We went through it section by section as she tried to build up a picture of how I came to be in my situation. I couldn't remember some bits but the rest must have sounded like a cheap novel with a really bad plot!
I felt comfortable throughout, just told her what happened to me and why I made the decisions I did. Hindsight is a wonderful thing.
I told her that we were moving out of the mortgaged home and into rented and she said we could buy the BI in the property if we wanted it (which we don't) and that we would sort out another I&E when we've actually moved.
She said she didn't have any problems with my current expenditure amounts that I'd stated.
As far as an IPA goes, I have no D.I currentlt but we'll re-assess it when I've moved. She also asked what my wife earns, not what she contributes, but I did point out that the forms (online) only ask for contribution not earnings.
My tax code will go to NIL until March 2009 and I'll have to send all extra money in.
My life policies are classed as an asset, even though they have no monetary value, and she said if I died they would claim the payouts. She said I could cancel them, but not start any more until after BR as they could claim those too, or I could buy the BI in those for £50 per policy. Gonna think about that.
She said they have no interest in my car as it's only worth £1000 and I need it for work, I asked if it was mine to do whatever I wanted with as my wife has been making noises about changing it because she wants something smaller. She said thats fine.
My personal number plate is ok, they aren't interested because it was cheap (£200) and would cost them £80 to remove. She did say though, if it resembled a name (not initials) then they may have an interest in it, as it may be easier for them to sell.
All in all it was fine, she said she was satisfied with the reasons for my situation and that I would be discharged a year from BR date, or maybe get an early discharge.
I'm so glad its over, all thats left is to find out about a potential IPA once we move into the new place, but my gas and electric are really gonna rise because I was on a fixed price until this month, so thats £400 more a year at least.
Anyway, just thought I'd tell you all about it, for me it was painless, so I'm glad. And thank you to everyone that has helped me so far, I reckon we all keep each other sane!
 |
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 October 2008 : 16:30:49
|
Congratulations! Welcome to the start of your new debt-free life.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
 |
|
|
RHB
Senior Member
1159 Posts |
Posted - 03 October 2008 : 19:04:09
|
| Is someone named as the beneficiary on your life inurance or would it just go into your estate? Do you know if someone is named whether that makes a difference to anything??? |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 03 October 2008 : 19:18:10
|
Hi GP
Thats great news i am so glad thats over with now and as Julian has said welcome to the Start of your new debt free life.
Have a drink on me tonight but very well done mate :-)
LOL
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
Nat
Junior Member
367 Posts |
Posted - 03 October 2008 : 19:22:21
|
Hi GP
Glad it went so well for you!! Bet you are areally relieved now that part is now over.
RHB - the OR will take out what is owed i.e. all debts and all fees associated with the BR. Anything left over can be left to anyone you want. Hope that helps a bit.
Nat |
|
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 04 October 2008 : 08:28:39
|
Thanks all, life is getting better, slowly
RHB - nobody is named as beneficiary on my life insurance, it would just go straight to my BR estate unless I buy the BI in it, for £50 per policy.
Keep smiling folks |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 04 October 2008 : 11:17:21
|
| So if you buy the BI and die within the year of bankruptcy then the money goes to your dependants rather than the OR & creditors???? |
|
|
|
grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 04 October 2008 : 14:36:17
|
yup, thats what she said to me. It belongs to the OR until I buy it back or cancel it, thus releasing some disposable income.
|
|
|
| |
Topic |
|
Finally had OR interview
