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totally lost
Junior Member
116 Posts |
 Posted - 17 June 2009 : 14:48:20
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Hi everyone
1. What excactly does a OR do?
2. After the OR has spoken to you, who does he/she deal with next?
Do they then speak to all your creditors to tell them that you are
BR..!?
3. Do the creditors then argue which then makes the OR look deeper into the case...i.e check everything you spent money on-when-why etc..????
4. Or does the OR have the power to make the decision that f.eks you should be one of those straight forward-no more investigation-you have struggled enough.....???
It seems that every case is extreemely different, also where you are in the UK!!??? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 17 June 2009 : 15:03:48
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1. Chapter 1 of the Technical Manual has more information about the responsibilities, roles, etc. of the OR - http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch1-12/Chapter1/Chapter1.htm
2. She writes a report detailing how you got into debt, your I&E, etc. and contacts your creditors to get confirmation of the amount of debt that is owed. I believe the report goes to the OR's Manager/Supervisor and they check the details to see if the I&E is acceptable or if a BRU is applicable.
3. The OR may check into the when/what/why you spent the money if she believes that you took the credit and didn't have any intention of paying it back i.e. take out a credit card, spend it on a trip around the world and then declare BR 1 month later. The OR will check the actual debt for each creditor and then work out the percentage each creditor has of the debt in order to pay them the IPA on a pro-rata basis.
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totally lost
Junior Member
116 Posts |
Posted - 17 June 2009 : 15:26:33
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quote:
Originally posted by gettingoutofdebt
1. Chapter 1 of the Technical Manual has more information about the responsibilities, roles, etc. of the OR - http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch1-12/Chapter1/Chapter1.htm
2. She writes a report detailing how you got into debt, your I&E, etc. and contacts your creditors to get confirmation of the amount of debt that is owed. I believe the report goes to the OR's Manager/Supervisor and they check the details to see if the I&E is acceptable or if a BRU is applicable.
3. The OR may check into the when/what/why you spent the money if she believes that you took the credit and didn't have any intention of paying it back i.e. take out a credit card, spend it on a trip around the world and then declare BR 1 month later. The OR will check the actual debt for each creditor and then work out the percentage each creditor has of the debt in order to pay them the IPA on a pro-rata basis.
Hi Gettingoutofdebt
You have been of great help,thank you!
Well, I never incurred debt with the intention of not paying back.
I just survived a long period 'robbing peter to pay paul' and was darn unlucky with few jobs. I had 3(!!) jobs which I loved and they all,one after the other, where closed down!! One of them was an huge department store much like Debenhams.
My debt has given me such a shameful feeling and I havent married or even thought about children because of this...altough I desperately want to accomplish both and I feel even worse still for my long term partner.I wonder if OR's really care about these things though...
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 17 June 2009 : 16:53:27
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You should be fine, my debts were similar to yours (robbing Peter to pay Paul) and also had a job loss so needed to move to another, more expensive, area of the UK to gain employment.
OR's are human and I think most people are surprised how kind, understanding and non-judgemental they are when they have their interview. The do have a job to do and need to make sure that any assets or any DI you have can go to your creditors but most OR's are very fair. |
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what excactly does the OR do?
