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Tess
Junior Member
United Kingdom
219 Posts |
 Posted - 12 May 2008 : 18:08:21
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I have got my court date tommorow at 9am.
I am worried about the OR interview which could also take place tommorow.
When they ask about how I got into debt my main reason is living beyond my means. Will they ask how money from secured and personal loans was spent and what happens if you cannot remember. I am really worried abouta BRU.
How long does the OR take to offer my BI in my property to a 3rd party. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 May 2008 : 18:19:32
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Hi Tess,
First of all good luck tomorrow,
They will go through who your creditors are and try to establish how the funds were spent.
Try to recite this to the best of your knowledge.
The BI can take up to three years, however if the OR remains as Trustee they will normally write to the joint owner or nominated third party after three months.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 12 May 2008 : 18:23:06
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Thanks Julian
There is no equity in the property at all an given that the market price as fallen recently we probably owe more than its worth. I only want to go BR if can keep the house, have you known any instances when the OR has not sold the BI and is it safe to say that with no equity he will sell it for £1 plus costs.
Tess |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 12 May 2008 : 18:29:02
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Hi Tess - tomorrow will be fine.
I went to court on the 18th April - had a brief phone conversation with the OR whilst there and then my phone interview last Friday.
Everyone is really pleasant - you are not made to feel bad in any way. Court staff were lovely - didn't look down their noses.
My OR interview took an hour and she had a list of questions she needed to ask.
Spent some time going through the debt - I had seven credit cards on mine and I too struggled to think what I had used them for.
The bulk of my debt was day to day living expenses, nothing exciting, no exotic holidays.
She asked me when I thought debt had got out of hand. What my last debt was for? What was the main reason for the debts? At the end of the day they ask questions to find out the background to your debt problem so if it was job loss, low income, illness or low husbands income, as mine was, then thats what they want to know.
I listed a couple of big things on my SOA against a couple of credit cards but she didn't mention them during the phone call.
I had two debt consolidation loans as well - again she didn't mention these.
Hope this rambling helps.
Good luck tomorrow
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 May 2008 : 18:35:15
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Hi Tess,
In a negative equity situation they usually deal with this fairly swiftly and as I say you could expect the joint owner to receive a letter around three months into the Bankruptcy offering them to purchase the beneficial interest in the property.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 12 May 2008 : 18:37:50
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Thanks Vicki thats a great help.
I am worried about a BRU because I have used my credit cards to go on holidays although over the years there have been mitigating circumstances such as relationship breakdown, illness etc.
Tess |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 May 2008 : 18:42:22
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Tess,
I wouldn't worry so much about the holidays and as you say it has been over the years rather than incurring a considerable debt in a short period of time.
They frown on this, but it is not sufficient grounds in itself for a BRU/BRO
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 12 May 2008 : 18:49:57
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Thanks to everyone for the support I have received.
Will keep you posted.
Tess |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 12 May 2008 : 18:51:54
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Will I know at the OR interview if I am going to get a BRU/BRO or is this decided at a later date
Tess |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 12 May 2008 : 19:03:42
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My examiner seemed to have an idea what the outcome was for me in terms of an IPA so you may get some clue.
I think the OR looks at the info the examiner has collated and a decision is made based on that.
Let us know how you get on Tess
Be brave!!!
Vicki x |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 13 May 2008 : 11:22:46
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I had my appointment at 9am this morning. All very straight forward didn't even see the judge. Took about an hour altogether. Just got to wait for the OR phonecall now and am not looking forward to this. Really want to get it all sorted so I can move on and rebuild.
Just a quick question if I am not given an IPA/IPO can I still have savings as I would like to try and build some up.
any tips on how to deal with OR.
Tess |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 13 May 2008 : 13:40:09
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Glad you got this bit of BR over and done with. Not too bad is it?
Not sure about the savings? I would be interested to know that too! Not that it would be much.
As for the phone call - Paul advised me to spend time looking through the SOA before the call - make notes if necessary and plot out a time line of how the debt happened/when/why etc so you can explain it better.
If you don't know the answer to something tell the examiner and get back to them.
Be honest - if they find out you have fibbed about one little thing they will go through the whole lot with a fine tooth comb.
Finally - have a cuppa and a pen!
My examiner was really nice, apologised for asking lots of questions and was very understanding of my embarassment at my debt problem.
They are human at the end of the day and just gathering information.
If you prepare for it like you would a job interview and take time to answer you'll be fine.
Nearly there Tess - when you think of the months/years of debt worry it'll be worth it in the long run.
Vicki x |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 13 May 2008 : 16:50:53
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Thanks Vicki
I have found this site a real support. I have only really been struggling for around 6months but have been living of credit for a while but have managed to keep up my payments, I just wanted to start a fresh with fewer worries.
Tess |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 13 May 2008 : 17:00:19
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Yes, you can have savings if you are given an IPA. You will be need to save your monthly allowances, and as much of your surplus as you want.
If you manage to get a savings account anywhere please let me know - it's a very sore point with me right now!
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/ |
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Court Date tommorrow
