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David F
New Member

United Kingdom
58 Posts

Posted - 12 April 2010 :  19:46:06  Show Profile  Reply with Quote
Hi Everyone,

Quick Update................................

It's now been about 6 weeks since going BR and things finally seem to be moving along.

Creditors Report
As I had listed my parents as a creditor they received a Creditors Report last week from the OR. It made interesting reading. Basically it listed all my creditors and my assets and summarised the reasons for my insolvency - in my case "Prolonged unemployment & using credit to pay for day to day living costs".

It went on to state that my car was being exempt from BR due to it's low value and that I needed it in order to find work.

The house was also shown as having negative equity of £500 and would therefore be unlikely to realise any value for my creditors.

The OR also stated that due to my current unemployment and lack of assets that they Were Not going to set a creditors meeting and that the creditors were not required to register / prove their debts.???

In addition, today I received a letter from the OR asking me if I wanted to buy the BI in my house and to return within 21 days the enclosed reply letter confirming this. It also asked me to supply an up to date valuation of the property along with redemption statements from my mortgage and secured loan.

As I had included a Surveyor's valuation when I returned my BR info pack back in early March, I telephone the OR to ask if they would be happy to accept this instead of me getting another valuation done now. She said that the letter I had received was a "Standard" letter and that yes, they are quite happy with the Surveyor's valuation they already have on my file. (Excellent News!! as originally in my OR interview they stated they would require 2 valuations, I think the fact that it was a Surveyor's valuation may have swung it for me). I then telephoned my mortgage and secured loan and they are sending my redemption statements out on the post.

So, is all this standard procedure and what is likely to happen next?

Once I have returned the redemption statements will they send me the legal paperwork to process the BI back to me?

Is there any benefit on there not being a creditors meeting?

I would be interested to hear from anyone who has been through this process and whether my experience so far is "normal procedure".

Thanks again for any help/advice.

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Richard P
Senior Member

United Kingdom
1701 Posts

Posted - 12 April 2010 :  20:31:27  Show Profile  Reply with Quote
appears normal but very quick

If you are still not working an IPA will not be appropriate.

sit back and keep a low profile, watch the months tick by

regards Richard
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David F
New Member

United Kingdom
58 Posts

Posted - 13 April 2010 :  16:26:09  Show Profile  Reply with Quote
Thanks Richard,

Yes I am very pleased with the speed in which things are moving and I'll take your advice and keep a low profile.

Thanks again,

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Junior Member

United Kingdom
222 Posts

Posted - 13 April 2010 :  16:44:03  Show Profile  Visit Bridgewood's Homepage  Reply with Quote
Hi David

There is no issue with not having a creditors meeting - it is only used by the OR to obtain the appointment of a trustee in bankruptcy, and where there are no assets a trustee is unlikely to be appointed so there is no point having a meeting - creditors rarely attend such a meeting anyway - it's the same reason why the OR has said there is no need for creditors to submit claims.

Good luck

Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.

We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
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Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 13 April 2010 :  22:32:39  Show Profile  Reply with Quote
Hi David

Glad to hear that everything is moving along smoothly. Please keep us updated

well done


Paul Johns
Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
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David F
New Member

United Kingdom
58 Posts

Posted - 15 April 2010 :  11:00:52  Show Profile  Reply with Quote
Thanks Paul,

Yes things are finally moving along and today I received both my redemption statements for my secured lending. Going to send all this off to the OR then I guess it's just a waiting game?

Thanks again Paul for all your help and timely advice. You have made my BR journey a lot more easier and so far everything you said would happen has happened. Going BR is a lot easier when you know what to expect, especially when you know what to do but more importantly, when to do it.!!

Thanks again Paul.

All the best,

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