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Sandra Milbank
Starting Member
United Kingdom
1 Posts |
 Posted - 15 October 2010 : 13:15:25
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Hi All! Just about to begin the long road of
BR!! Can you confirm how far back the OR will
go into your personal records, seem to be getting conflicting advice, also what happens if you can not produce records as far back as is required?? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 October 2010 : 14:58:24
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For personal BR the OR used to want 12 months of bank/credit statements but I think some ORs are now asking for 3 yrs. It's not a major issue if you don't have the statements as the OR can request these from the creditors.
For business BR I am not too sure how far they go back but you are expected to have kept business records and be able to provide them to the OR. |
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debtinfo
forum expert
2826 Posts |
Posted - 15 October 2010 : 20:24:50
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The OR can go back as far as necessary, usually that is 12 months to start with but if they come accross something that needs further investigation then they can dig as far as they want. Having said that the further back they go the less relevent the information is likely to be to your current situation so there is a point when its not worth goig back any further.
The OR asks you for the statements because that is the quick and easy thing to do and speeds up the procssing of your case. if you dont have anything as GOOD says they can get it from the banks, just takes a little longer |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 17 October 2010 : 00:51:48
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Sandra,
How far the OR delves back into your records depends upon things like:
Number of creditors involving banks, credit cards etc.
The amount owing to individual creditors.
Ones that will attract most interest are large personal loans(especially within 3 years of bankruptcy) to test whether there was a realistic expectation of keeping the payments up or not, but most examiners do realise that large credit card liabilities will have been inflated by interest and charges.
Generally, anything up to 3 years can be looked at, as anything over 3 years is regarded as stale, but as previously stated by other experts, the OR can obtain previous statements etc from the banks etc. However, by providing at least 12 months of statements you will be showing your co-operation, and that you are not trying to hide anything, but by the same token, some people in similar situations have been unable to handle the stress, and harrassment of creditors, and simply bin any statements or letters without opening them. I regularly had many people attend interviews with hardly any, or no statements at all, it then becomes a judgement call on the part of the examiner.
Big Al |
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Hi All! Just about to begin the long road ofBR!!
