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NotSoBrightSpark
Junior Member
186 Posts |
 Posted - 04 July 2008 : 17:47:48
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Hi there,
Due at court on Tuesday for bankruptcy.We have been in an IVA which has failed due to one reason or another.Our IP (with whom we had the IVA with) said she would send us a letter outling the reasons why the IVA had failed.This was nearly two weeks ago and we haven't recieved it yet.Phoned her and left messages to call back but unfortunately she hasn't.
Sure I've read somewhere that we need this letter to take to court with us to present with our bankruptcy petition.Will this be a problem if we don't get the letter?
Sorry for all the questions,head is going round in circles and I'm gettin' a bit twitchy for Tuesday.
Regards
NSBS  |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:50:32
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Hi NSBS,
You will need the letter or certificate of failure from your IP to take with you. If not, it is more than likely you'll be turned away.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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NotSoBrightSpark
Junior Member
186 Posts |
Posted - 04 July 2008 : 17:52:44
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Thanks Julian.
That's what I suspected
NSBS
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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NotSoBrightSpark
Junior Member
186 Posts |
Posted - 08 July 2008 : 18:54:59
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Well,the bankruptcy petition was approved by the judge and as from 14.30 today we are officialy bankrupt.
Turned up at court about fifteen minutes before our appointment time.We saw the bankruptcy clerk in her office where she went through our forms making the odd alteration.We then swore an oath on the bible before handing over our cash.
We were then ushered into a waiting room where we had to wait some thirty minutes to see the judge.Walked into the judges office where he was perusing our forms.The judge was an old boy and very polite with it.He asked us a few questions,commented on our failed IVA and asked us if our IP was aware what we were doing,at which point we handed him the letter from our IP outlining the reasons for the IVA default.He read the letter,then just said 'OK,both your bankruptcy petitions shall be granted'.We thanked him for his time and had to go back to see the bankruptcy clerk.
She rang the official receiver for us.We were handed the telephone where someone from the OR's office just took a few details and asked us if we had anything that needed urgent attention within seven days.We didn't.
The OR is now going to write to us and inform us of when the interview with them shall be.We don't know wether it will be by telephone or face-to-face yet.We must wait for the letter.I think I'd prefer face-to-face.
We were treated at all times courteously and with utmost respect by all members of the court staff.Even the judge himself appeared sympathetic.
I'm not to sure how I feel at the moment,it's hard to describe.I feel relief but at the same time I know we have much more to do.I'm not too worried about the OR interview because I shall just be honest as I can and hopefully that will suffice.
Regards
NSBS
Thanks once again too for all the advice.It has proved invaluable.
As soon as we got back home,we telephoned Co-Op and opened up a Cashminder account.The opening of the account took no longer than fiften minutes.We will get our details through in 3/4 working days.
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 08 July 2008 : 19:05:14
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Congratulations NSBS! Today is the first one of the rest of your (debtfree) life!
We are in the initial stages of BR having decided that an IVA wont suit us. Reading how you got on is very helpful, please keep posting cos the thing I'm scared of is the interview with the OR although I'm sure it will be ok
Well done again, good luck for the next few weeks. |
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NotSoBrightSpark
Junior Member
186 Posts |
Posted - 08 July 2008 : 19:29:17
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Thanks for those kind words.
I will be posting exactly what happens from here on in.I hope others will find my postings informative and helpful to them.
I've had plenty of good advice on this forum and it's sister forum and I'd like to give something back if I can.
And good luck to you too 
NSBS
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 July 2008 : 18:25:10
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Hi NSBS,
I hope you've stashed a few quid away for a drink or two ... you've earnt it! Congratulations.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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NotSoBrightSpark
Junior Member
186 Posts |
Posted - 14 July 2008 : 19:03:08
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Thanks Julian,unfortunately there is nothing stashed away but it's ok as I'm teetotal anyway
Anyway,we have our interview on Wednesday at 1330,which will be by telephone.Very prompt after our court appearnace I must say.Not sure wether that's a good thing or not 
My major concerns are that I have a rough idea when the credit was taken out but I'm not 100% sure what the money was spent on.Again I have a rough idea but not sure exactly what amounts were spent on what.I'll just have to be honest as possible and hopefully that will suffice.
Another concern is that our house is yet to handed back to the mortgage company,though we have found somewhere to rent,which is going to be a lot cheaper than the mortgage ever was.My main concern with our old property is that the sale price may not be enough to cover everything that was secured on it.
House is worth around £135,000 (depends how quickly they want to sell it I suppose).Mortgage remaining is around £110,000 and there were £25,000's worth of charging orders on the property plus there eas a mortgage redemption of £5,500.It's worrying me a bit that we could still be left with debt even after we declared bankruptcy (which we did on 8th July).
There is also the car to consider,it's worth around £1800 and I use it to go to work in and then travel home again.I use a van during work time.
Our expenditure,is quite realistic I believe.I'll let everyone know what was allowed and what wasn't when I know myself.Not making myself worry about a possible IPA because basically,if my wifes benefits are not added to my wages then there is not enough income to cover the outgoings,even with the lower rent instead of old mortgage we will soon be paying.So,if the OR does not include benefits in our income,I cant see how we can get an IPA.
This may seem quite strange but I'm looking forward to the interview with the OR because I want to explain our situation and obviously the sooner the interview the sooner we will have a better idea of what will happen.
That's it for now.
NSBS
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NotSoBrightSpark
Junior Member
186 Posts |
Posted - 17 July 2008 : 17:59:42
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Hello everyone,
Well we had our interview with the Official Receiver yesterday,we were informed by letter around four days before the actual interview date that it would be by telephone.
The OR phoned precisely at the given time,introduced herself and asked me how I was.All very pleasant,though businesslike too.
I had my Statement of Affairs infront of me (read this before your call as it will help you with what is to follow) and the OR went through some basic details such as address etc.She then proceeded to talk about our house and the secured lending upon it,it was at this point that I made it clear that we had found somewhere else to live (rented) and what the cost would be.I asked her if she had any objection to us moving out of our current property as soon as we get the keys to the new rented house.She had no objection and said it was fine.I also mentioned that we had not payed our last mortgage payment but this went towards the bond for the new house.She was fine with this too.
Then the OR asked me a few details about work history.I just gave her information on my last two jobs,such as salary,overtime etc
We then moved onto our vehicle.Our car is worth £1800.She asked what it was used for and if it was necessary.I explained it's used for me to get to work and to take the kids to school.She asked wether it was possible for me to use public transport.I said no not really practical as my work hours vary and I also need to carry tools etc to work.I also explained there was no way I was going to put 14yr old girl onto public transport to get to school (because the new rented house is 6 miles away from school).She then said she has no interest in the car and will put this into writing very shortly.As you can imagine I was very pleased at this point
After further questions,just basic stuff,all very straightforward we then moved onto the reasons for debt  
The OR did not go through every single debt and the reasons for it.Instead,I just told the story of how our debt spiralled out of control from where it all started and how we have tried to deal with it.I expected some tough questioning here but I just tried to explain our situation best I could.She seemed happy with my explanation.
We moved onto the income/expenditure bit but as we are going to move house and are not sure of the exact outgoings it couldn't really be completed.So,the OR said move house,settle in,and I'll send you another inc/exp form to complete.All very amicable.
At the end of the interview I had the opportunity to ask any questions,I did ask a fair few but she didn't seem to to mind at all and indeed answered them and put my mind at ease.She asked me if there was anything else I felt I needed to add to my Statement,there wasn't really as I thought I'd pretty much covered everything.I thanked here for her time and she then asked to speak to my wife.
The OR went through the same things with my wife really and the interview was concluded.The whole process took no longer than forty minutes for the two of us.At all times,the OR was polite,well-mannered but business-like at the same time.If you have your OR interview to come,try not to worry to much,it certainly wasn't as bad as I was expecting.
And just a quick note about any shortfalls,secured or unsecured.The OR confirmed that any shortfalls will go in the bankruptcy.All of them.She was quite adamant about this.Though she did say that we would get nasty letters off creditors,particuarly secured creditors until everything is resolved.The letters when they arrive will be forwarded to the OR's office.
So,interview over.Now we have to concentrate on moving house next week.We are all looking forward to it.
Regards
NSBS
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Will this be a problem?
