OR Interview Tomorrow

[Reviva UK]

Well done!!!

On to the next thing now - start living your life again and congratulations on being debt free

[chris.g]

Good news Wen, it's hard but it is such a huge relief, you can get on with living your life again, xx

[vad921]

Thanks all for the good wishes.

Things went ok, not as bad as we thought, but still quite sad/sickening having to relive and try to justify all the events/credit running up the bankruptcy. Hopefully they won't think we were irresponsible, as we don't want to be in any trouble, and we genuinely thought we could repay our debts until we lost our business.

I will update my blog in a day or two to report back on events, so keep your eyes peeled!

If we are to go BR this is what really worries me! How can you really justify your debt? The past 4-5 years have been robbing Peter to pay Paul and it has just spiraled. We have nothing to show for our debt. It worries me that they will make a judgment on us and tell us we have to remain in BR for years!

How many years worth of bank statement and CC statements did he go through?

[chris.g]

Just tell the OR the truth, they were used for day to day living. As it's been noted time and time again, no body really has anything to show for the debt they rack up, it's normally spent on everyday things that mount up. Our's was due to grocery shopping and DIY stuff at first, then by the end we were drawing cash off the cards to pay mortgage and bills, aswell as using them for the grocery shop. They know and must understand how people arrives at bankruptcy and unless you have been very irresponsible things should be ok.
Apparently it's up to the OR how many years statements they check through, but I think 1-2yrs will be the norm.

[wen]

They asked for 12 months credit card and bank statements. My HSBC statements were all online and as my accounts had been frozen I was unable to download them but the OR can contact the bank as necessary.

[gavin]

good look

[Reviva UK]

Hi vad921

please remember that the OR sees the same thing every day. They fully understand that in order to try to make things work you borrowed more money and carried on ( businesses do it all the time!).

The things they are really interested in are:-

1. Did you set out several years ago to defraud the banks by running up debts on purpose knowing that you could not pay them back. ( the sheer fact you are on the forum means this is not the case)

2. Are you hiding assets - i.e. have you used the money from the banks to have a huge pile of cash under the matress or have a house abroad/ car you haven't told them about

3. have you sold anything at below market value ( sale under value ) in order to disadvantage the OR or Creditors.

4. Income Payment Agreement - are you able to make a contribution towards your debts from your disposable income.

Hope this helps