A Few Questions

Butts · 16 August 2017 at 5:00PM

Have been getting my application completed online ready to go in about 5 weeks time.

I have 28 Creditors and the total owing is north of £100K - does this make it more likely I will be hauled in for an interview in person ?

26 of the debts are over ten years old and all but three have been sold on to 3rd parties does this have any bearing on matters. IE the OC's have sold it off for peanuts to various bottom feeders such as cabot and nco etc so does the OR consider this relevant ?

How are you supposed to remember what you spent it on over 10 years ago ? Is the OR less interested in ancient debts ?

I'm proud to say that my Bankruptcy will be "pure debt" with no rent or utilites included - up to date on all of them !!! Does this go in your favour ?

National_Debtline · 16 August 2017 at 5:53PM

Hi there,

Interviews tend to be done in person when the application is more complicated. If your debts are all credit cards, loans, overdrafts etc. it may mean the application is still quite straight forward even though it is for £100k plus. Unfortunately, it is difficult to say for certain one way or the other.

It will be irrelevant to the OR what the debt collectors bought the debt for and it is very common for debts to be with third party companies at this stage, so I think it is unlikely this will have any impact on the application.

When asked what you spent the money on, you should give as much information as possible. It is understandable that won't recall every detail from 10 years ago, but all you can do is give as much information as you have.

The adjudicator will consider your application and make a decision within 28 days of you submitting it. If the application is rejected you can appeal this decision.

Laura
@natdebtline

luvchocolate · 16 August 2017 at 6:20PM

The face to face interview is fine, mine was complicated but the examiner was really kind and did everything he could to put me at ease, he moved figures around to help, nothing to be concerned about,

Butts · 16 August 2017 at 6:33PM

National_Debtline wrote: »

Hi there,

Interviews tend to be done in person when the application is more complicated. If your debts are all credit cards, loans, overdrafts etc. it may mean the application is still quite straight forward even though it is for £100k plus. Unfortunately, it is difficult to say for certain one way or the other.

It will be irrelevant to the OR what the debt collectors bought the debt for and it is very common for debts to be with third party companies at this stage, so I think it is unlikely this will have any impact on the application.

When asked what you spent the money on, you should give as much information as possible. It is understandable that won't recall every detail from 10 years ago, but all you can do is give as much information as you have.

The adjudicator will consider your application and make a decision within 28 days of you submitting it. If the application is rejected you can appeal this decision.

Laura
@natdebtline

All my debts are credit cards or loans.

Some of the expenditure was probably 25 years ago, none of it was on gambling. How on earth are you supposed to remember from that far back ? Will it suffice to say that it was just a general accrual over the years - ie living beyond your means which it generally is unless gambling is involved.

I feel it is extremely relevant that most of the debts are owned by third parties. It is impossible to find out how much they paid for them and I am led to believe it is often pennies. If the original creditor has written the money off why should they gain large sums of money without disclosing their outlay. In my case they will get diddly squat.

Butts · 16 August 2017 at 6:35PM

luvchocolate wrote: »

The face to face interview is fine, mine was complicated but the examiner was really kind and did everything he could to put me at ease, he moved figures around to help, nothing to be concerned about,

How long was it between your Bankruptcy and Interview and did they have your old bank and credit card statements in front of them ?

luvchocolate · 16 August 2017 at 7:06PM

Butts wrote: »

How long was it between your Bankruptcy and Interview and did they have your old bank and credit card statements in front of them ?

My BR was 5 years ago, I think my interview was 2 to 3 weeks after.
Yes I had provided 2 year bank statements and 1 year credit card statements as requested.
My case was then tranferred to a trustee as there were 3 properties and and an ex partner.
I was showed respect from everyone involved.

Butts · 21 August 2017 at 2:54PM

In Section 4 of the Online Bankruptcy Form (Assets) it asks about any pensions, life ins etc that you have cashed in in the last 5 years.

When you answer yes it does not ask for any further information such as name / amount etc.

I find this strange.

I had an employment pension that I cashed in a couple of years ago -I only got a monkey and paid the tax due which was deducted at source.

Anyone got any insight - is my form flawed or is this normal ?

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