Butts Lightning Bankruptcy

Butts · 2 October 2017 at 2:08PM

Finally went nuclear yesterday afternoon and submitted my application ....(Sunday)

Can't believe it was approved and the Bankruptcy Order made this afternoon. Assuming they open at 9am that is FOUR HOURS :T
Well done to the insolvency service.

This was north of a 100K as well so it shows they can get their act together on occassions - perhaps it was a slow day.

It says an Official Receiver attached to the County Court is appointed trustee of my estate (value 5p

)

I am told how to contact the person handling my case and if I have not heard within four days about my interview to do so.

The only slightly worrying factor is my Bank Account - luckily thanks to strategic planning all my DD's went out today. However the BR Order and complimentary letter slightly contradict the information given on the Application Form with regard to whether the account will be affected. It says on the application they will ask for it to be kept open but on the letter it says "Any money in the account will be an asset claimed by the OR for paying your debts" I have only left a ton in to cover my remaing DD's - drew the other £100 out for living expenses. I suppose they would be more interested in thousands salted away. I don't get paid for a couple of weeks luckily so keeping the account open is one of my main priorities to speak to the OR about.

I have used the SFS figures for my SOA and will feedback after my interview whether they allowed me "to take it to the limit" and avoid an IPA. My application had a £160 deficit of Income in relation to Expenditure so hopefully I should be okay.

Butts · 3 October 2017 at 4:35PM

Can't believe it had a call from the OR's Office whilst I was in the Cinema this afternoon. Arranged my Interview t'rrow at 2pm - at least I think it is and not just to arrange a date or she would have said(hopefully)

Really annoyed as it could have been applied Sunday, Bankrupted Monday and Interviewed Tuesday - surely a record :T

Will report back t'rrow post interview if I am not in a cell

haggis0073 · 3 October 2017 at 5:01PM

That's great news yours is being processed quick. So hope when I do mine it's that quick

Butts · 3 October 2017 at 6:06PM

haggis0073 wrote: »

That's great news yours is being processed quick. So hope when I do mine it's that quick

Being handled by the Cardiff Office - the big test is to get through the interview unscathed - or should I say unIPA'd

haggis0073 · 4 October 2017 at 1:32PM

good luck for 2pm fingers crossed

Butts · 4 October 2017 at 1:54PM

haggis0073 wrote: »

good luck for 2pm fingers crossed

7 minutes to go - I've smoked about 20 fags in the last hour :eek:

Cheers will update asap !!

StopIt · 4 October 2017 at 2:22PM

Butts wrote: »

7 minutes to go - I've smoked about 20 fags in the last hour :eek:

Cheers will update asap !!

Using up the last of your supply I hope!

I hope all goes well and you have a positive update for us soon.

Butts · 4 October 2017 at 3:26PM

Well this is an almost verbatim account of my Interview....

Rang bang on time at 2pm precisely.....

Very nice Welsh lady.

Asked me about my rent on my current property and where I had lived previously and if that was rented - it was.

Asked if I had been a Company Director or had an interest in any other properties in the last five years - I hadn't.

Asked if I had disposed of any assets in the last five years other than the Pension I had cashed in (on application form) which was only worth a monkey in 2015 - said did you just spend that on general expenditure - yes.

Asked about the two defined benefit deferred pensions I have from previous employers and explained they would not be touched.

Asked about my Life Insurance Policy (Term Assurance- No Surrender Value) and explained I would have three options, cancel it, buy it back from them for £50 or sign it over to them for the duration of the Bankruptcy.

Asked how I got into debt which I explained went back Donkeys Years (10+) to when I was married.

Asked if I had taken advice on how to go Bankrupt and my DMP which I gave details of.

Said unless my circumstances change they would not be seeking an IPA. She didn't even mention my expenses until I asked her about them. None of the "maximised" figures were questioned.

With regard to the bank they have already written to them stating they have no interest in the account and to leave it open.

Told me she was writing the report up this afternoon and it would be issued to creditors by the end of the week.

I have a named contact and telephone number / e-mail address.

So that's it all over in less than a week from start to finish - IS are :T

If anyone has any questions feel free to ask - I will think of more later but have to go out now.

ps Interview lasted 20 minutes :j and was conducted in a friendly and professional manner.

haggis0073 · 4 October 2017 at 3:28PM

Congratulations glad it went smooth.

StopIt · 4 October 2017 at 3:29PM

There you go, nice and simple.

Now you can get on with "being" bankrupt and hopefully see the light at the end of the tunnel and can consign this to the history books.

Butts · 5 October 2017 at 9:55AM

Now i have had time to reflect I add the following thoughts.

The biggest shock to me was that in my case at least it all seemed so simple.

I was expecting them to pore through my bank statements looking to see what I had been blowing money on. To my knowledge they have not even seen them but seem to take what I say on trust which is refreshing. It may be because the majority of my 100K plus debt is 10-20 years old.

Also I was expecting a grilling on my income and expenditure but they hardly scratched the surface.

I think I may have a unique set of circumstances or have been very lucky.

Butts Lightning Bankruptcy

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