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  • FIRST POST
    • Butts
    • By Butts 2nd Oct 17, 2:08 PM
    • 163Posts
    • 52Thanks
    Butts
    Butts Lightning Bankruptcy
    • #1
    • 2nd Oct 17, 2:08 PM
    Butts Lightning Bankruptcy 2nd Oct 17 at 2:08 PM
    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
    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.
Page 1
    • Butts
    • By Butts 3rd Oct 17, 4:35 PM
    • 163 Posts
    • 52 Thanks
    Butts
    • #2
    • 3rd Oct 17, 4:35 PM
    • #2
    • 3rd Oct 17, 4:35 PM
    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

    Will report back t'rrow post interview if I am not in a cell
    • haggis0073
    • By haggis0073 3rd Oct 17, 5:01 PM
    • 42 Posts
    • 16 Thanks
    haggis0073
    • #3
    • 3rd Oct 17, 5:01 PM
    • #3
    • 3rd Oct 17, 5:01 PM
    That's great news yours is being processed quick. So hope when I do mine it's that quick
    • Butts
    • By Butts 3rd Oct 17, 6:06 PM
    • 163 Posts
    • 52 Thanks
    Butts
    • #4
    • 3rd Oct 17, 6:06 PM
    • #4
    • 3rd Oct 17, 6:06 PM
    That's great news yours is being processed quick. So hope when I do mine it's that quick
    Originally posted by haggis0073
    Being handled by the Cardiff Office - the big test is to get through the interview unscathed - or should I say unIPA'd
    • haggis0073
    • By haggis0073 4th Oct 17, 1:32 PM
    • 42 Posts
    • 16 Thanks
    haggis0073
    • #5
    • 4th Oct 17, 1:32 PM
    • #5
    • 4th Oct 17, 1:32 PM
    good luck for 2pm fingers crossed
    • Butts
    • By Butts 4th Oct 17, 1:54 PM
    • 163 Posts
    • 52 Thanks
    Butts
    • #6
    • 4th Oct 17, 1:54 PM
    • #6
    • 4th Oct 17, 1:54 PM
    good luck for 2pm fingers crossed
    Originally posted by haggis0073
    7 minutes to go - I've smoked about 20 fags in the last hour

    Cheers will update asap !!
    • StopIt
    • By StopIt 4th Oct 17, 2:22 PM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #7
    • 4th Oct 17, 2:22 PM
    • #7
    • 4th Oct 17, 2:22 PM
    7 minutes to go - I've smoked about 20 fags in the last hour

    Cheers will update asap !!
    Originally posted by Butts

    Using up the last of your supply I hope!


    I hope all goes well and you have a positive update for us soon.
    • Butts
    • By Butts 4th Oct 17, 3:26 PM
    • 163 Posts
    • 52 Thanks
    Butts
    • #8
    • 4th Oct 17, 3:26 PM
    • #8
    • 4th Oct 17, 3:26 PM
    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

    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 and was conducted in a friendly and professional manner.
    • haggis0073
    • By haggis0073 4th Oct 17, 3:28 PM
    • 42 Posts
    • 16 Thanks
    haggis0073
    • #9
    • 4th Oct 17, 3:28 PM
    • #9
    • 4th Oct 17, 3:28 PM
    Congratulations glad it went smooth.
    • StopIt
    • By StopIt 4th Oct 17, 3:29 PM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    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
    • By Butts 5th Oct 17, 9:55 AM
    • 163 Posts
    • 52 Thanks
    Butts
    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.
    • KellyMM
    • By KellyMM 5th Oct 17, 11:27 AM
    • 18 Posts
    • 2 Thanks
    KellyMM
    The OR are IMHO very quick,efficient and friendly. There is a lot of misinformation spread on here and elsewhere on the internet and I wonder how much is started by debt collectors and banks wanting to put people off BR.

    I had a similar experience with the OR however recently my circumstances have changed and I emailed my contact at the Southend office to tell them. That was over a week ago and I've heard nothing since.

    My guess is that 99% of the OR's time is spent dealing with the 1% of cases where significant assets are involved. In a way it makes sense. I know for a fact that I had and will have no assets, nor earn enough money until I am discharged (because this is how I have planned it) so why would they waste time and effort on cases like mine? I've not heard a jot since the phone interview on day 1 of my BR.

    Like most public services, the insolvency service has been squeezed to the max by recent governments and it shows. Good for us I guess!

    P.S. They haven't requested any bank statements from me (although perhaps they have looked for themselves), despite credit card use right up to BR. They didn't question my SoA. Nothin'.
    Last edited by KellyMM; 05-10-2017 at 11:34 AM.
    • fatbelly
    • By fatbelly 5th Oct 17, 6:32 PM
    • 11,649 Posts
    • 8,782 Thanks
    fatbelly
    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.
    Originally posted by Butts
    Sounds very professional - well done the OR

    Re the life insurance, buy it back.

    Just had a client try to claim on his deceased wife's policy that they had been paying into for over 20 years. Unfortunately they both went bankrupt 15 years ago and the entire proceeds now go to the OR

    This would have been explained to him at the time but he didn't understand.
    • Butts
    • By Butts 5th Oct 17, 7:02 PM
    • 163 Posts
    • 52 Thanks
    Butts
    Sounds very professional - well done the OR

    Re the life insurance, buy it back.

    Just had a client try to claim on his deceased wife's policy that they had been paying into for over 20 years. Unfortunately they both went bankrupt 15 years ago and the entire proceeds now go to the OR

    This would have been explained to him at the time but he didn't understand.
    Originally posted by fatbelly
    I was intending to buy it back. As it has no surrender value I didn't think beyond my discharge in a years time.

    It's a double whammy maintaining the life cover and reducing exposure to to an IPA by the value of the premiums.

    If you do buy it back and peg it before you are discharged are you saying it does not form part of your estate - ie it is like having it written in trust ? -am awaiting letter from Aviva with the options.
    • fatbelly
    • By fatbelly 5th Oct 17, 9:23 PM
    • 11,649 Posts
    • 8,782 Thanks
    fatbelly
    If you do buy it back and peg it before you are discharged are you saying it does not form part of your estate - ie it is like having it written in trust ? -am awaiting letter from Aviva with the options.
    Originally posted by Butts
    I think that's sort of right - there are reams about it in the technical manual.

    Once the debtor has purchased the official receiver’s interest in a policy in accordance with form LTBPOL, the official receiver should notify the insurance company that he/she no longer has an interest in the policy and any future monies due under the terms of the policy should be paid directly to the beneficiary to the policy. You may also wish to consider issuing a copy of the letter to the bankrupt.
    Though I guess you would have to make sure that the policy paid out to a named beneficiary
    • Butts
    • By Butts 19th Oct 17, 3:08 PM
    • 163 Posts
    • 52 Thanks
    Butts
    Just when I thought it was all going so well.....

    I woke up yesterday to find I had no Internet and my Landline was dead.

    I rang Virgin on my Virgin Mobile and got through to someone in India who could barely speak English - why do they employ people not fluent in the mother tongue of those they are supposed to be helping ? Not much help.

    Eventually I got through to someone in the UK who informed me my Account had been disconnected. They asked if I had been in an IVA or other debt remedy. When I explained I had recently gone Bankrupt she said this would be the reason.

    I have been a Virgin Customer for over seven years and my account is completely up to date and I have never made a late payment. No notice was given either verbally or by e-mail text or in writing. Surely this would be a contractual requirement ?

    The Virgin representative just said you should have been warned this might happen.(chocolate teapots come to mind)

    Before I submit an irate missive at "beardys mob" is this normal practice or legal action by Virgin ? How have other bankrupts got on, and how did they find out ?
    • StopIt
    • By StopIt 19th Oct 17, 3:44 PM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    In their T&Cs I'm afraid.


    I didn't know they actually enforced it, but they certainly can. I'm guessing you can always appeal, but you may not get anywhere. It may be worth ringing potential suppliers who may not have such a clause in their T&Cs.


    http://www.virginmedia.com/shop/the-legal-stuff/terms-and-conditions-for-fibre-optic-services.html


    O. If you break this agreement

    1. We and/or Virgin Media Payments may end this agreement immediately if:
    a. you become insolvent or bankrupt, you enter into any arrangement with your creditors, or if any legal action is taken or threatened against your property;
    • Butts
    • By Butts 19th Oct 17, 3:57 PM
    • 163 Posts
    • 52 Thanks
    Butts
    In their T&Cs I'm afraid.


    I didn't know they actually enforced it, but they certainly can. I'm guessing you can always appeal, but you may not get anywhere. It may be worth ringing potential suppliers who may not have such a clause in their T&Cs.


    http://www.virginmedia.com/shop/the-legal-stuff/terms-and-conditions-for-fibre-optic-services.html


    O. If you break this agreement

    1. We and/or Virgin Media Payments may end this agreement immediately if:
    a. you become insolvent or bankrupt, you enter into any arrangement with your creditors, or if any legal action is taken or threatened against your property;
    Originally posted by StopIt
    Don't they factor in your previous record with regard to payments and length of service? This seems rather draconian

    Has anyone survived with Virgin untouched ?

    Will my Mobile be next ? £5pm Sim Only (Basic 100 min calls / unltd texts)
    • Butts
    • By Butts 19th Oct 17, 5:34 PM
    • 163 Posts
    • 52 Thanks
    Butts
    Well sod Virgin - I've signed up for Now TV - No Credit Checks - worth bearing in mind to anyone in a similar predicament.

    Got their fastest broadband , unlimited UK landline / mobile calls, line rental , tv box and hub all for £13 cheaper than I was paying at Virgin.

    Quite a relief as I don't want a hole in my outgoings to move me closer to a possible IPA
    • StopIt
    • By StopIt 20th Oct 17, 8:02 AM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    Well sod Virgin - I've signed up for Now TV - No Credit Checks - worth bearing in mind to anyone in a similar predicament.

    Got their fastest broadband , unlimited UK landline / mobile calls, line rental , tv box and hub all for £13 cheaper than I was paying at Virgin.

    Quite a relief as I don't want a hole in my outgoings to move me closer to a possible IPA
    Originally posted by Butts

    A decent result, but I agree that VM are being a bit draconian here.
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