OhDear Bankrupt! 3-11-08 : and my OH ChelseaBun not BR

chelseabun_3

Ah, Phil, it was a REALLY big bump to the head he had!:wall::D Tbh, we both feel no-one else would put up with us! Certainly not with the dreadful credit history we've now got:doh:! I'm OD's second wife, and he says some relationships aren't worth surviving! (I think he means the 1st Wicked Witch, but I'm not entirely sure ...;) ) I'm really sorry about your relationship, I've known others whose relationship hasn't survived BR and it's so sad for all concerned. I really hope you meet someone lovely soon. CBx

fiveyearplan

philnicandamy wrote: »

most relationships are put to the test in BR many dont survive as mine didnt

I certainly agree, our relationship has been tested and many times I thought we would also be one of the statistics!

Sunk

Well done OhDear & ChelseaBun:beer:
It's only uphill now..........

OhDear

Just got letter today for OR phone interview next Tuesday.

It's a bit of a worry having to fill out IPOQ, as self-employed income has dropped since filling in BR forms. Pupils passing their driving tests (How inconsiderate!:D), and no new pupils (as yet) to replace them in my diary! I previously put down income gross on BR forms and expenses in SOA. If I'd done it the other way I could have shown that week to week I was just about breaking even, but now I'm making a small loss (currently I guess about £50 to £90 a week loss). I can up OH's contribution (thanks ChelseaBun) to cover this in short term, but it will be very tight until more work comes in. Having said that, some expenses that are business expenses (in that they are tax deductible) now, would become personal expenses should I have to cease trading. (e.g. I will need a phone and a car to travel to, and seek work, as I live in a rural area. The car on HP would not be kept, saving £178 pm and insurance would be less.)

So do I put down figures as before (gross) or this weeks profit / loss or do I give an average (more accurate) figure over a longer period? If so how long? I presume from letter that this IPOQ has to be returned before the interview, which I guess means I'll have to do another one after any adjustments made during interview. I am sure that once I spend less time filling in BR and IPOQ forms, and get on with running my business, that I can get some more business in. I am also trying to get a job (ideally Part-time) in order to earn more in the immediate, and work the 2 alongside each other. I'm not doing any regular advertising, until I know the BR has been in the paper and a couple of weeks has gone. I'm relying on peoples short memories. Is that wrong? My debts are not related to my business, as I had most of them before I started trading. I am now (since July) working in a new area after having moved home in May, so I'm not really established or known here yet. (BR is not why we moved we did not even consider BR until September / October.)

Anyway I'm confident that I can build the business in this area as I did previously, if the OR allows me to. We need to be able to reduce OH's contribution for health reasons and look forward to work post BR, but will the OR consider the immediate losses too much? It is the only vocational qualification I have.

Any thoughts? OD

Sunk

Slightly off topic OhDear but if you don't mind me asking where is your OR's office?

chelseabun_3

Just bumping this up to see if anyone has any thoughts? Thanks! CBx

Rylynn

I do not know business rules in BR.

I had to put my NET income, so would have thought you need to do the same, or you do an average over 6 9 or 12 months and give that, but you need to be realistic as to what you think you are going to earn in the coming months, as things are not good out there for anyone right now.

Is this business costing YOU money, ie are you making no profit at all, as I am not sure the OR will like that idea much. Are you trading under the name you went BR with, as that is one thing they will ask you.

Not sure what else to say, is this your first call from the OR?

OhDear

Any other business / self-employed BRs with advice? OD

fiveyearplan

What did you put down on your BR SOA? I think this would need to be discussed with theOR, just be honest and say that is the only qualification you have and you are still establishing business in new area. Its not up to the OR to tell you what job/business to do but to assess whether or not you can pay anything to your creditors. By the sound of it, certainly at this moment, you are not in a position to pay anything to them.

Regarding name in the paper/advertising - would you be advertising under OhDear Driving School or do you have another business name. Is that your listed profession on your BR? I doubt people would put 2 and 2 together and you could always do business as 'EasyPAss t/a OhDear', ie, you could change your business name. It wouldn't be so difficult at this stage since you don't have much of a client base yet.

BTW - my son needs driving lessons but I don't think you've moved anywhere near us!

Rylynn

I thought that you were not allowed to change the name you were trading under?