Offer of beneficial interest

custard_cream_3

First of all, I would like to thank everyone who sent me messages of goodwill during my recent bout of mild man flu. I'm still taking it each day at a time, but I was very touched by the slightly less than one message of support I received.

On returning home this evening, there were a few letters from the Insolvency Service. One was to ask my wife for a valuation of the house and whether or not she'd be interested in buying the beneficial interest. When I had my telephone interview, the OR said they'd had the house valued, which happened to agree with two valuations I'd had on the house. Can't I just ask them to use those valuations?

Another letter was about some life insurance policies which have surrender values, asking if I knew anyone who'd want to buy the interest.

My main question is this. I went bankrupt on Dec 1st. My interview was on January 12th. Is the fact that I'm now hearing about the beneficial interest etc, a good sign that things are progressing ok and they're nearing the end of their investigations, or is it really just a formality and not necessarily a sign of anything, good or bad?

dvs

I went BR on 18th December, my OR interview was on 7th January. We received a letter about the beneficial interest on 7th February. They asked me for three estate agent valuations (which were done yesterday and came in lower that what I estimated!)
:j

A number of other people said it can take 12 months or more to be offered BI but I'm guessing it's like everything to do with ORs, every office is different. I know they've already written the report to creditors (I got to read mine) so I guess they've finished the main part of their investigations. So to answer your question, I think it's probably a good thing.

Glad you're getting better! Man flu is a killer so you're lucky you're still alive!

peachyprice

We were offered our BI a few weeks after our interview, we were only transferred to RTLU in January so I don't think it has any bearing on finishing their investigations. Some people don't get offerd the BI until the initial 12 months is up. Just another one of those things that vary from office to office.

custard_cream_3

Thanks both (what's RTLU by the way?)

I really don't have any reason to worry about a BRU but it's always in the back of my mind and I just wonder if I was going to get one, would I know by now....would they have done enough of their work to determine that before offering the BI? I imagine, as Peachy says, that it probably makes no difference either way.

Summer1969

custard_cream wrote: »

My main question is this. I went bankrupt on Dec 1st. My interview was on January 12th. Is the fact that I'm now hearing about the beneficial interest etc, a good sign that things are progressing ok and they're nearing the end of their investigations, or is it really just a formality and not necessarily a sign of anything, good or bad?

I went BR on 3 July and got a letter about buying back BI beginning of Feb this year, they weren't too quick with me. :rolleyes::D

dvs

custard_cream wrote: »

Thanks both (what's RTLU by the way?)

I really don't have any reason to worry about a BRU but it's always in the back of my mind and I just wonder if I was going to get one, would I know by now....would they have done enough of their work to determine that before offering the BI? I imagine, as Peachy says, that it probably makes no difference either way.

I'm not entirely sure but I'm guessing that the OR probably has an idea of whether a BRO/BRU could be on the cards when they complete their report but any of your creditors could bring something of interest to the OR's attention. I doubt many creditors bother though. They've already lost money, no point is wasting more man hours and money on you.

When I saw my report (I listed a family member as a creditor), it was basically a list of statements, included my estimated beneficial interest in the property and said that the creditors would not be called to a meeting as it was unlikely that there would be any distribution of assets.

peachyprice

custard_cream wrote: »

Thanks both (what's RTLU by the way?)

I really don't have any reason to worry about a BRU but it's always in the back of my mind and I just wonder if I was going to get one, would I know by now....would they have done enough of their work to determine that before offering the BI? I imagine, as Peachy says, that it probably makes no difference either way.

RTLU is the Regional Trustee & Liquidation Unit, they deal with any assets. you will get transferred to them if you have assets or you have paid an IPA or a nil tax IPA, they distribute the loot to your creditors.

You don't usually find out about a BRU until quite late on in your BR, within the last 3 months or so.

custard_cream_3

Ah - well I don't have any assets, so I won't be dealing with that bunch then.

As for your answer regarding a BRU, I'm afraid it's the wrong answer. The answer I was looking for was "of course you won't get a BRU if they've not told you within the first fortnight. Don't worry, everything's ok".

My main reason for worrying about a BRU is simply because having always been self-employed, when I applied for a personal loan, I simply put my income down as what it roughly was, and this wouldn't necessarily be backed up by tax returns. What I mean is my income would be more than my taxable income because I'd put a lot through the books...not illegally I hasten to add. I just wonder if they see that as lying.

Am I making sense?!

peachyprice

I don't think the OR looks at that aspect of things TBH, they're more interested in what you spent the money on and whether you were insolvent at the time you took out the loan.

The worst that may happen is that the creditor concerned might cotton onto it and put a CIFAS warning on your file.

custard_cream_3

That's a much better answer Peachy....thank you!

I think what you say makes sense actually. And seeing as the lender concerned (HSBC) were my bank for 25 years, if they didn't know what my income was, then that's their fault!

Just to clarify though, I'm not saying I exagerrated, merely that..well...I think I'll just shut up now actually.

I suppose I could come a cropper with the "what I spent the money on" bit though, as to be honest, I can't really remember, but then I'm sure I'm not alone in that!

peachyprice

Yes, Custard, stop waffling, before you land yourself deeper in it :rotfl: :rotfl: