Some BR Questions? Please Help Me

Angiepange

Hi

All sorts have been cropping up, I hope someone can advise me, thanks

Well here goes........

When the OR asks for you to send in bank, cc statements etc. do these have to be originals or will copies be ok?

Q6.6 on the BR form-Do you receive any other income? My Dh has done some Agency HGV driving, 4 days in the last 2 months (at a wk/nd as he works F/T in week) earning about £500 in total. This work is not guaranteed, not regular and he wont be doing anymore for a while but on forms it has to be added to total household income. Is it best to not put it down and perhaps put an explanation about it at end of forms? Its just money we wont definitely have coming in every month so not sure how to explain it? !!

Grandparents bought our kids £300 each of premium bonds in 2007. The bonds are in the kids names but with DH name on forms as well being their parent. Do we have to give those up even though they belong to kids? Should they be listed under assets on the BR form?

We have a car that we are really hoping will be allowed to keep. I have just been offered a p/t job and cant do it without a car. On our SOA's we will list an amount for car allowances. If the OR decides to take the car would he then say the car allowance amount is now surplus so could lead to an IPA? Reason i ask is I have really cut back on housekeeping/clothes etc to allow for the car expenses in our budget and if it is taken I know i could increase other outgoings?

Does the Income/Outgoings always have to either balance to zero or show a surplus? What happens if you have a small deficit? Could you be denied BR if you have a deficit?

We are both going BR, we are married and everything is joint. Will the OR interview us separately or can we be interviewed together? My DH is not as clued up as me on our I/E, debts, dates etc and I am sure he will have to ask me stuff !

When giving your reasons for BR how much detail should you be giving the OR? For example do you need to start with say the gradual build up of credit over the last 7 years ie. credit cards, debt consolidation, re mortgage, low interest bal transfers, or what has happened more recently to make you unable to pay? With us we have always been able to pay our debts until DH redundancy and subsequent much lower paid new job and until I became ill and lost my job. All this happened Jan-May this year so im not sure how much detail OR needs? I have painstakingly gone thru all our credit history over the past 7 years and pretty much know what we borrowed, when and why. Im just not sure if I have to tell the OR all this info? Or should I just explain recent events?

Sorry for so many Q's, im sure there will be more soon !!:o

Thanks

Angie x

skylight

Angiepange wrote: »

Hi

All sorts have been cropping up, I hope someone can advise me, thanks

Well here goes........

When the OR asks for you to send in bank, cc statements etc. do these have to be originals or will copies be ok? Dont worry - if you don't have them then the OR will find them out from the banks etc anyway.

Q6.6 on the BR form-Do you receive any other income? My Dh has done some Agency HGV driving, 4 days in the last 2 months (at a wk/nd as he works F/T in week) earning about £500 in total. This work is not guaranteed, not regular and he wont be doing anymore for a while but on forms it has to be added to total household income. Is it best to not put it down and perhaps put an explanation about it at end of forms? Its just money we wont definitely have coming in every month so not sure how to explain it? !! Are you both going BR? Dont put it down if its that irregular. Consider even stopping it until you have spoken to the OR about it so as to avoid any confusion. If its that irregular the OR may not car.

Grandparents bought our kids £300 each of premium bonds in 2007. The bonds are in the kids names but with DH name on forms as well being their parent. Do we have to give those up even though they belong to kids? Should they be listed under assets on the BR form? Check exactly how they are addressed. Your OH is allowed to be a trustee if they are in the kids names as beneficaries.

We have a car that we are really hoping will be allowed to keep. I have just been offered a p/t job and cant do it without a car. On our SOA's we will list an amount for car allowances. If the OR decides to take the car would he then say the car allowance amount is now surplus so could lead to an IPA? Reason i ask is I have really cut back on housekeeping/clothes etc to allow for the car expenses in our budget and if it is taken I know i could increase other outgoings? If you have a job the car should be exempt as long as its value is less than £2k.

Does the Income/Outgoings always have to either balance to zero or show a surplus? What happens if you have a small deficit? Could you be denied BR if you have a deficit? Technically yes you could be denied BR but in reality it doesn't happen. You need to ensure that you don't go over your budget as there will be no other credit available to you after BR.

We are both going BR, we are married and everything is joint. Will the OR interview us separately or can we be interviewed together? My DH is not as clued up as me on our I/E, debts, dates etc and I am sure he will have to ask me stuff ! Seperately as BR is a personal thing, but your OH can tell OR that you know more than he!

When giving your reasons for BR how much detail should you be giving the OR? For example do you need to start with say the gradual build up of credit over the last 7 years ie. credit cards, debt consolidation, re mortgage, low interest bal transfers, or what has happened more recently to make you unable to pay? With us we have always been able to pay our debts until DH redundancy and subsequent much lower paid new job and until I became ill and lost my job. All this happened Jan-May this year so im not sure how much detail OR needs? I have painstakingly gone thru all our credit history over the past 7 years and pretty much know what we borrowed, when and why. Im just not sure if I have to tell the OR all this info? Or should I just explain recent events? Explain what you like - this bit is the personal bit and there is no "formua" to it. Explain what you can fit into the box but I would give as much factual info as possible. Explain that over the years you could afford/manage your debt levels as both employed etc.

Sorry for so many Q's, im sure there will be more soon !!:o

Thanks

Angie x

Hope it helps.

SkintYokel

Angiepange wrote: »

Hi

All sorts have been cropping up, I hope someone can advise me, thanks

Well here goes........

When the OR asks for you to send in bank, cc statements etc. do these have to be originals or will copies be ok? They usually want the originals so send any you have. If you don't have them then just send what you've got. They can get them from the bank/CC company anyway.

Q6.6 on the BR form-Do you receive any other income? My Dh has done some Agency HGV driving, 4 days in the last 2 months (at a wk/nd as he works F/T in week) earning about £500 in total. This work is not guaranteed, not regular and he wont be doing anymore for a while but on forms it has to be added to total household income. Is it best to not put it down and perhaps put an explanation about it at end of forms? Its just money we wont definitely have coming in every month so not sure how to explain it? !! If it's not regular guaranteed income then I don't think I'd put it down to be honest.

Grandparents bought our kids £300 each of premium bonds in 2007. The bonds are in the kids names but with DH name on forms as well being their parent. Do we have to give those up even though they belong to kids? Should they be listed under assets on the BR form? Our son had a couple of premium bonds bought by Gparents when we went BR. Or wasn't interested.

We have a car that we are really hoping will be allowed to keep. I have just been offered a p/t job and cant do it without a car. On our SOA's we will list an amount for car allowances. If the OR decides to take the car would he then say the car allowance amount is now surplus so could lead to an IPA? Reason i ask is I have really cut back on housekeeping/clothes etc to allow for the car expenses in our budget and if it is taken I know i could increase other outgoings? If you need the car for work and it's not too valuable (less than 2k ish) then I'd be surprised if the OR took it. Cars are a funy one though and it all depends on your OR on the day

Does the Income/Outgoings always have to either balance to zero or show a surplus? What happens if you have a small deficit? Could you be denied BR if you have a deficit? It doesn't have to balance but a deficit is not good as it means that even after bankruptcy then you are unable to afford to live. If it is small the can you just adjust the figures for groceries etc to get the total back into the black?

We are both going BR, we are married and everything is joint. Will the OR interview us separately or can we be interviewed together? My DH is not as clued up as me on our I/E, debts, dates etc and I am sure he will have to ask me stuff ! My wife and I were both interviewed but I went first and did most of the talking. Her interview was then just a couple of questions and took about 10 mins.

When giving your reasons for BR how much detail should you be giving the OR? For example do you need to start with say the gradual build up of credit over the last 7 years ie. credit cards, debt consolidation, re mortgage, low interest bal transfers, or what has happened more recently to make you unable to pay? With us we have always been able to pay our debts until DH redundancy and subsequent much lower paid new job and until I became ill and lost my job. All this happened Jan-May this year so im not sure how much detail OR needs? I have painstakingly gone thru all our credit history over the past 7 years and pretty much know what we borrowed, when and why. Im just not sure if I have to tell the OR all this info? Or should I just explain recent events? Give the detail you feel you need to. You took credit when you could handle it over a long period of time and a change in cuircumstances hurt you. If you have 7 years worth of info the OR will love you forever :-D

Sorry for so many Q's, im sure there will be more soon !!:o

Thanks

Angie x

Some answers in red up there Angie. Hope they help and I'm sure that others will be along with advice and/or corrections very soon.

SkintYokel

ROFL

Would seem Skylight and I think quite similarly :-D

Angiepange

Thanks Skylight

I do have original copies of statements I just thought I should keep originals and send them photocopies in case I need them to refer to now or in future.

we are both going BR so I think I will not put that income down for now. I was worried as obviously it shows on bank statements. But I suppose we can explain it at interview.

The premium bonds are def in kids names but addressed to DH. I remember my son won £50 from them but im pretty sure chq they sent was payable to DH? I just cant remember for definite!

As for the car its worth £3200 on parkers. I was hoping we may be offered the chance to buy it off of OR if they seize it?

Thanks for all the info, much much appreciated

Angie x

money_penny_26

im so sorry whilst reading this thread col has just put a plate with a chip buttie down on the keys of my lap top.arrrr it must have been hovering the curser on ..report as spam. so the chip butty has reported this as spam,not me ha i just dont want o.p to think i have reported her regards an embarrassed penny

skylight

MP - if you re-click it, then you can un-report it now I think???

money_penny_26

thanks skylight done that an it worked.phew penny

Angiepange

money_penny_26 wrote: »

im so sorry whilst reading this thread col has just put a plate with a chip buttie down on the keys of my lap top.arrrr it must have been hovering the curser on ..report as spam. so the chip butty has reported this as spam,not me ha i just dont want o.p to think i have reported her regards an embarrassed penny

Hi MP

Not a problem I dont think that

Just wondering why Abuse button is now showing on this thread?

Silly me just thinking I might get into trouble now !! Damm why do I feel so sensitive about everything at the moment

Angie x

Angiepange

Angiepange wrote: »

Hi MP

Not a problem I dont think that

Just wondering why Abuse button is now showing on this thread?

Silly me just thinking I might get into trouble now !! Damm why do I feel so sensitive about everything at the moment

Angie x

Oh my god I am a real wally!!

Abuse button is on all threads, why havent i noticed that before ?? !!

This BR business is doing my head in, apologies to everyone, maybe its time for a nice cuppa and a chill or even a lay down in a dark room

Angie x

skylight

I would suggest tea, chocolate and maybe a chip buttie too...... lol!