Returning Forms and Reasons for debts - Any advice?

stressedandconfused_2

It's me again, still in a panic with OR interview on 28th September. Can I ask if anyone can tell me how soon after receiving the forms the OR expects to receive them? I have had mine for about 5 days and it is taking me some time to collate all the info requested, to get hold of bank statements etc. Is it better to get it sent off asap with info missing and note that any missing info will be forwarded / taken to the meeting?

Also, I am really struggling to explain how and why I got into debt in the first place. I left Uni (20 years ago!!) with relatively stupid debt (over 15K, in those days not the norm) and then basically lived beyond my means, overspent, kept up with too many wealthy friends, borrowed money to pay rent, took out a 120% mortgage (cheers, Northern Rock!!) that I couldnt really afford to pay without borrowing more, basically robbed Peter to pay Paul. Never had flashy holidays, cars, houses or a drug or gambling habit... basically was stupid and irresponsible and got in a total mess. Tried to turn it all around 5 years ago, stopped borrowing, took out an IVA 2 years ago but having been made redundant last year and found a wonderful, fulfilling job I love, have also taken massive salary cut. Have a gorgeous 5 year old daughter to look after, and I couldnt afford the IVA or stand the pressure any more so went BR on 14th Sept. (my insolvency practitioner recommended this 2 years ago instead of an IVA at the time but I was too proud and ashamed) Anyhow - these are not really reasons are they? Just excuses. Anyone able to relate to this and / or advise me? Once again, as you can see I have rambled on and on, so thanks a million to anyone who has ploughed through....

Bethankim

Hiya,
have a read of the guide i wrote, its helped a few others

http://forums.moneysavingexpert.com/showthread.html?t=1831297&highlight=guide+reasons

Beth

thatsyourlot

I was a bit like you & worried what the or would say to me.. I robbed peter to pay paul too.

I think admitting what an idiot I had been with the credit I had used, to the or, was for me a very hard thing to do. I thought I would get into so much trouble for admitting my mistakes. the OR was not at all judgemental & really really nice, she realsied how I had "pushed" the credit around to keep things going for as long as I did.

Just be honest with your or, thats all I can say really.

Keep ya chin up

xx

fiveyearplan

My explanation was a simple short paragraph. Some people prefer to go into more depth. Its up to you really. Summarizing your paragraph above would be a good start - taking out any emotion and only including the factual information.

dollparts

when I sit and think about when my problems started, I go back to the 18 months stage or so. Yet when I really think, We should have never been given the mortgage at the amount we were given. Of course, it didn't stop me taking it and I don't hold the bank responsible.

Am just pondering how useful it is to the OR to see how the slippery slope may have started.

Do you think the OR would fnd isolated incidents useful that on the surface appear isolated but may actually have had impact on the end result or just the immediate contributors prior to the BR?

It's not straightforward is it?

peachyprice

stressedandconfused wrote: »

It's me again, still in a panic with OR interview on 28th September. Can I ask if anyone can tell me how soon after receiving the forms the OR expects to receive them? I have had mine for about 5 days and it is taking me some time to collate all the info requested, to get hold of bank statements etc. Is it better to get it sent off asap with info missing and note that any missing info will be forwarded / taken to the meeting? As long as they have them in timefor the meeting that should be fine. I took all I had to the meeting as I didn't have time to send them before. Don't worry if you haven't got some, they can get them from the banks/cc companies.

Also, I am really struggling to explain how and why I got into debt in the first place. I left Uni (20 years ago!!) with relatively stupid debt (over 15K, in those days not the norm) and then basically lived beyond my means, overspent, kept up with too many wealthy friends, borrowed money to pay rent, took out a 120% mortgage (cheers, Northern Rock!!) that I couldnt really afford to pay without borrowing more, basically robbed Peter to pay Paul. Never had flashy holidays, cars, houses or a drug or gambling habit... basically was stupid and irresponsible and got in a total mess. Tried to turn it all around 5 years ago, stopped borrowing, took out an IVA 2 years ago but having been made redundant last year and found a wonderful, fulfilling job I love, have also taken massive salary cut. Have a gorgeous 5 year old daughter to look after, and I couldnt afford the IVA or stand the pressure any more so went BR on 14th Sept. (my insolvency practitioner recommended this 2 years ago instead of an IVA at the time but I was too proud and ashamed) Anyhow - these are not really reasons are they? Just excuses. Anyone able to relate to this and / or advise me? Once again, as you can see I have rambled on and on, so thanks a million to anyone who has ploughed through....

Just stick to the facts. The OR won't be looking for War & Peace here as you didn't petition for your own bankruptcy.

Desperate+Depressed

Hi PP

I have just posted an explanation to my own thread (In court on Wednesday).......unfortunately, I find my situation similar to yours.

I was taking out a loan for something, but then months or so later would struggle with the repayments and then take out another loan to replay the first one (being a lower interest rate etc)!

I'm beginning to worry myself stupid now, that the judge will say no to BR???:o

If you have time, read my reasons and tell me what you think.

X