accounting for the debt

confused76

hiya
i've been in debt for a good few years but only recently it has got out of control (maybe a bit earlier than recently but only recently i have sat up and clocked on to the problem).
my problem is how on earth do i account for the debt to the OR?
i don't have anything tangible to show for it, it has just built up over the last few years due to living beyond my means and using credit to top up my salary. A lot recently has accumulated due to high interest charges.
i've not had expensive holidays and haven't got a wardrobe of clothes.
to what extent do i need to explain and what if i can't remember? that sounds poor i know but i never expected i would need to explain it!
thanks so much
Confused76

philnicandamy

Hmm its difficult sometimes...I know with mine I played around for a while till it looked right...

some VERY good pointers here that could help

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

I wouldnt stress too much most of the people here probably wouldnt have a clue where the money went let alone have anything to show for it...I know I didnt

(hope you had a good weekend..)

confused76

thanks P thats great - think it will take me a while to come up with a reasonable account, my memory is shocking!

good weekend thanks, away from the hassle of work! how about you?:beer:

CG77

Just to add that our OR did ask for lots of details about our debt at interview. We did have quite alot of debt with not much to show for it either I guess and he really couldn't understand where the money had gone (neither could we!).

Just to forewarn you really...we thought we'd thought of everything-wrote a great 'reasons for bankruptcy' essay:rolleyes:, but couldn't give him specifics to account for enough of the money for him to be 'satisfied' (his word).

It was our major panic really and what led to us being told we may get a BRU. BUT...we got our heads together VERY quickly and were able to call him back that same afternoon with some info to account for alot more of the money (furniture, DIY etc!), and made the point of asking him, 'Is that enough information to satisfy you now?' He replied yes-phew! We still worried about the BRU thing (didn't we Phil???!:o), but we didn't get one!

Anyway...my whole point here is try to account for as much of the money as you can in advance (even if it's things you don't think will make you sound great!), so you're ready to give the info when asked for it. I think if you can't account for it, it looks like you might be hiding something, and will of course prompt lots of digging from the OR.

We had a reasonable OR I think, although it did help that I'd worried and worried myself silly to the point of researching BR to within an inch of its life so he ended up feeling like we knew more about it than him (he actually said that!!)

Good luck confused...forewarned is forarmed and all that!

CG. x

confused76

aw CG thanks so much for your reply!
i will try and backtrack think of many things as possible!
i wish i had old statements but i shredded years of stuff about a year ago (argh poor timing!!!) and i had stuff back to when i was 16 (argh again!) ha ha
sounds like it worked out ok for you in the end?
have a good night :beer:

CG77

You're welcome!

Yeah, it worked out ok for us in the end thank you. I won't lie and say it was anything like a walk in the park, but the relief was amazing and we now live a nice (very frugal!) lifestyle, living well within our means and we haven't been happier in a long time!

Do keep posting and asking the questions. It's a hard thing to go through and this is a great place to find support and advice.

All the best! :-)

CG. x

philnicandamy

All i'll say CG is hate to say I told u so!

although I am pleased you now have a much happier life to live.....i'm nearly 3yrs down the line now & I can honestly say apart from the odd hiccup life is pretty good (but frugal!)

one of the main reasons why I stick around here is to see people like I did come here with all sorts of questions running through your head and being able to answer things as quick as a flash....its nice to see people grow as well over the days/months and weeks of being bankrupt..to finally seeing life move on for them

God....I sounded soooooo deep....must be time for bed :rotfl:

CG77

Thanks Phil and yes yes yes you did tell me so!

It's great to have you all around. Hopefully now I can add more to the board too, giving advice where I can...I MAY even dare to venture into the inn at some point!!!

CG. x

philnicandamy

ohhh steady on......the inn can be a little naughty after 9pm...feel free to join us!

CG77

Haha I think I can hold my own on the naughtiness front!! Bring it on!


CG. x