Declared bankrupt and completely lost and empty

DerekW

A quick update from me, or maybe not so quick once I start typing.

I have now been a bankrupt for forty days, not that I am counting or anything, so am hopefully over one tenth of the way there. I have stayed away from posting on here and only taken the odd glance as I didn't feel that I needed to absorb anything more about bankruptcy, it was making my head spin. Also I don't feel that I am at a level of understanding that could be of use to anyone else. More of this later.

Added to that it was Christmas and in those two weeks between being declared and the holidays I found that I had come to accept the fact that I had been made bankrupt. I even managed to buy something for the OH, who has been a rock through all this, that she really wanted rather than some paltry and pithy gift, and that made me feel really good. It didn’t cost the world and we didn’t have an extravagant Christmas, but I did find that I had a little more money in the coffers than I have had at any time since we met. Yes, in hindsight it was a bit of a blessing happening when it did.

I eventually had my OR meeting today after having to cancel in early January due to work commitments, and I have to be honest I was absolutely scared to death about it. Again the it seems 'the man' had thrown me a curve ball, as my OR was a really nice bloke and dare I say it, seemed that perhaps he may have some sympathy toward my situation. I don't know if I was expecting some sort of ogre who was going to berate me from the first until the last moment I was there or not, but he turned out to be a nice, knowledgeable and very patient man (as proved in the re-writing of the page 11 notes three times while we got time lines sorted out). Having said that, the interview was expected to last 2-3 hours and I was there for a few minutes under 4 hours. Things did come flooding back though, and matters that perhaps I thought irrelevant were seized upon and used in defence of the situation I have found myself in. I’ll be honest, it didn’t go anything at all like I thought it would.

Thanks to the OH and her organising ways, everything was already sorted for me, by creditor and date, so after posting up my SOA on here and taking on board the advice that others on here had given me I thought myself prepared for what was to come.

It doesn’t take away from the fact that it is a very nerve wracking experience (I’m still feeling a little shaky from it all even 3 hours after it was all over and done with), nor does it detract from the fact that whilst in there you still feel foolish and maybe at times a little embarrassed about the situation you find yourself in, but they are human beings just doing their jobs and I feel that if you co-operate to the best of your ability you won’t find yourself on the end of a tongue lashing.

So what did I get then?

Well, he basically told me I will lose the house, but as it was up for sale anyway to get rid of my debt, that is neither a great surprise nor a shock.

I don’t have to make a contribution – I had £107 and bits excess not taking into account the smaller things on the SOA like haircuts, dentists and opticians etc. I do have to contact my mobile supplier as it is on contract as it is a form of credit that possibly could exceed £500; but unless I receive a significant bonus from work he said that they won’t be interested in it. When asked how much significant was, he said a few thousand pounds – I couldn’t believe it! I kept my Cashminder bank account and didn’t even need to give statements to him.

I have to supply information about a few things, but it is no great deal there was nothing major missed out – I had the information on just about everything he required.

All in all, it was quite the opposite to what I expected, other than the nervousness. The OR mentioned that he was very impressed on how organised everything was, and my perception was that he was quite sympathetic to my situation.

So it is all done now for me, unless something is found to be a little out of the ordinary – which I don’t think it is, hopefully in another 325 days I will be discharged.

As for my little nugget of advice?

Be prepared and organised when you go to see the OR, I think it makes it look like you are taking the matter seriously.

I was lucky, I have had my OH to help me out when all seemed lost to me. Bankruptcy wasn’t the outcome that we envisaged when we started all this debt sorting business, but que sera and all that.

Thanks to everyone who has offered me advice on all this, and thanks to everyone that has been brave enough to post on here about their experiences. It’s far from easy to do so.

I now have a chance to make a fresh start after literally years and years of worry and juggling monies around and it feels quite liberating to be honest!

Roll on December 9th!

Thanks again everyone.

Derek.

Sammy3008

Would just like to say, congratulations on getting through your OR interview. The advice you have given on here, people like ourselves (who are near to BR stage) learn so much from, so thank you.
Onwards and Upwards for you now.

kew63

Warm welcome to the forum and glad to hear in the last few posts that everyones replies have helped a bit.

I had to smile when I read the bit about your OH opening up all your mail and finding out the extent of the problem. I did exactly the same about a year ago, hubbie had been running his company after taking it over from his father for years, and it had never really given him a living wage. I knew there were debts but he gave me the impression we were talking about @ £10,000 -wasnt really blantently lying to me, more like didnt really know the extent of the problem because he'd hid the letters and not added it all up. Once I started digging, it mounted & mounted, I kept saying "you better be telling me everything or I'll flip", but another debt kept appearing. One night I found a letter from HMRC and nearly went through the roof. Flipped big style, I think I scared the living wotsits out of him. The final amount was £45,000 and despite months of trying to come up with creative methods to sort it, a visit to a Insolvancy Practionier, he realised the only course was BR.

It is tough, but it was the right decision, and in time you will come to realise that your BR has been a postive turning point in your life. My hubbies BR was in our first year of marriage, we'd also gone through losing his father within weeks of the wedding, so we figure that bereavment & finacial difficulties are the biggest test of a relationship, but we've come out stronger because we went through them together. I hated seeing my husband going BR because he worked bloomin hard for that company and got nothing but debts for his efforts, but if anyone ever says anything nasty to him about the BR I'd knock their block off !! I'm sure your wife will be the same. I look after all the finances now, think he quite likes it , he doesnt have to worry about a thing.

So pleased to hear after your meeting with the OR that you sound so much happier. Hubbie's OR has been lovely, like you said be striaght with them and dont try anything clever and you'll be fine, ours too commented on how organised we were, it makes their lives so much easier.

All the best for the future, fingers crossed things might go though nice & easy and you'll get a ED :-)

DerekW

Blimey, it's been almost 6 months now since I was declared bankrupt.

I'm still not sure how it all works to be honest - we still haven't heard a single thing about the house - perhaps this is something that needs chasing up.

On the positive side, I had a letter this week stating that the OR is considering an early discharge. Hence I am back here seeking advice.

If/ when an early discharge is granted, can the OR come back and demand further payments?

I only ask as:

1. I am looking for a new job

and

2. We are looking at completely walking away from the house (which is in my name only) and starting afresh in my wifes house which she still owns in her sole name.

The idea behind it all is that we can begin to save up a bit of a fighting fund between us and go and buy a place that we can really begin to settle down in. If the OR can come back at a date post discharge and we had managed to be able to save £1000 a month after walking away from our present home, then maybe we would have to think about sitting tight where we are and attempt to hurry along the sale in some way or other.

Thanks for any advice that you may have.

Derek.

beentheredonethatstilhere

DerekW wrote: »

Blimey, it's been almost 6 months now since I was declared bankrupt.

I'm still not sure how it all works to be honest - we still haven't heard a single thing about the house - perhaps this is something that needs chasing up.

On the positive side, I had a letter this week stating that the OR is considering an early discharge. Hence I am back here seeking advice.

If/ when an early discharge is granted, can the OR come back and demand further payments? If you are not in an IPA then no he can't come back once you are discharged.

I only ask as:

1. I am looking for a new job

and

2. We are looking at completely walking away from the house (which is in my name only) and starting afresh in my wifes house which she still owns in her sole name.

The idea behind it all is that we can begin to save up a bit of a fighting fund between us and go and buy a place that we can really begin to settle down in. If the OR can come back at a date post discharge and we had managed to be able to save £1000 a month after walking away from our present home, then maybe we would have to think about sitting tight where we are and attempt to hurry along the sale in some way or other.

Thanks for any advice that you may have.

Derek.

As stated as long as you are not in an IPA before discharge then you will be fine. If you have a lump sum come to you after discharge that originates before BR or discharge then you may have to give it to the OR.

Darnit_2

Just remember that you are obliged to report any change of circs until the actual discharge, and even though you are eligible, it may not happen until 12 months has passed due to the OR workload. So do not change your circs now that would leave you liable to start an IPA, in other words, if you are able to save 1000 per month, the OR will take most of that off you for three years. so wait until you are clear, and then make your decision with a clear head and it will be a truly fresh start.

DerekW

My, that's gone quickly.

351 days bankrupt, and 2 weeks today I will have done my year.

My early discharge didn't come through and I still haven't heard anything about the house.

I'm just wondering what happens next?

Tupperware_Queen

fiveyearplan wrote: »

You are so right. There comes a point when you realise debt is just debt and the only thing that truly matters are friends and family and health!

oh how true that is!!

I have been amazed by the love and support from friends and family over the last 6 months.

DerekW

Just had a little cry.

3 years, 2 months and 17 days later I got my house back for the princely sum of £750 without having to go to court again.

Relief, relief, relief.

Good luck to you all that find yourselves in the awful situation.

There can be hope.

IF

DerekW wrote: »

Just had a little cry.

3 years, 2 months and 17 days later I got my house back for the princely sum of £750 without having to go to court again.

Relief, relief, relief.

Good luck to you all that find yourselves in the awful situation.

There can be hope.

Awww bless you Derek, I'm so pleased to hear about your home and your post will help others too :beer:

Best wishes
IF...x