We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

BR 1/4/2010, OR Interview Tomorrow

Hi all, as the title says, I was declared bankrupt on April Fools Day (something ironic in that). Got my information pack yesterday from the OR and they have arranged my telephone interview for Noon tomorrow.

From reading the various posts on here, I'm not too worried about it, as it seems they just want to go through the SOA and get more information on how the debts were occurred. To be honest, I don't really know how they escalated. Credit cards were spent up, loans were taken to consolidate and like a fool the cards were kept and the debts ran up again. I have very little to show for such a huge debt, and can't really tell the OR what all the money was spent on. I'm a taxi driver and own my car which is worth about 3k and just hope they don't want to sell it off, as it will be a pain finding a cheaper car and paying for the licence and tests again.

Thanks
«1

Comments

  • dojoman
    dojoman Posts: 12,027 Forumite
    Good luck for tomoroow, just be honest, if you don`t know the answer say so and you will be fine, hope it flies by for you:)
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • IF
    IF Posts: 34,349 Forumite
    10,000 Posts Combo Breaker
    Hello Mr Bojangles, I do like your name, it makes me smile typing it!!263fxhk.jpgWell you do know what to expect and can only echo when Dojoman has said. Good luck for tomorrow, although i know you won't need it!!
    Best wishes
    If...x
    "If wishes were horses, then beggars would ride"
  • Heycock
    Heycock Posts: 1,359 Forumite
    Tenth Anniversary Combo Breaker
    Hi Bo. Congratulations on your progress so far.
    Like you I'm a taxi driver and went BR last week...my OR interview is next week. No pack yet. Let us know how you get on with the car. Are you sure it's worth 3K? Mine's an 07 Vectra but it's only worth between £2500 and £3000 depending on which guide you use because of the 98K mileage. Did you reduce the value for mileage? From what I've heard the OR is usually sympathetic on this one because it is the ONLY tool of your trade and they know you would not be able to replace it realistically for less than 5 or 6K if the replacement was to pass the plate and last more than a year. Effectively by making you get rid of your current car, they'd be putting you on the dole and that's not what they want to do. I think the county courts everywhere have revolving doors for taxi drivers at the moment! We are by no means alone. Are you PH or Hack?
    Good luck with your OR.
  • Think I must've had 1 of the more un-sympathetic OR's. Interview lasted about 20 mins and he kept pressuring me to know what I'd spent the credit cards on, suppose that's his job though. Wish I knew where all the money went, but in reality there is very little to show for it. Think he was trying to assess whether I was still spending on the cards when I knew I couldn't repay them.
    As for the car he said they wouldn't be interested in it, but he would check the value. I have to give up my life assurance policy even though there is no value as it is only payable on death, but I could have it back for a payment of about £50. Dunno what that's all about :think: . He wants to see my accounts from when I started self employment, so have to send him 7 years worth of accounts.

    Fingers crossed I won't hear from them again.
  • IF
    IF Posts: 34,349 Forumite
    10,000 Posts Combo Breaker
    Hello Mr B, Like you say he's only doing his job and we don't know what side of the bed he got up out of this morning!! You've done and said all you can.
    It's up to you re life insurance, is their anybody you need to leave it too?

    Well at least you can breathe again and have a nice cup of tea.

    th23_29_107v-1.gif

    Take care
    If...x
    "If wishes were horses, then beggars would ride"
  • dojoman
    dojoman Posts: 12,027 Forumite
    With your life insurance you can buy the BI back from the OR. Therefore the OR would not have a claim on it after you are discharged, however if something was to happen to you whilst still BR the money would go to the OR to pay off your debt and the OR`s fees, anything left would then come to your family. Also you can just let it lapse and start a new one which sometimes is easier.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    Dojo is spot on with his advice as always.

    I have just dug out the letter we were sent from the OR re our life insurance. It reads as follows:

    'This policy is now an asset of your bankruptcy estate. If the premiums on this policy continue to be paid and the life assured dies within the term of the policy, the proceeds will be payable to your bankruptcy estate, even if this happens after you have been discharged form BR.

    The options open to you are:

    To cease payment of the premiums, which will mean the policy will lapse, or to pay the OR £50 to assign the policy back to you.'

    HTH a little!

    Angie x
  • Thanks for the replies, so if I buy it back from the OR and god forbid something happens to me, the payout will still go to the OR even after I'm discharged. What happens if I take out a new policy after I'm discharged?
  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    If you buy the policy back from the OR any payout will only go to the OR while you are undischarged. They will have no interest in it after discharge if you have bought it back off them.

    If you take out a new policy when you are discharged it will have nothing to do with the OR then either.

    Angie x
  • auldblerk
    auldblerk Posts: 1,083 Forumite
    Your story sounds familiar except my tin-can is only worth about £300 and I need it for work. Think I've also landed an un-sympathetic OR as my OR interview is tomorrow at 4 pm, I rang today to try and change it as there is no gaurantee I will be home from work by then, her reply was I have to 'make time for the interview' .. now, the thing is, if I start trying to take time off work giving them just one days notice, I could find myself out of a job.
    Not looking forward to tomorrow.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.