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BR 1/4/2010, OR Interview Tomorrow

Mr_Bojangles_3
Posts: 52 Forumite


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
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
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Comments
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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!0 -
Hello Mr Bojangles, I do like your name, it makes me smile typing it!!
Well 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"
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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.0 -
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.0 -
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.
Take care
If...x"If wishes were horses, then beggars would ride"
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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!0 -
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 x0 -
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?0
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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 x0 -
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.0
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