The Bankruptcy Club & Supporters Club

sean1970_2

Hi Scootw1,
I am sure you will be fine really as even though you may have a bit of extra cash it is likely to be insufficient to attract the attention of the OR.

Best of luck!

Sean

scootw1

Thanks for that. I was wondering really how much cash in hand would attract the OR

Brokeandbothered

I've been looking at the online forms again and I've got to the bit where you say why you got into trouble. I'm pasting it below, would someone tell me what they think? Any suggestions / criticism would be gratefully received:


I developed severe depression after the sudden death of my mother. I have been on medication for just under 3 years and in May of 2005 was signed off work for 5 months. While off, I was paid basic rate, but not shift premium, which was at the time £61.1 per week. I had to use my credit card for normal living expenses such as food and petrol, because I was already in debt and my wages all went on debts and bills. I took out a loan to pay off the card. When I returned to work, I was not 'allowed' back onto my 12-hr days and was given an 8-hr shift pattern by the HR manager. This meant a reduction in shift premium. I had to reuse the credit card, especially for bigger bills, such as M.O.T or servicing my car. I have since been placed on a rota on which I only have 1 day off for 2 weeks out of 3, which means I cannot work overtime (this is a health and safety regulation on our site). I moved into smaller property to try to cut expenses. Due to the anti-depressants, I have not been 'with it' for a long time. After stopping the medication a few months ago, I found myself in a situation where I was in over my head. My credit cards were maxed out, along with my overdrafts. With 4 loans etc to repay, I had to choose between food or petrol. I applied for a consolidation loan which would have halved my repayments, but was refused. At this point I sought advice from the CAB who suggested that the best course of action for me would be to declare myself bankrupt.

sean1970_2

Hi brokeandbothered,
Firstly I am very sorry to hear about your personal circumstances and I hope you are feeling better now. Forums such as this one offer a great deal of support as I am sure you will agree.

Your explaination of your circumstances seems perfectly fine really so I would not fret too much about this. The wording reflects a genuine change in circumstances so you will be fine. An honest person has nothing to fear from bankruptcy and the Official Receivers are not there to catch you out. I am sure you will have no problem with the content of your forms.

Kind regards

Sean

less2303

The explanation on the form really needs to be quite short. If the OR wants further or more in depth details, they will ask.

I suggest something along the lines of:

Approximately 3 years ago, following the death of my mother, I developed severe depression. I struggled to continue at work until May 2005, when I was eventually signed off work for 5 months, only receiving basic pay.

This subsequently lead to my having to live beyond my means just to cover my day to day expenses, which in turn lead to my running up a credit card and taking out a loan.

I was unable to rectify this on my return to work, as I was only allowed to do basic shifts. This made me unable to sort my finances out and they continued to spiral in a downwards direction, despite moving to a smaller property in an effort to keep costs down.

I have sought professional advice through the CAB, who advised my current course of action.

sean1970_2

Hi scootw,
How much surplus cash will you have exactly? £200?

Brokeandbothered

sean1970 wrote:

Hi brokeandbothered,
Firstly I am very sorry to hear about your personal circumstances and I hope you are feeling better now. Forums such as this one offer a great deal of support as I am sure you will agree.

Your explaination of your circumstances seems perfectly fine really so I would not fret too much about this. The wording reflects a genuine change in circumstances so you will be fine. An honest person has nothing to fear from bankruptcy and the Official Receivers are not there to catch you out. I am sure you will have no problem with the content of your forms.

Kind regards

Sean

Thankyou Sean, that is really kind of you x

Brokeandbothered

less2303 wrote:

The explanation on the form really needs to be quite short. If the OR wants further or more in depth details, they will ask.

Ah, yes I wondered, I do have a tendency to ramble on!

less2303

Brokeandbothered wrote:

Ah, yes I wondered, I do have a tendency to ramble on!

Its only natural, you want to put as much in as you can to try and justify yourself, but as I said, the OR can go into further, and you can explain further, during the interview.

Dont worry!

lou031205

I am filling in the credit cards section, and it asks for date obtained.

Is that the date you obtained the credit facility, or the issue date of your latest card? 'cos it looks REALLY bad when you look at it, 'cos most of the cards are recently issued, but the accounts are years old.

Hope that makes sense.

Louise x