Now waiting for the next stage.....

kes0904

Well - our appointment at the county court all went very smoothly yesterday- the clerk went through the forms, said everything looked good, and it was being taken off for the judge to approve later that day. He indicated that it was pretty much a forgone conclusion that it would be accepted, and we would hear by the end of the day if there were any problems- and we didn't hear anything. (Just to clarify- both my husband and I filed for BR yesterday)

We should expect to receive our official BR documents in the post tomorrow morning, and now waiting to hear from the OR.

Have been feeling so much better since yesterday, all seemed very surreal really!

Just starting to get nervous about the interview with the OR- I am notoriously rubbish with documents, so concerned what we'll be asked to produce and what they will do with us next.

What is the difference between an IPO and an IPA?

Wondering what they will do about my income- as I've been self employed over the last 9 years. My commission statements show a strong income for me, but I have a lot that goes back out again with expenses.

It's so stupid- because I know I've done nothing dodgy over the years we've built up our debt- yet why am I worried that we will get into some sort of trouble? I think it's just the guilt you live with when you've built up debt over 13 years and you're not really sure how you got in such a state!

Just wondering what they will do with my car- it's on a PCP scheme with Ford and is worth £8000 and it has £8000 left on the finance (we pay £289 per month). It is an essential asset for my business, but wondering if we will be asked to downgrade.
If we do- we will need to borrow money from a friend to purchase something else anyway.

So many questions still to ask- and I know that's what the interview is for as well as questions for us. We're expecting to have the interview on Monday or Tuesday- just want to get it done now and find out where we stand.

One great thing- when the creditors call, I'm not scared anymore. It's a whole different reaction when you can give them the case number of your bankruptcy- they go away very quickly!

One last thing- we changed our mind about renting before bankruptcy (previous post of mine) as it looks like we will be able to rent a house in a few months from my husband's boss- so no checks and no large amounts of money to lay out which is some good news!

Ineedaname

At least that's the first step done and if you do get your full OR interview so quickly that will be a bonus. I'm guessing it will just be a short chat though as most ORs do that immediately following BR, then they do the full interview a couple of weeks later.

Paperwork wise, mostly they ask for a year's worth of bank and card statements. In your case they may ask for the last accounts you had drawn up, so they'll see your true net income from that.

I'm not sure about the car as it's business use, but a high value so they may want you to downsize.

Have a few drinks tonight and try not to worry. Jot down any specific questions you have for the OR so you are prepared when they call.

kes0904

God help me if they ask for a years worth of statements on each credit card- we had 18 different unsecured debts on our petition between us, most were cards- so that will be a fun task- LOL!!
Definitely consuming some vino tonight!

dojoman

Don`t worry, I was able to give them the bank statements but I could not give them the CC ones. If needed they can get them themselves anyway.

Well done on getting through yesterday:)

Ineedaname

I didn't even have statements for most of my cards, having been on the DMP for nearly 5 years they'd all stopped sending statements to me.

kes0904

Thank you for your supportive words
We feel soooooooo much better now we've made the next step, and it's so good to hear from others who have or are experiencing the same things

SurreyLass1

Dont panic about the statements - I didnt have them all and I was just told by my OR to send what I had and they would get anything else they needed directly. They even sent me a stamped addressed envelope to send it all back to them in!

Well done on that big step - enjoy a vino and two tonight!

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mel12

Well done and good luck for the next step

What is the difference between an IPO and an IPA?

They are basically the same thing. An IPA (income payment arrangement) is where you and the OR agree how much you have to pay, an IPO (income payment order) is given where someone doesn't agree to pay and the OR goes to court to get an order.

GoingUnder

what are the OR looking for in the statements then? Is it to confirm income is as it was said or are they looking at spending patterns?

bankrubber

I had the same question recently, what is the OR looking for? The advice I was given made sense; They look to see if any large withdrawals were made prior to declaring bankruptcy. I guess this is to ensure that nobody withdraws their remaining credit available and hide it under the mattress

They also verify that the income/outgoings on the SOA are correct I presume.

Teen_the_Drama_Queen

Hi Kes

Glad all went ok at the Court, as people on the forum here say, its never as bad as you think.

We were declared BR on the 5th of this month, I had my telephone interview with OR on Friday and DH just had his this morning.

I had delivered all paperwork by hand (there was oodles of the stuff, I had printed off bank statements for DH off the internet), there were my bank statements for a year plus of course the credit card statements - I thought it would cost a small fortune to post it - I think the petrol to the OR's office worked out cheaper (or maybe not).

The most difficult thing was working out when the original credit cards were taken out and what percentage of balances we had actually paid off. (We had been living off credit cards for prob the six months before we went BR).

The good news is that our landlord won't have to be notified of our BR - that was one thing we had been fretting about.

Nothing seemed too bad, although of course, pet insurance is not allowed and nor is insurance for DH for if he is sick and cannot work or if he's made redundant. There is no way we could afford to live on my wages - but Milletts do some pretty tents nowadays I believe :rotfl:

Now we just wait until they work out what we pay each month - life goes on :j

Try not to fret too much about the upcoming interview (easier said than done I know) - its just something that has to be done. Keep reading this forum for support - make notes of what you want to ask the OR and then when the interview takes place, just sit down with your paperwork in front of you and a cuppa and go with it - the OR isn't there to judge your past life - they just need some background details as to how you've got where you are today and whether you will have anything left over at the end of each month to pay to your creditors. So long as you allow realistically for all of your outgoings you will have nothing to worry about (they think of everything, even dry cleaning which hadn't even occurred to me - it's not something we have used for months!). (Mind you, when I think of being taken to the cleaners - Firstplus our second mortgagees spring to mind ).

TtDQ
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