Next step - OR Interview - Advice please

Hughesy84

Ok next step is the OR interview this week….what happens in this?

• Do you only have the 1 interview? Or do you have multiple meetings?

• As for statements etc which you may have, what if you don’t have this information available?

• Finally - If they decide you should have an IPA on your wage, does that come into account straight away or will they give you some leeway to allow you to save some money for your rental bounty & moving costs?

• Also if in an IPA – what happens if you get overtime at work and earn say an extra £400? Does the OR take that automatically from you, or do you get to keep some of it?

arrowarra

Hi there I wrote this thread a while back and it may help...

https://forums.moneysavingexpert.com/discussion/3297262=

Hughesy84

Thanks for that. Some of it was useful....anything about the IPA costs and when it needs to start?

What does he do about the house? He wants it to be no longer his, therefore does he contact the mortgage lot and tell them to come to take it back? Is there a way to speed it up?

debtinfo

Hughesy84 wrote: »

Ok next step is the OR interview this week….what happens in this?

• Do you only have the 1 interview? Or do you have multiple meetings? You can have as many as the OR needs, but most people only have one

• As for statements etc which you may have, what if you don’t have this information available? you send what you do have, the OR can obtain any that you dont

• Finally - If they decide you should have an IPA on your wage, does that come into account straight away or will they give you some leeway to allow you to save some money for your rental bounty & moving costs? It normally comes into effect about one month after being agreed, any delay would be at the discretion of the OR, so no guarantee

• Also if in an IPA – what happens if you get overtime at work and earn say an extra £400? Does the OR take that automatically from you, or do you get to keep some of it? Unless you can come up with a persuaive argument regarding an expense that you have that has not already been accounted for then they will normally take the whole amount

Hope that helps

Hughesy84

Top stuff debtinfo - top notch info as always!

Hughesy84

Couple of other questions for your DebtInfo.

He wants to give up his house....is there a way to speed the process up so he doesnt have to wait months and months before they actually take it?

Question for me - Im just about to move into my own house, if he moves in as a lodger - will it financially link him to me anyway? Will I be ok to let him move in, i.e. will it affect me in anyway?

Hughesy84

Any of you BR experts out there who can answer my questions please?

debtinfo

Hughesy84 wrote: »

Couple of other questions for your DebtInfo.

He wants to give up his house....is there a way to speed the process up so he doesnt have to wait months and months before they actually take it?

Question for me - Im just about to move into my own house, if he moves in as a lodger - will it financially link him to me anyway? Will I be ok to let him move in, i.e. will it affect me in anyway?

Hi hughsey, the likelihood is that the only way to speed it up is to sign a deed of acknowledgement which is not a good idea, you can ask them to take it without that but many lenders will not

Normally you only get financially linked if you take out joint financial products or are married, not just because you live together

Hughesy84

debtinfo wrote: »

Hi hughsey, the likelihood is that the only way to speed it up is to sign a deed of acknowledgement which is not a good idea, you can ask them to take it without that but many lenders will not

Normally you only get financially linked if you take out joint financial products or are married, not just because you live together

Is that where people say not to sign the document because it can come back to you after BR?

Is there anything else he shouldnt sign? Take it all the OR forms are fine to sign, i.e. that they can have access to tax returns etc?

Thanks about the financial link.