Bankruptcy and Offical Receiver Interview

dmm1982

Hi,

After seeking proffession advice my only option is to declare bankruptcy which I am in the process of doing now. I have around £25000.00 worth of unsecured debt,
HSBC - Loan £18500.00 left remaining, been passed to several collection agencies not made a payment for years was too scared to make contact in regarding the debt stupid I know, took out in 2003/2004 no longer on my credit file?
Santander - 2900.00 left remaning through overdraft and charges. Passed to several debt collection agencys still showing on credit file as defaulted in 2006, have 2 defaults on credit file for this debt one with santander and other with debt collecting agency both for same amount and same default date not sure tis is allowed?
Provident - £124.00 took out round 2005 for 300, paid 400 back on it but outstanding now £124.00 not made a payment for years and no longer on credit file.

I occured the above debts many years ago,I was in the Army and on a very good wage I took my big loan out with HSBC to buy a car and attend a family holiday, I was comfortable making repayments, I had another bank account with Abbey (Santander), heres where it gets complicated.

I met my ex in the army and things seemed to be great, good job and boyfriend travling the world together what more could I ask for, then my ex got kicked out the army and came very controlling and abusive towards me, I fell pregnant (not planned) and was stuck in this relationship and could see no way out I was very frightened of my ex and basically done what he said, he would spend most of the money on drinking etc and bills where not getting paid, I gave birth and fell into depression was on anti depressions and was struck off work for a total of 18 months resulting in me being compassionately disharged from the army. During the time i couldnt pay my debt with HSBC and I started using my other account with the abbey. I went from having a very well paid job to basically nothing I ran up my overdraft with the abbey and started cashing cheques. I then Had to open a basic account for my benefits etc to be paid in and my debt with abbey was passed onto debt collection agencies. I have since had my basic account and this is the account I use today.

Since leaving the army I have had a few part time jobs but all basic wage I am now working 16 hours basic wage and have 2 children. I have my CB paid into the credit union I have saving in there for around 700 but also have a loan out against my savings for around £2200.00 my CB pays that each week.

Most of my debt was occured many years ago, and all bank account relating to the debts have been closed and passed on to debt collection agencies will the offical reciever want bank statements etc from these accounts.

No heres the part where I have been stupid, I have took out 5 - 6 payday advances in the past year.

Wonga and Txt loan taken out in Aug 2011, orginally for small amounts and was paying them back but getting them back again for larger amounts to help with everyday bills and then resulting in me not being able to pay back, so have been paying them back each week on a payment plan @ £10 per week, I owe txt loan £265 and wonga £450 interest has been frozen which is good.

I also took out 2 payday advances with payday Uk and payday express, one for £150 which repayment is due on 13th April for £193.00 and one for £160.00 and repayment is to due on 13th April for £200.00, I took the payday advances out as I was struggling and was due money from my childs father which i was going to use to pay back but this has now backfired and does not look like i will be getting the money. I have emailed the companies asking for interest to be stopped as this was advised to me by debt line and have offered £5 per week until my bankruptcy, have yet to hear back and am scared they wont accept and will keep adding charges.

To top this all off the company I was working for decided to lay us off with out pay until 28th april and if no job offer is available after this they will pay us our holiday pay and redunacy pay if entitled. Luckly I managed to get a start in another job but only for 16 hours at minimun wage i was left for 2 weeks without pay and it has sent my finances everywhere.

I am trrerribly worried about the Offical reciever interview once my bankruptcy has been done, what will he want from me, will i have to send bank statements even though i have a basic account, over the last year i started using online bingo and have spent a bit kept thinking I would have a big win and would be able to pay off some bills, sometimes using bill money to play and ending up with nothing and back to square 1. this caused alot of trouble in the family i fell out with my mum and my new partner left a couple of times, I have now self excluded from my bingo sites and am getting a hold of my finances and facing up to them instead of ignoring them.

But i am so worried about this OR interview, do i be honest and tell him i started gambling in the last year, my larger debts that occured years ago have nothing to do with me gambling but if im honest i would say the payday advances recently have had an effect on me using the online bingo etc, I would say I owe around 1200.00 in payday advances.

Will the OR question why i took out the payday advances will he want bank statements i have nothing of value and currently living in a council house i do not even own a car anymore my ex took that and crashed it resulting in it being a write off.

I have suffered with depression for years and am currently still taking medication for this hence the reason why I probably ignored my debts, but I am a mess I know I have taken the right step in going bankrupt as this is the only solution for me I have nothing and will not be able to repay my debts, I want to get better but have this huge weight on me and its effcting my health and no Im worried sick about this OR intreview, what if my bankruptcy gets rejected, what if the OR is nasty to me.

Please could someone giv me as much advice as possinble in reagrds to the OR intervirew will he want to know the ins and outs of my basic bank account what else does he require, would my payday advances be included in the bankruptcy PLEASE HELP.

Many Thanks

xx

Maizy

Hi dmm

Sorry you have been through all of this but it does seem that you realise the issues and have accepted responsibility for your part in where you are now. Sigh of relief, you have a large part out of the way, admittance and acceptance.

Now its time to realise you are a human being and we all make mistakes, errors or whatever folk wish to call them. In reality your debts are the same as anyone else's and you are entitled to a fresh start if you have taken advice. The way in which you ran up the debts, you just need to be totally honest with. I would be honest about the gambling too, you may be able to track back through your accounts to see exactly when it started so you can produce this as evidence. The OR is likely to want to check your statements and can obtain as much info as they like. The payday loans can be included in your BR.

The OR really isn't there to give you a ticking off but they of course question how you got into the debt so as much info as you can give (there is plenty of space) on the BR form the better. The OR has seen it all before and will understand that pay day loans are just par for the course when people are in a mess. Providing you haven't taken recent loans to pay for exotic holidays etc etc, then the OR I guess will understand.

When you are feeling down with it all, everything seems bleak but stand strong and you will get through this. You have taken a huge step and I know its easier said than done but please try not to worry, I have been on here for a good while now (5 months BR myself) and I have seen many folk in similar situations. It always seems worse before you go BR, once you are on the other side, you can start to rebuild your life from scratch and we learn from any mistakes we may have made. Good luck.

xxxx

OutofDebt-NOT-OutofDanger

Hi dmm,

Sorry to hear you've had such a bad time, but as Maizy said - you have recognised the problems and are now confronting them.

As long as you tell the OR the truth about how you got into debt you won't have to worry. You may not have all the details they need such as bank statements, but they can easily get this information from the relevant places.

Also, don't worry about the payday loans - as long as you took them out in good faith and believed you could pay them back then there is no problem. Remember that even the best laid plans it don't always work out. The OR will have seen this many times before!

They will find out about the gambling from your bank statements so be honest and tell the OR - I wouldn't think it's a big issue though.

I found the biggest fears in the process (once I had made the decision to go for BR) were:

• Going to the court - I didn't need to see the judge (or even wait in the court for the decision) and the clerk was really helpful;
• The OR interview - Again the OR was really pleasant and although they asked a number of questions, it really is to clarify what is on the forms.

Remember that neither the court nor the OR are there to judge you and to them it is simply a job that they do.


Finally, read through the stickies at the top of the forum so that you are as well prepared as you can be and keep control of the process.


Oodnood

tigerfeet2006

Make sure you get a BR friendly account sorted before you go BR as well. Check out the sticky at the top of the board for information.

dmm1982

Thanks for the advice guys, I have already opened a cash minder account with co op and informed them it was because I was going bankrupt got the card today only took a week to sort out so thank god thats a less worry, I have my wages going into my brothers account and once I have got my court date I gonna request my tax credits be sent by giro which they informed me they can do this for 4 weeks just incase my account gets frozen for a while, as I will need every penny for living.
I am going to be totally honest in everything, most of the debt around 22,000 was taken well back in 2003-4 and no longer shows on any of my credit files I heard about this statue barred but I know I have definately made payments to the debt collection companies within the last 6 years so there no point in argueing this.
For the gambling it probably started a couple of years ago nothing big just online really, all in all it got a little addictive and I would be spending my taxcredits/wages etc and then worrying where I was going to get money from constantly having to ask family and friends for money to live off cause I had spent it which has caused many problems. I never took out any credit for my gambling except for the payday advances which were alast min resort for my stupidity and needed money to survive basically as I had no one else. I have now closed my online gambling and have not gambled for a couple of weeks it might not sound like much but it is a big step for me and I can tell yoou it has been a bit of releif and already im starting to feel better.

I am just petrified of having the OR interview and what he will say to me I don't think I will be able to handle it and scared I might breakdown or something. Also will I have to make payments each month how much do they allow for living expences etc? can I include my sons swimming lessons and football?

Just got to get a couple more bits for the CAB then we are booking the date but I just cannot stop worrying about it all. It may sound like the cowards way out but it has just got on top of me I have been depressed for a good few years and I think its mainly down to having this hugh debt on top of me I recently decided to go back to work after being signed off for 7months as I needed to try and take regain of my life for mine and my childrens sake. Its slowly getting better although not off my medication yet thats the next hurdle to cross xx

North_East_Derbyshire_CAB

Hi

Information on the Official Reciever interview that mighthelp

http://mymoney.nedcab.org.uk/moneyadvice/bankruptcy.asp#ori

NED-CAB

alastairq

Hi....you've taken the most important step to recovering your life...and that is, to admit your debts, and the decision to deal with them.

Bankruptcy is a legal process, in the same way divorce is a legal process.

Nobody is going to be judgemental about your situation.

The Judge will not refuse your Petition...but will want to know you've taken [free] advice from the organisations listed above.
This, so that the Judge is satisfied you understand all that is involved with BR.


The OR has to ask questions...they have lots of forms[paperwork] to fill in.....and your honest answers make things easier for them.

Don't worry about forgetting any creditors.....that is the wonderful thing about the BR petition,it covers everything.

Now that you seem to have come to a decision about which path to follow, it is time to forget about your creditors, just focus on paying essential bills.....rent, CT, leccy, etc....you are allowed 'reasonable living expenses'.....so you might like to complete the SOA and post it up for the experts among us to scrutinise?

Get your Co-op account up and running, now.

As long as it is used simply for day-to-day living, it will not be touched......if worried, phone Co-op and ask to speak to their Bankruptcy department....who will tell you what to expect, the process, etc.

The main thing is..don't wait for the day at Court, start as you intend to go forward, now.

debtinfo

The examiner assigned to your case who conducts your interview will br proffesional, i know, i used to be one. They will naturally ask you lots of questions, have a think about it, what would you ask yourself if you didint know what had happened and was trying to find out, The OR's main goals are to find out what led to the bankruptcy, account for the debts be that by the gambling, every day bills, purchaces of assets, interest and charges on the debts etc, that is it really, once they are satisfied that they can account for most of it their job is done. They will discuss with you your income and your expenses, have a good think of everything that you need to spend to live a reasonable lifestyle, if after that you have a surplus amount each month the OR may ask you to pay an amount each month, Just answer as honestly as you can. Try to give as much detail as you can even if you cant remember the specfic. So for instance they may ask when you took a specific debt out, in reality many of us proably couldnt remember but you might be able to say at least something like, well i cant remember exactly when but i know it was before i moved to this address or after i got that job or before i split from my partner etc etc, that might not seem relevent to you but it just helps the OR put things in order and work out how the debts built up.

If you have other questions feel free to ask

roger196

Have you considered support groups eg gamblers anonymous
http://www.gamblersanonymous.org.uk/

or for depression problems, the manic depression fellowship is very good if you have bipolar.

dmm1982

hi there short update all gambling sites are closed so can not go on them anymore, just waiting for housing benefit award then im all sorted to book my date for the BR, still very worried and scared justhope its not as bad as what im thinking, be glad when its all sorted and I can start a fresh, forms are a bit of a struggle but cab said they will help me with the parts I can not do. Will keep updated on my progress xx

North_East_Derbyshire_CAB

Hi

Try not to worry, things should tun out fine

There is plenty of first class support on here

NED-CAB