OR Interview - Questions

gavsterry

Hi all, I have a phone interview Thursday with the OR and must say I'm quite nervous.
They asked for a years worth of statements from each account I owed. Will they likely ask what each transaction etc was used for? I have nothing to hide but am just curious.

Also does anyone know how they work out what sort of payment you would have to make back to each creditor? After bills etc it works out that I would have around £500 a month of disposable income.

Thanks in advance!

alastairq

Will they likely ask what each transaction etc was used for? I have nothing to hide but am just curious.

The OR can..but may not. If you don't remember,then say so....be honest & up front....you are not being judged.

Also does anyone know how they work out what sort of payment you would have to make back to each creditor? After bills etc it works out that I would have around £500 a month of disposable income.

In BAnkruptcy, you don't pay anything back to any creditor whatsoever.

You are allowed to support a reasonable standard of living....your SOA. [HAve you included every domestic expenditure?]

Once that expenditure is deducted from your income, if there is a surplus over £20, then the OR will seek to agree an IPA with you, for the whole of the surplus income amount.
This is an agreement.

If you feel the OR has identified too much 'surplus' income, then you can argue your corner.....preferably by seeking help on here.

Once the IPA is established, it will be paid, monthly, for 3 years.

It can be varied up, down or to zero altogether, should your [financial] circumstances change in that period.

The monies are paid into the BAnkruptcy estate....[along with the values of any appreciable assets you may currently hold..the odd Vermeer, for example?}

Once the value of the BR estate is established, then the costs of administering the BAnkruptcy get deducted. [ considerable sum, especially if an IP is involved]

Known creditors are contacted....unknown creditors are identified...they are all then, eventually, told how much in the pound they can expect to receive according to the amounts of debt.

Since the date & time of your Bankrutpcy Petition, you yourself have absolutely nothing more to do with the debts....the control of your finances & assets has fallen entirely to the Official Receiver.

It is the OR who now manages the BR estate.

gavsterry

I think with my SOA I was over thinking it too much. Thinking that the amounts I were putting down were too much so lowered them. Will I have chance to change that at all? I'd be screwed if they started taking £500 a month off me.

owlet

Can you post your soa on here? Hopefully there will be a few people around to have a look.
You are allowed quite a reasonable standard of living, no need to drastically skimp. It's easy to over look little items on the soa & it all adds up.

gavsterry

Mortgage or rent - £200
Housekeeping (food and cleaning etc) £125
Telephone £41
Travelling £80
Clothing £30

Other
Pet £57.93
Car insurance £25
Car Tax £20.41
Gym membership £60

That's pretty much all I have put. I am early 20's living at home. My father doesn't work as he is disabled so I try and help them when possible, and as I am on a strict diet I buy my own food. Any advice is gratefully appreciated!

philnicandevan

one thing that stands out is your £60 Gym membership..usually not allowed UNLESS you have something in writing that states its for medical reasons etc

Travelling? is this petrol parking etc?

gavsterry

Hi yes travelling is fuel. Didn't really think of parking.
This is more some months than it is in others as I have to go to hospital every couple of months.

The gym is partly to help medical wise. I find of difficult maintaining my weight as I have Crohns and another immune deficiency. But it's just hassle and a mission to get proof

owlet

Fill in the soa using this link then post it here.
You seem to have missed out some sections.


http://www.stoozing.com/calculator/soa.php

gavsterry

Monthly Budget Summary Amount(£)
Total monthly income 1,370
Monthly expenses (incl. HP & secured loans) 654.34
Available for debt repayments 715.66
UNsecured debt repayments 1,020
Amount short for making debt repayments -304.34
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -16,603.92
Net Assets -16,603.92

Income Amount(£)
Monthly income after tax 1370
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1370

Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 200
Management charge (leasehold property) 0
Council tax 0
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 0
Mobile phone 41
TV Licence 0
Satellite/Cable TV 0
Internet services 0
Groceries etc. 125
Clothing 30
Petrol/diesel 80
Road tax 20.41
Car Insurance 25
Car maintenance (including MOT) 40
Car Parking 15
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc 10
Pet Insurance/Vet bills 57.93
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 0
Haircuts 10
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses 654.34

Total monthly income: £1370
Expenses (incl. HP & secured debts): £654.34
Available for debt repayments: £715.66
Unsecured debt repayments: £1020
Surplus (shortfall if negative) £-304.34

I wasn't sure what top put down for entertainment, Christmas and holiday etc?

I'm confused as to how they look in to your payments. When they look at your monthly outgoings do they include loan repayments etc into it, or is that taken out. On the interview I mean. I am so stressed at the moment it is driving me mad.

stundent

On the face of it you have a huge surplus, Is the car yours? How much is it worth? With a surplus of 700 a month Your debt would have been repaid in just over 2 years, there must be an underlying issue.....


Or your grossly underestimating your costs

gavsterry

How do you mean? My monthly payments ( loans credit card etc come to £1020) plus my actual outgoing (£654.34) left me in the crap all the time. Every month I'd end up back in my overdraft then going over it. So each month I'd have close to £100 in bank charges to pay as well. This is why I put this on here for advice. I think I have underestimated my outgoings as I was worried that they would say something should they be too high.