Does OR need receipts?

Lizzibuff

Hi

When the OR are investigating all your circumstances and possibly querying any purchases, do they need to see receipts?

Im terrible at keeping receipts and generally lose them!

fermi

It's exceptionally unlikely they will ask you for these. I don't think the OR will reasonably expect you to have kept them either.

The OR only occasionally seems to question individual transactions unless they look really dodgy.

Is there any particular transaction (or type of) that you are worried about?

Lizzibuff

I bought a tall freezer with the view that this would help me budget better either if i went bankrupt or went down the iva route. This way i could go to shops like iceland or farm foods to stock up on freezer offers and in the long run reduce my shopping bills.

I'm just worried that if i do decide to go BR that this may be deemed as irresponsible spending - even tho the idea behind it is to be more practical and budget easier.

fermi

Believe me, the OR won't bat an eyelid over that.:D

I know it's hard not to worry over these things (I've soooo been there), but the OR is understanding regards they way that people try to manage and survive. While in hindsight many choices we or others make might not have been the best, if they were not made with any ill intent then the OR is understanding.

Lizzibuff

Thanks - i am so worried about what will happen as i have been told so many rumours about BR being really bad and people losing all their posessions and not having any money at all. Its really scared me. Its nice to have people on here put things into perspective.

rog2

The OR did not ask me for any receipts for my PERSONAL effects - I did hve to show her my purchase Invoices, for my business, for the previous two years.

Richard_S

Lizzibuff wrote: »

Thanks - i am so worried about what will happen as i have been told so many rumours about BR being really bad and people losing all their posessions and not having any money at all. Its really scared me. Its nice to have people on here put things into perspective.

Hi Lizzi,

Fermi is spot on; items like that are classed as essential household expenditure. We bought a number of items before we were declared bankrupt that we thought wouldn't last very long and we might struggle to replace. We also paid for a holiday just before and just after and that was only queried it was never a problem.

Richard

fermi

Lizzibuff wrote: »

Thanks - i am so worried about what will happen as i have been told so many rumours about BR being really bad and people losing all their posessions and not having any money at all. Its really scared me. Its nice to have people on here put things into perspective.

Those rumours are normally spread by very ill informed people. No offence to them, but they have not had to go through the experience.

Nowadays bankruptcy is designed to allow a reasonable fresh start and not be a punishment. A fundamental principle that the OR has to work by is that the bankrupt should be permitted a reasonable standard of living.

I'm glad we can put things into perspective, and keep asking questions if you need to.

Lizzibuff

Thanks ever so much, can't tell you how much that means - just to ask questions and be reassured things will be ok.

wherediditallgo

Fermi is absolutely right, Lizzi. Although I knew of a couple of BRs before my own situation got that serious, like most people my knowledge was more from the media - of companies going BR resulting in loads of people losing their jobs or individuals going BR & then starting up again with a new name, only to go bust again. In other words, pretty much everything I knew about it was negative - people had lost their homes, the bailiffs had been called in & had taken everything they owned, they'd been reduced to living almost on pennies, etc.

Going BR is no picnic, but the reality of living with it is very far removed from the scare stories put out (sometimes deliberately, I feel).