Loopy's Bankruptcy Journey

loopy_lou1

Thank you Shane - you're my guardian angel - remember that! Kisses x

shane5408

always!!

kisses back xx!!

wherediditallgo

Eagles & loopy-lou, whatever route we took to end up in debt, we all got there - even though I've been BR & am now discharged, I'm sometimes still tempted to buy things I can do without, but knowing I can only use cash now stops me acting on the temptation & after a few minutes/hours it goes away. If I were to spend time going over decisions I made in the past, I'd put myself in an early grave from the multiple skull fractures I'd have from repeatedly banging my head against a brick wall. There's no point in punishing yourself. All of us have made decisions we thought perfectly reasonable at the time that have later come back to haunt us, so don't put yourself down for that. The main thing is that you've both realised that you've got to deal with your debts, & have taken steps to do so.

Whatever questions you've got, someone here's bound to know the answer or provide info on where you can get it, so don't feel you're different from the rest of us. As the saying goes, "all roads lead to Rome".

loopy_lou1

I sorted out all my papers on Tuesday evening and did some calculations.

I felt really positive *note "felt" and then today at 2.20pm a certain gentleman phoned my house. Yes, you've guessed it - HFO! And my DAD answered the phone.

He was asking who my dad was?! He had no right to ask that for a start so I ran down the stairs THREE at a time and whispered "Put the phone down, dad" I took the phone from him and said he's breaking the law asking you anything about me because of the Data Protection Act. I explained to my dad that it was about the debt I'd mentioned to him a while ago and that was it. They of course rang again and I put the phone down. I've been on to the phone company "Pipex" and they have a great system. I'll have to get authority from my dad to do it but I think he'll be ok. You can block the "last caller" on your phone and also any witheld numbers because crafty b**tards that they are - they call me on different numbers. The last caller bar is £3.50 and the witheld is £4.00 and I only want it for a month until I file my BR.

I didn't know you had to pay upfront for your BR fees when you petition so I am now stuck until the end of November which is great because I have my car tax due and a phone bill - which will leave me with £65 for the month to live on. IN DECEMBER! Christmas time!

But it's a small price to pay I suppose for the piece of mind and some sort of end to this nightmare.

I am worried about an IPO or a BRO because I am not in permanent employment! I suppose the OR will look into that with me.

Anyway, my life so far!!!

tomterm8

You did mention something about two failed IVA's... you might consider phoning up the IVA provider and asking if they had any provision in the agreement to make you bankrupt.

Sometimes, they do it for free;)

fermi

tomterm8 wrote: »

You did mention something about two failed IVA's... you might consider phoning up the IVA provider and asking if they had any provision in the agreement to make you bankrupt.

Sometimes, they do it for free;)

I read it as failed IVA proposals on both loopy_lou1's posts here and on CAG.

If that is the case there would be no funds/obligation for the potential IP/supervisor to pay/petition for the BR.
Debt Free Direct always do their best to wiggle out of it even if the are obliged. :rolleyes:

fermi

loopy_lou1 wrote: »

I am worried about an IPO or a BRO because I am not in permanent employment! I suppose the OR will look into that with me.

Any Income Payments Agreement/Order will only take between 50-70% of any 'genuinely' surplus income once you have met your 'reasonable' living expenses. At worst they are a bit of a pain to have to pay, but are not any sort of punishment.

In the (more unlikely than not) event that you are given a Bankruptcy restriction Undertaking/Order, then even these are not to be feared a much as many people seem to.
For most people, unless you want to form your own company, there is no practical difference in day to day life.
While there is a legal obligation to tell any lender whom you wish to obtain £500 or more credit from of your status, in-depth research by the insolvency service and anecdotal evidence suggests that while the bankruptcy itself is on your credit record there is no practical difference in the way you are treated by future lenders.

It's hard not to worry about a 1001 things on the run up to BR, but we (and CAG) will do our best to help your through it.

loopy_lou1

You're right, Fermi. I got as far as creditors meetings and I didn't get enough votes. Twice.

Does a BRO mean that you are BR for 2-15 years?

I know it's a restriction order but I didn't know the implications of this.

And from when you petition how long does it usually take for you to be seen in court?

Just some idea would help. Thank you, so much.

fermi

loopy_lou1 wrote: »

Does a BRO mean that you are BR for 2-15 years?

No. You will be automatically discharged from bankruptcy after 12 months, perhaps even earlier. A BRU/BRO extends the 'restrictions' beyond this, but not the actual bankruptcy.

As I said, I would guess that it's most likely that you wouldn't get one. Even if you did it would be much closer to the 2 years. The 15 year ones are reserved for those who have deliberately tried to beat the system or broken the law.

loopy_lou1 wrote: »

I know it's a restriction order but I didn't know the implications of this.

From: http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm

What are the restrictions

They include the restrictions set out in insolvency law which you are subject to when you are made bankrupt and which are normally lifted when you are discharged from bankruptcy. These restrictions include the following:

* You must disclose your status to a credit provider if you wish to get credit of more than £500.
* You must disclose to those you wish to do business with the name (or trading style) under which you were made bankrupt.
* You may not act as the director of a company or take part in its promotion, formation or management unless you get the court's
permission to do so. (You can apply to the court for this.)
* You may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holders.
* You may not be a Member of Parliament in England or Wales.

Various other restrictions are not set out in insolvency law; these include not being able to act as a local councillor. If you wish to check whether a BRO restricts you from being elected to or remaining in an office or position, you should seek guidance from the appointing or authorising body or group. Alternatively, contact our Insolvency Enquiry Line on 0845 602 9848 (open between 9am and 5pm Monday to Friday) or email: insolvency.enquiryline@insolvency.gsi.gov.uk and they may be able to check for you.

loopy_lou1 wrote: »

And from when you petition how long does it usually take for you to be seen in court?

Unless you have some very odd circumstances, you normally attend court, present the petition and are made bankrupt on the same day.

At some County Courts you can just turn up without an appointment, but with others you need to book days or weeks in advance. You should contact your local court to find out how they do things.

loopy_lou1

I've just had a phonecall from the temping agency I'm with and now I've lost my job.
It's laughable really. I am speechless. I can't even afford to go bankrupt.