Finally done it!! What questions will I get asked?

KEHxxx

Hi, I have after months of worrying finally submitted my BR request and have had an email today confirming it. Can anyone advise me what happens next and also what questions I may get asked during my telephone interview? This is the part I have been worrying about the most!!

mwarby

I’ve never been bankrupt so below is a self educated guess

- what caused you to go bankrupt
- when did you realise you were insolvent
- confirming the debts and bank accounts you have
- specifying what bank account you want to keep, or what you intend to do about a bank account
- going through expenditure, maybe having to justify items, maybe asked to send in say tenancy agreement. Some items maybe reduced or removed
- discussing next steps

Minkym00

To add to above the reason for the interview (seeing as pretty much everything is already on the application) is to understand how the debt had come about, why, and what you have done about it. The OR is trying to determine if there has been any misconduct or if any recovery action can be taken. Most bankruptcies have an element of incurring debt that the bankrupt had no reasonable expectation of being able to pay, so that in itself isn’t a problem. But if the debt has materially increased in the past 2 years and there is evidence of extravagance (holidays, designer goods etc) then it could be taken further. 

Don’t worry about it, the vast majority of bankruptcies don’t include any misconduct. Just be honest and try and remember the dates when things happened, the dates are key. 

thevdm

Mwarby has put it down pretty well, you often don't get a choice which bank account you get to keep, that will be up to the bank. If you owe money to a certain bank then you can pretty much forget about keeping that account. Generally it's a good idea to open a new basic account as soon as possible and just assume every account will be closed, if any are left open then it's a bonus and you've prepped for the worst.

Generally the OR is only really concerned about individual payments of £500 or more (unless of course they are clearly rent payments). You'll be unlikely to be asked about anything under £500.