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JL2083

I've just submitted my application. I feel sick with anxiety. I'm dreading talking to the OR. How long till they call what will they ask me? Any help really appreciated 

mwarby

So as far as I know the first step is adjudication, this can take a working day, this is a basic check that you are eligible for bankruptcy(don't worry its technicialiyes like do you live and work in UK, you get bankruptcy tourism). Then they will setup a phone interview(normally) with the OR, maybe the same day but probly the next day. I'd guess you might get notification of when the interview tomorrow or Friday, and call Friday or Monday

Why are you dreading it, any particular  concern ?

They'll want to discuss

 - the circumstances which made you go bankrupt

- the debts (eg why you took out a loan)

- any prefential payments (like paying off debt to friends and family, over other creditors)

-any expenditure which their not sure on, or need evidence of

For most its quite straightforward, most seem to be quite friendly from what is said in here, but some are a little more business like which can cause stress. For many its also a big relief as your now free from being chased for repayments

JL2083

Thank you, Should I delay setting up a basic bank account until I hear from the OR? It's just I have DDs that come out I and after the 15th 

mwarby

I would start now, do you have a bank in mind ? I often suggest Nationwide but Barclays, co-op, Monzo are all known for being bankruptcy friendly, historically HSBC less so, as well as Halifax (but then I had no issues when I had an IVA with their parent company bank of scotland, your mileage may vary). I normally suggest you go for a bank you don't have debt with (they can't do anything now) as they're imho more likely to value your custom

Just to add, I normally suggest that you switch accounts manually, eg update your direct debits online or by phone. This minimises the chances of a direct debit for a debt ening acrried over adding to clutter and the risk of error.

If you have money that you need to get him through to next payday, I'd withdraw or transfer it now

JL2083

Thanks for that. I was only with HSBC. That will be frozen. 
I have DDs due out on the 15th, but I withdrew my wages to pay into my new account to cover those. I'm just nervous of opening an account premature and then having the money I do frozen and not being able to set up and pay for those DDs. 

JL2083

mwarby said:

So as far as I know the first step is adjudication, this can take a working day, this is a basic check that you are eligible for bankruptcy(don't worry its technicialiyes like do you live and work in UK, you get bankruptcy tourism). Then they will setup a phone interview(normally) with the OR, maybe the same day but probly the next day. I'd guess you might get notification of when the interview tomorrow or Friday, and call Friday or Monday

Why are you dreading it, any particular  concern ?

They'll want to discuss

 - the circumstances which made you go bankrupt

- the debts (eg why you took out a loan)

- any prefential payments (like paying off debt to friends and family, over other creditors)

-any expenditure which their not sure on, or need evidence of

For most its quite straightforward, most seem to be quite friendly from what is said in here, but some are a little more business like which can cause stress. For many its also a big relief as your now free from being chased for repayments

In response, I guess it's just the fear of the unknown. I didn't do anything illegal so its not that kind of fear, and I guess it's a bit of embarrassment. I have read through a lot of posts here and it does reassure me. I think I'll feel better once I get the call over with, I have a new account and my DDs in order. 

mwarby

JL2083 said:

Thanks for that. I was only with HSBC. That will be frozen. 
I have DDs due out on the 15th, but I withdrew my wages to pay into my new account to cover those. I'm just nervous of opening an account premature and then having the money I do frozen and not being able to set up and pay for those DDs. 

You could wait until you get notice of your interview, but I wouldn't. It's worth bearing in mind that you maybe a bit late in getting the direct debits setup, time is a a bit tight, but you should be ok if you get new details in next few days (the date the DDs fo out on may just be a bit later). You may get the bank details the same day as you apply(you often do if you apply in branch), but if not try not to worry, as its a one off delay. If needs be you could always pay by card or bank transfer

sammy32683

I had a HSBC basic account prior to going bankrupt. I got the call from the OR 5 days after my BR was granted and did the interview the next day. A week after that my bank account was frozen but I have called them up and they unfroze it and will allow me to keep it as it is already a basic account so you may be able to keep yours if you don't owe them anything.