BR QUESTIONS

Ivabr89

I have lots of questions I'm afraid. I will fill you in on basics but post after with all the info if needed. I am a single mum of 4 young children. I have an IVA which is about to fail so just trying to get my BR application ready after being adviced. Debts are over 24k. Lost my job due to lock down March last year .. managed to get a house keeping job when they returned to school which only lasted a couple of months. This then meant a change to universal credits. I've moved house during last year cheaper/smaller to try and help it's not to put it bluntly. My questions are... firstly it asks for all banks from 2 years. I have switched 3 times. Only reason is I wasn't happy with the first.. the 2nd was fine but when I moved to universal I swapped In hope to sort out finances a bit more with an app that showed spend etc. I've recently applied for Santander ready for BR then read they wernt the best so cancelled it. Question is do i put the acc numbers for the switched ones as it says just dormant or frozen nothing about switch? Do i need to get statements from these? They were all just basic accounts.... next question.. the IVA that will fail do i need a copy for OR?? ... and for now finally .. am I best holding off until 2 years after my IVA started as all the debts bar a new utility one are then more than 2 years old? This will be July this year. 

fatbelly

Hi

I think there are 3 questions in there:

1. If your bank account was/were closed with nothing owing then there's nothing to enter. Just put down any accounts you have that are overdrawn but no longer use, and those that are open and you could or do use.

2. The OR will be able to see your IVA - they shouldn't need any proof.

3. I don't see any advantage in waiting for the two-year point 

Ivabr89

There's no banks with overdrafts since starting the IVA. So I just put my account currently used and that's it. Even tho credit report shows the switched accounts as closed. Thanks for your reply... I'm confused a bit about what happens. I know bank will be frozen. Will the OR then access the bank to look at transactions or do i send bank statements? Does the OR just directly go into the bank that's pre bankruptcy check it and then decide? What do i need to expect for the OR phone call? ... I have 4 kids at home so talking to them is going to be a challenge. One has disabilities aswell so not sure he will let me on the phone for hrs without a battle 

Ivabr89

Anyone help? 

fatbelly

Your bank account won't necessarily be frozen.
The approval of your bankruptcy comes from the Adjudicator's office by email.

If the OR requires any paperwork or an interview they'll let you know. It'll all be easier than you think.

Ivabr89

Oh so they don't just basically take your bank and look through? Not that it matters I just thought they would want to see what you have in and out 

sourcrates

Try not to overthink things, it’s actually quite a simple process as long as your affairs are not too complex, and you are honest with them.

The telephone interview is more of a box ticking exercise, they are normally polite and business like, and as said before, just be honest, you will be fine. 

Ivabr89

Thanks a lot it was the main question with do i need to list all previous basic accounts that I've switched or just the one in use which I have been told just the one in use. I'm going to open a new one and set up for universal into there ready 

Ivabr89

Thankyou for replies sourcrates and fatbelly. I know I'm over thinking can't sleep with it all. I just want to make sure it's correct. I've listed DLA as income but I have added other expenses and put DLA on there as outgoings as i need that obviously. Is that correct. 

fatbelly

That's OK

If all your income is benefits -only then there will be no Income Payment Arrangement

So they won't be worried about your income/expenses statement

Ivabr89

Do i wait for iva to fail first ?