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Bankruptcy approved - a few 'what next' questions
chiefcrust1983
Posts: 28 Forumite
Hi all,
My bankruptcy was approved this morning so does that mean I am bankrupt as of today?
Also will I have to fill out another SOA form for the OR to decide on a IPA or is the same one used when I done the bankruptcy online?
Thanks in advance
My bankruptcy was approved this morning so does that mean I am bankrupt as of today?
Also will I have to fill out another SOA form for the OR to decide on a IPA or is the same one used when I done the bankruptcy online?
Thanks in advance
0
Comments
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They use the one you filled out when applying for BR.0
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I'm about to apply for my BR
I'm really worried about it all. I'd love to hear an update after you have your OR interview if you don't mind sharing your experience.
Good luck with it all. It's so scary. I feel so ashamed. But I NEED to do it x0 -
Don't be ashamed - nobody wants to go bankrupt or purposely brings it on themselves. It exists in our society because we understand nobody is perfect. It's a tool we're 'lucky' to have.
I received a phone call the day after my bankruptcy was approved (2 days after submitting the form) and what was meant to be a 5 minute preliminary conversation ended up taking an hour and I was told that was good enough to constitute an official interview and I probably wouldn't hear any more from them.0 -
Could you talk me through that hour long conversation. It's that I'm really nervous about and dreading x0
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It didn't go into the detail I expected. The interviewer hadn't even accessed my statements so didn't query any transactions, just asked when I took each card/loan out and what I spent it on and noted it down. There didn't seem any particular structure to it. Perfectly friendly and non-judgemental. I was surprised.
What is it you're worried about? If it's guilt at spending whatever you did on stuff, don't worry. The insolvency people hear it day in day out - seriously they've heard it all. It's not their place to judge and what good would that do anyway? Just tell the truth and answer the questions. They need to get the whole picture and make sure there's nothing they've missed (debt or asset wise) which might affect things. In my case I think the person was quite pleased I could answer all of the questions and turned out to be a straightforward case.
If you're worried you've done something illegal or whatever, might be worth getting some advice. However if you're just worried about getting a 'grilling' don't worry.0 -
Paul you've been a great help. That's exactly it. I'm Just ashamed of where I've got myself debt wise and as you say they hear it every day
Thanks again.0 -
Had my phone interview today, it only lasted 30 mins and was all stress free and straightforward. I just have to pay £42 a month for the next 3 years0
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I felt really ashamed too but the OR said not to be because there are plenty of people that have gone bankrupt, all for different reasons and some pure stupidity.Mistygrove wrote: »I'm about to apply for my BR
I'm really worried about it all. I'd love to hear an update after you have your OR interview if you don't mind sharing your experience.
Good luck with it all. It's so scary. I feel so ashamed. But I NEED to do it x
it doesn't carry the same stigma as it once did.
what is important is that you learn from this experience and ensure that you never end up in this situation again.
I will never apply for credit again except for mortgage purposes and then only if I know I can defo afford it in the long term.
see this as the first day of the rest of your life- debt free. :-)Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less! £196,000/£177560 to go0 -
Hi, I had my BR approved last Sept and spent many days worrying myself sick over the whole process and really wish I hadn't! I submitted and had my approval the following day. I then had a phone call from the OR the day after that. He asked if I was free to talk and went through next steps re: bank account and direct debits etc. He asked me a few clarifying questions and how I'd ended up in that much debt and basically said call me if you need anything otherwise that's it.
I was so relieved and hadn't heard a thing else since only when I rang him to ask a question. Being bankrupt is so much less stressful than being in debt.0 -
Bankruptcy isnt the end of the world life continues as normal and suddenly 6 years has passed and it's old news
It will be 8 years this year since I was declared bankrupt, it taught me a valuable lessen I went from being a spender to a saver! 0
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