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  • FIRST POST
    • Maverick1103
    • By Maverick1103 23rd Feb 18, 3:51 PM
    • 61Posts
    • 18Thanks
    Maverick1103
    My Bankruptcy journey
    • #1
    • 23rd Feb 18, 3:51 PM
    My Bankruptcy journey 23rd Feb 18 at 3:51 PM
    Hi all,

    I recently applied for Bankruptcy last Saturday and then was approved on Monday morning, I have my phone interview booked in for Tuesday morning, a big weight has been lifted off my shoulders and will be even more so after the phone interview.

    I had a lot of creditors, 14 to be in fact, with just over 20k owing to them all and it's something I've been trying to sort out for the last year, it was even more difficult when my relationship broke down (12 months ago) and I have 2 young kids too, 12 months on and I now have a new partner who's very supportive of me and I've been able to move forward and this I feel now is me starting afresh with a clean slate!

    Now I have a question regarding the process; my I&E doesn't leave me with much left over, in fact, my budget leaves me with -£29 after paying my creditors £28 per month combined, so I don't think I'll have anything to pay into an IPA, which I will find out more on Tues. Once I've had the interview will I have many more dealings with the OR at all?

    I would also like to thank everyone on here, there are many informative members on here that make people like myself relieved from certain worries when going through this process or when you receive a letter from a creditor with terminology that you just don't understand. I've not been that active on here but I've read many posts from many members and I just want to say thank you!
Page 1
    • haggis0073
    • By haggis0073 24th Feb 18, 5:21 PM
    • 160 Posts
    • 118 Thanks
    haggis0073
    • #2
    • 24th Feb 18, 5:21 PM
    • #2
    • 24th Feb 18, 5:21 PM
    since my BR in december I have had no contact, there was no IPA as i was around £50 over my budget. Everyones BR will be different, some will be straigh forward, some will be more complicated, so it really depends on your circumstances

    The interview is nothing to worry about, its basically just going over what you already filled out on the forms, as long as your figures dont exceed there figures all will be ok

    Congrads on your BR, now you can start to rebuild your life and move forward
    • Maverick1103
    • By Maverick1103 24th Feb 18, 7:45 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    • #3
    • 24th Feb 18, 7:45 PM
    • #3
    • 24th Feb 18, 7:45 PM
    Thank you and yes that's true everyone's is different.

    I see, I was planning on printing out my application so I have it to hand to ensure my figures are the same as what the Or has during the interview. I'll just be glad once that call has took place.
    • haggis0073
    • By haggis0073 24th Feb 18, 9:19 PM
    • 160 Posts
    • 118 Thanks
    haggis0073
    • #4
    • 24th Feb 18, 9:19 PM
    • #4
    • 24th Feb 18, 9:19 PM
    i had a print out to hand also, i had 13 creditors (similar to yourself) and had to go through each one individually, they ask when you last used card (month/year), what you spent it on etc, why you used it etc, that took about 25 mins just to cover each of the creditors lol, Its a box ticking exercise after that
    • Maverick1103
    • By Maverick1103 26th Feb 18, 11:19 AM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    • #5
    • 26th Feb 18, 11:19 AM
    • #5
    • 26th Feb 18, 11:19 AM
    Ok, great sounds pretty straightforward then really, but 25mins each creditor? Could be on the phone a long time with 14 creditors!!
    • philnicandevan
    • By philnicandevan 26th Feb 18, 6:54 PM
    • 559 Posts
    • 516 Thanks
    philnicandevan
    • #6
    • 26th Feb 18, 6:54 PM
    • #6
    • 26th Feb 18, 6:54 PM
    Ok, great sounds pretty straightforward then really, but 25mins each creditor? Could be on the phone a long time with 14 creditors!!
    Originally posted by Maverick1103
    Usually around 25 mins in all.....most i've seen a telephone interview is just shy of an hour tops..some i've seen done in a lot less
    Not quite a newbie as you think (the member formally known as philnicandamy!)

    FINALLY a qualified CAB debt caseworker 2015..
    BSC 58
  • National Debtline
    • #7
    • 26th Feb 18, 7:33 PM
    • #7
    • 26th Feb 18, 7:33 PM
    Hi Maverick


    Justo to echo other comments - most of these telephone interviews are very routine exercises. Glad to hear you've found the forum so helpful and I wish you well for the remainder of the BR process.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • Maverick1103
    • By Maverick1103 26th Feb 18, 7:37 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    • #8
    • 26th Feb 18, 7:37 PM
    • #8
    • 26th Feb 18, 7:37 PM
    Thank you both, I was starting to think I could be on the phone a very long time ha!

    Once tomorrow is out of the way I'll be a bit more relieved.
    • haggis0073
    • By haggis0073 27th Feb 18, 7:34 AM
    • 160 Posts
    • 118 Thanks
    haggis0073
    • #9
    • 27th Feb 18, 7:34 AM
    • #9
    • 27th Feb 18, 7:34 AM
    no i meant 25 mins to go through just the creditors section, my total interview time was around 50 mins
    • Maverick1103
    • By Maverick1103 27th Feb 18, 12:45 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    Ok so had my phone interview, went well I thought, only lasted 20 minutes in total and was told I'd hear back in about a week once my I&E has been assessed. One thing I noticed was the lady quoted the OR a few times during the call, which is confusing as I thought it was the OR a was receiving the call from??

    One other thing she advised on was about my personal life insurance cover I have, she stated that I'd either have to cancel it or pay £50 so the OR cannot take anything from it in the future, anyone knows about this?

    Thanks.
    • luvchocolate
    • By luvchocolate 27th Feb 18, 1:16 PM
    • 1,555 Posts
    • 1,411 Thanks
    luvchocolate
    The person who called you would be an examiner many of these work on behalf of the Official Receiver who is a bit like the Wizard of Oz!
    I didn't have life insurance but many on here think its a good idea to purchase it back for the sake of £50.
    • Maverick1103
    • By Maverick1103 27th Feb 18, 1:48 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    I see makes sense now, so the examiner will be my go to contact, as she gave me her details to contact if anything changes, I always thought it would be the OR I remain in contact with.

    Hmm I see, although my life insurance policy is only 8 months old, I'm not really in the position to buy it back at £50, I may just let it lapse and set up a new equivalent policy in 12 months.
    • haggis0073
    • By haggis0073 27th Feb 18, 2:04 PM
    • 160 Posts
    • 118 Thanks
    haggis0073
    glad it went well bud
    • luvchocolate
    • By luvchocolate 27th Feb 18, 4:07 PM
    • 1,555 Posts
    • 1,411 Thanks
    luvchocolate
    I see makes sense now, so the examiner will be my go to contact, as she gave me her details to contact if anything changes, I always thought it would be the OR I remain in contact with.

    Hmm I see, although my life insurance policy is only 8 months old, I'm not really in the position to buy it back at £50, I may just let it lapse and set up a new equivalent policy in 12 months.
    Originally posted by Maverick1103
    Sounds like a good plan
    • Butts
    • By Butts 27th Feb 18, 7:55 PM
    • 198 Posts
    • 79 Thanks
    Butts
    The person who called you would be an examiner many of these work on behalf of the Official Receiver who is a bit like the Wizard of Oz!
    I didn't have life insurance but many on here think its a good idea to purchase it back for the sake of £50.
    Originally posted by luvchocolate
    I did this as part of my bankruptcy. It might be particularly relevant if stopping paying the £50 per month pushes you anywhere near "IPA Territory". If you cancel the policy your outgoings for IPA consideration will be reduced by the same amount.
    • Maverick1103
    • By Maverick1103 27th Feb 18, 8:31 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    @Butts I'm confused, I'm pretty sure its a one off payment of £50, I only pay £11 for my life insurance policy, which if I cancel puts me £11 surplus.
    • Butts
    • By Butts 27th Feb 18, 8:40 PM
    • 198 Posts
    • 79 Thanks
    Butts
    @Butts I'm confused, I'm pretty sure its a one off payment of £50, I only pay £11 for my life insurance policy, which if I cancel puts me £11 surplus.
    Originally posted by Maverick1103
    Yes it is a one off payment of £50 - Are the premiums only £11 per month ? I thought you were saying they were £50 month.

    If it is only an £11 Surplus by cancelling the Policy then you will not qualify for an IPA as £20 surplus is the starting point. Just make sure all your other figures are watertight.
    • Maverick1103
    • By Maverick1103 27th Feb 18, 9:29 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    Sorry, I meant it that I was told that I'd pay £50 not that my premium was £50. Well I did the I&E with StepChange some I'm pretty positive that I should be good.
    • NINANinja
    • By NINANinja 28th Feb 18, 11:57 AM
    • 50 Posts
    • 33 Thanks
    NINANinja
    I found my OR Office contact really useful when a couple of creditors kept contacting me even after my BR. One of them was a debt collector engaged by HMRC to collect a quite small Tax Credits overpayment. They were very persistent and dismissive. I'd changed my name after BR and I think the debt collector thought I was telling porkies! The OR office waded in and told them in no uncertain terms to stop contacting me. I also got an apology from HMRC and a cheque for £30 'compensation' which the OR let me keep. Happy days - 4 years ago now.
    • Maverick1103
    • By Maverick1103 28th Feb 18, 3:17 PM
    • 61 Posts
    • 18 Thanks
    Maverick1103
    I found my OR Office contact really useful when a couple of creditors kept contacting me even after my BR. One of them was a debt collector engaged by HMRC to collect a quite small Tax Credits overpayment. They were very persistent and dismissive. I'd changed my name after BR and I think the debt collector thought I was telling porkies! The OR office waded in and told them in no uncertain terms to stop contacting me. I also got an apology from HMRC and a cheque for £30 'compensation' which the OR let me keep. Happy days - 4 years ago now.
    Originally posted by NINANinja
    It's good to hear positive feedback about them, I will say there are quite a few that have posted how professional they are.
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