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  • #1

    So I am officially bankrupt!

    As of today at 9.53am myself and DH were adjudged BR! Did not need to see a judge, just saw a lovely BR clerk who looked like he was about 18! All very stress free and a bit of an anti climax after all this time!

    An examiner telephoned late this evening asking for various details, and she said that she would only allow us to have 1 bank account between us? We both have a sole co-op account and use 2 joint accounts. The co-op were very surprised as they are happy for us to keep them all open. She also said that if our monthly income exceeded the amount on our SOA then the bank would notify the OR's office and all extra monies automatically sent to the OR. Is this correct?
    We have our proper interview next tuesday at 11am, and then hopefully it will all be over.

    Thank you for the advice and support I have received so far, and I'm sure I will be back with more questions before my interview!
    Tags: account, accounts, advice, bank, bank account, bankrupt, bankruptcy, banks, benefits, bills, calls, car, card, claim, co-op, comi, court, credit, cutbacks, debt, details, direct debit, expenses, extra, eye, family, fine, free, help, housing, income, insolvency, money, monthly, office, panic, phone, pre-paid, questions, rules, savings, staff, stress, support, tax, telephone, update, wages, water
  • #2
    Re: So I am officially bankrupt!

    Thanks for the update someone with some more BR experience should come along.. .congrats on coming to a end on the stress!

    Comment

    • #3
      Re: So I am officially bankrupt!

      Originally posted by mummytotwo View Post
      As of today at 9.53am myself and DH were adjudged BR! Did not need to see a judge, just saw a lovely BR clerk who looked like he was about 18! All very stress free and a bit of an anti climax after all this time!

      An examiner telephoned late this evening asking for various details, and she said that she would only allow us to have 1 bank account between us? We both have a sole co-op account and use 2 joint accounts. The co-op were very surprised as they are happy for us to keep them all open as long as they're happy then fine I really cant see an issue. She also said that if our monthly income exceeded the amount on our SOA then the bank would notify the OR's office and all extra monies automatically sent to the OR. Is this correct? well in nearly 5yrs of being bankrupt i've NEVER heard it happen...IF your circumstances financially change its the OR you tell within 21dys so sounds like the examiner was a little coinfused!
      We have our proper interview next tuesday at 11am, and then hopefully it will all be over.

      Thank you for the advice and support I have received so far, and I'm sure I will be back with more questions before my interview!

      just a few thoughts....

      dont panic your nearly done! the interview isnt half as bad as your imaginations telling you honest! feel free to post away & if your question seems to be quiet then PM me i'd be happy to help (5yrs BR myself couple of days ago!!!!)

      Comment

      • #4
        Re: So I am officially bankrupt!

        To be honest, even though ive been BR, im not sure about the part where the bank will give any extra over, that never happend with me.

        I was made BR in 2004, discharged in 2005. only lasted a year, even though it affected my credit for 5 (i think back then it was 5 years)

        First thing i did was "forget" to include a bank account i had with woolwhich at the time. No transactions had run through that account for years, and during my BR i never touched it either, the only thing it allowed me to do was to start using it again after discharge without the hassle of trying to get a new account.

        From what i remember, and it may have changed now, that they calculate how much you earn, deduct living costs, deduct abit for personal expenses, then anything left, is halved and taken to pay back your creditors.

        It may well be that you have agreed an amount that you need to pay for various things, and they have stated that should any more than this appear in your account they will take it.

        I dont really like that idea since you could in effect bank more money than is due in 1 month, yet it could all be needed over 2 months if you get my drift.

        Maybe ask them to clarify that position so you know where you stand.
        My advice would be to bank any extra money you get in someone elses bank account!

        As for only being allowed 1 account instead of 2, this im not sure of, surely both of your BR's should be treated as seperate entities, in which case you would be allowed 1 each, not 1 alltogether.

        Clarify that when you go to your appointment as well.

        Lastely, when you go to your appointment, please dont wear any jewellery and do not take any cash with you other than what you need on the day, because i promise you, they will ask for it there and then.

        Make sure to list every creditor you can think of, even if its a family member whos lent you money in the past, dont leave anything out.

        Now you can enjoy telling any creditor to speak to the OR if they havent done so already, and you will find your telephone calls suddenly disapear
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: So I am officially bankrupt!

          the rules changed recently...any surplus over £20 a month once expenses etc are paid the receiver takes ALL (unless only income is benefits)

          and as far as going for an interview...it'll more than likely now be a phone based rather than a face to face one..I find a pen/paper handy before your interview any questions that pop into your head write em down, its your chance to ask things as welkl as the examiners....and if its a phone interview sometimes the call will go quiet (this is when the examiner is writing up) DONT feel the urge to fill the silences!!
          Last edited by philnicandamy; 14 March 2012, 08:15.

          Comment

          • #6
            Re: So I am officially bankrupt!

            Originally posted by philnicandamy View Post
            the rules changed recently...any surplus over £20 a month once expenses etc are paid the receiver takes ALL (unless only income is benefits)

            and as far as going for an interview...it'll more than likely now be a phone based rather than a face to face one..I find a pen/paper handy before your interview any questions that pop into your head write em down, its your chance to ask things as welkl as the examiners....and if its a phone interview sometimes the call will go quiet (this is when the examiner is writing up) DONT feel the urge to fill the silences!!
            Cool, glad you pointed out the new bits that have changed, phone interview sounds very less formal than face to face, i guess its because so many people are going BR these days they are trying to streamline the process lol
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: So I am officially bankrupt!

              Glass of water too when you get the phone call!! (you can sip when it is silent)

              Good luck with this all M22 - and i am sure you are felling a sense of relief - just remember you are not alone and many have been where you are now. BR was something i was seriously considering 2 years ago so I know what a hard decision it must have been.

              Remember just ask away anything you need.

              xx
              .

              Comment

              • #8
                Re: So I am officially bankrupt!

                Originally posted by SXGuy View Post
                Cool, glad you pointed out the new bits that have changed, phone interview sounds very less formal than face to face, i guess its because so many people are going BR these days they are trying to streamline the process lol

                Hmm its more a case recently of mass cutbacks in insolvency service staff etc..even Liverpool where I am were always known for FtF interviews NO telephone calls at all...now they telephone as well..just cant manage the caseload they have..

                Comment

                • #9
                  Re: So I am officially bankrupt!

                  Maybe you should read fiscalfool's thread entitled "Well . . " on his BR last November because he's been updating it as he goes through each stage and he seems happy with everything so far

                  With any luck AAD LinkEditor will post it on here for you

                  Comment

                  • #10
                    Re: So I am officially bankrupt!

                    Hi mummytotwo, With the Coop BR accounts normally it is just one account allowed but now you are BR you can open as many as you wish......think it confuses the OR if you have several open!! Like Phil, I've never heard of a OR taking money from anyone's bank account!!

                    Here's to your new start now




                    Best Wishes
                    IF...x
                    "If wishes were horses, beggars would ride"

                    Comment

                    • #11
                      Re: So I am officially bankrupt!

                      Originally posted by Flowerpower
                      I'm not he/she/it but here it is anyway ---> Well .... - allaboutFORUMS
                      I expect you'll be wanting your usual 'Room Service' tip for that

                      Comment

                      • #12
                        Re: So I am officially bankrupt!

                        Normal procedure would be to allow one account to remain open, usually the one where wages and benefits are paid into, then write to say that the OR is closing any others.

                        So presumably the joint one is the one they decided is to be the one left open in both cases.

                        A bit "jobsworth" to close the others, but as said if they won't go back on that then you can always open another if the bank will allow. The OR cannot stop you or the bank doing that.

                        Never heard of the bank being instructed in advance to pay future excess funds either. Paying excess funds in an account that were there on the day of the bankruptcy are one thing, as the OR can claim them as an asset. Skimming an account of future funds is entirely different.

                        If they are leaving the account open then I'm not even sure that would be possible without a separate court order, or an IPA/O. Or at the very least a separate instruction if you should notify the OR of excess funds in the account.

                        Not saying it can't possibly happen, but never heard of it in a simple case like this.

                        Either there is something bizarrely new/ or unusual that they are applying to bank accounts, or more likely your examiner is being over zealous and has the wrong end of the stick on that.
                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                        Comment

                        • #13
                          Re: So I am officially bankrupt!

                          Normal procedure.......

                          Banks, Building Societies and Credit/Charge cards (ISCIS)
                          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                          Comment

                          • #14
                            Re: So I am officially bankrupt!

                            Thank you everyone for your comments........had the OR interview today and it went really well! Examiner was lovely, not judgemental at all. We don't have to pay an IPA based on our current income which is fab, and we can also keep DH's bonus (around £600) when he gets that in the summer. Really shocked!
                            I think I had researched this so much and taken lots of good advice, that my BR forms were so thorough that she did not have too much more to ask me. She just wanted clarification on some dates and the car situation, but seemed pretty happy with everything.
                            She did say that she would only let us keep the joint account, but as IF and Rizzle have said, we will probably open 1 more each in a few weeks time.
                            The only thing I did not ask her is about an increase in income due to our tax credits and housing benefit going up slightly come renewal time. I think it will work out at about an extra £30 ish per month......wish I knew how close we are to an IPA if you see what I mean! Will obviously declare the increases when they happen and then just cross my fingers!
                            So, onwards and upwards, 1 week down, 51 to go!

                            Thank you all for your advice and support on here, you are all stars

                            Comment

                            • #15
                              Re: So I am officially bankrupt!

                              Im glad its gone well for you, onwards and upwards to a debt free life!
                              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                              Comment

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