Well ....

[Susie]

Re: Well ....

I'm glad it went ok for you, hopefully you will be able to go forward now and all will be well.

[fiscalfool]

Re: Well ....

Well, I'm now on the Insolvency website. I've got my meeting (via telephone) with the OR later this week. She's just called and arranged an hour's slot just to go through my SOA.

Fingers crossed, that it's not too constricting.

[LooLoo]

Re: Well ....

What might be helpful - if you don't mind - is when you have done your SOA and had the interview if you could post your soa up and let people know what you were allowed or not allowed as I know the rules have changed somewhat when i was looking at BR

[fiscalfool]

Re: Well ....

No problem.

I included most items on my SOA for the court, but didn't include things such as "Emergency Fund" or "Holidays", even though they are on the estimation spreadsheet linked to from here.

I'm hoping that I can negotiate with the OR for a certain amount of breathing space to cover unplanned expenditure. I'm not expecting an easy life for the next 3 years, but not having to account for every penny would be helpful!

[fiscalfool]

Re: Well ....

Update:

Ok I've spoken to the OR, and had my interview. It was quite involved and they wanted to know the in's and Out's of all my recent transactions such as selling houses and selling cars, and specifically where the money went. This was to be expected though.

The rest was confirming details in the paperwork.

At the end I went through my SoA ... this is the bit where I thought "Oh no, I'm going to have to fight for every penny and justify everything". The OR said "Right time for your SoA ... I've reviewed it, and some of the figures look a little low, and the you've also missed some off that you are allowed to claim for, so I've added those on!". How nice eh!

So, while I'm BR and have restrictions in force for the next year for BR, and then an IPA for 3 years, it's not quite as restrictive as I thought it might be!


Lastly, I've just called the mortgage company for the house I own, which I used to let out to send the keys back. Id spoken to the OR and they said "Give them a call and just arrange to send the keys back". So I spoke to the mortgage company who said "Oh well your BR only covers unsecured debt, and we'd look to keep your secured debt!" aaargh, I panicked! They then went on to explain that they would involve a "Law Property Act Receiver" who would enter the property, change the locks, and review whether to rent the house out or sell it. This would then be fed into my BR case. However they said that they would still contact me frequently. Grrrreat! I just wanted to hand the keys back and walk away! Oh well, they still don't have my correct postal address, and I refused to give updated home and mobile telephone numbers!

Other than that ... life's good. Feeling much more relaxed, and looking to the future.

[IF]

Re: Well ....

I'm so glad your interview went well FF, Onwards and Upwards eh!!

By restriction do you mean you have been given a BRO/BRU??

[fiscalfool]

Re: Well ....

Ah no sorry, no BRU ... I meant in terms of "restrictive spending habits"/"Restricted lifestyle". That I will have to be more careful with my spending and budget properly.

[IF]

Re: Well ....

Ah no sorry, no BRU ... I meant in terms of "restrictive spending habits"/"Restricted lifestyle". That I will have to be more careful with my spending and budget properly.

Ahhh I see. Hope your having a beer tonight

[fiscalfool]

Re: Well ....

I am indeed, although not totally counting chickens until I've got the paperwork with my full breakdown and payments planned. There was a slight query over my fuel usage and mileage, but all they needed was proof; which I've now sent. Should be fine

[confused76]

Re: Well ....

sounds like the interview went as well as it could FF, and it was good of the OR to increase your allowances in line with what was acceptable.

onwards and upwards! keep us posted...x

[philnicandamy]

Re: Well ....

Pleased to hear all went well FF

hopefully now thats the last you'll hear from the OR (at least till discharge anyhoo!)

[Susie]

Re: Well ....

Good luck, hope the budgeting works out well for you.
Glad you posted as I have learnt something, I always thought that the remainder of mortgage was included unless you signed to agree not to. Stored in brain for future reference!

[BBoo]

Re: Well ....

You have earned a huge amount of respect from me for posting this up. I don't believe it can have been easy. So many of us are there or thereabouts escaping by the skin of our teeth that a thread giving a real life, blow by blow account of things will be really useful.

Do you mind if I ask I question, cos I'm a nosey git and it would be useful to know. When you say you are going to need to budget carefully, are we talking about surviving on the sort of money you might get on benefits, the sort of money a Common Financial Statement would allow or what?

To have some actual sum for one person, a family of two, 2 + a child, whatever, would be really really helpful. I realise it is a very personal question, but given it's a very personal situation you're choosing to share, and I'm sure I'm not the only nosey bugger out here, I hope you don't mind my asking.

Honestly though, you have my deepest respect for sharing what you have already. Thank you.

[fiscalfool]

Re: Well ....

Hi BBoo,

Many thanks for the feedback. Firstly BR is not for everyone. I had ensured that I was in such a place that it wouldn't cause me a huge amount of problems or disruption. By this, I had sold my house and moved into a rented accommodation, I had also sold my car and entered the company car scheme. The last piece of the jigsaw was my property which I rented out, and the tenant had recently left the property. So it was time to strike.

I could have quite happily continued with UE for my cards and loans, but the house and loan (for the car) which were both enforceable were piling on the pressure. They were likely to take legal action, and one single visit from a baliff would have stripped the place. At least with BR I get to keep all my furniture etc. They really aren't interested, unless I had very expensive furniture or jewellery.

My "meeting with the OR" was also done over the phone. For most individuals it's done this way, rather than drag you into an office.

For incomings and outgoings:
~ Look here first - Bankruptcy Help ~ - allaboutFORUMS
Scroll down to "Income Payment Agreements/Orders"
Select Income Payment Agreements (IPA)

The whole thread is a useful resource for BR. However that specific link gives you a spreadsheet which the OR uses similar figures when they go through your SoA.

So, for yourself, Two Adults and one child, there isn't actually a column ... neither is there for one adult and one child. So what I would do, is extrapolate the information. Use 2 Adults no kids, and 2 adults 2 kids and find the halfway point.

This would be:
Mortgage/Rent - Variable
Housekeeping, Including Food and Cleaning - £425.50
Gas, electricity, other heating - £95.50
Water - £37.00
Telephone charges £54.00
Travelling to and from work and other essential journeys (personal transport) £54.00
Travelling to and from work and other essential journeys (public transport) £160.00
Clothing - £54.00
Maintenance payments #1 and fines #2 (#1 Formal arrangements only - calculated from net income x 15% for one child, 20% for two children, 25% for three plus children. #2 Court imposed fines only - these cannot be included as bankruptcy debts)
Council tax #3 (#3 Council tax average for England between £90 - £130 per month)

Other possible essential expenses - See Technical Manual
TV licence (£142.50 per year or £12 per month)
Insurance policies (except motor)
Mobile phone costs
Dry cleaning
Children's school meals (check for exemptions)
After school clubs and trips
Childcare - if parent/s are working
Dentist
Prescriptions #4 (£7.20 per item) - England
Opticians
Pets (evidence to be provided)
Professional body membership (unless paid by employer)
Hairdressing and personal care
Rent arrears
Broadband computer costs - I'd imagine £20 a month
Holidays - take into account a reasonable UK only holiday


Not considered essential expenditure - See Technical Manual
Social and entertainment expenditure
Pocket money for children
Gym membership
Sports and club membership
Satellite and cable TV
Alcohol
Cigarettes
Private healthcare
Excessive mortgage payments
Additional pension contributions
Charity/religious tithing
Cleaning, gardening and ironing services

Remember .... all of the above are "GUIDELINES", and can be over or under. To go over, you would need justification and proof.

However I haven't yet got my list back as to what the OR thought was reasonable.

[Never-In-Doubt]

Re: Well ....

^^^^^ Thanks for this info - will surely help many others....