Moderators: TalbotWoods, JaneClack
Official Receivers are not generally interested in anything worth under £1k. They wont be interested in your TV e.t.c. They can sometimes go for things under £1k, but to be honest, its not really worth it.
The process varies I believe depending on where you live, others may beable to be a bit more specific on this.
An OR can look back 7 years, maybe more, I can't remember exactly. I think they do ask for statements, but as I said, there are people on the site who are lots more informed than what I am and who will no doubt give better answers.
Generally on assets, particularly household goods, they will ask (they asked me anyway) if I had anything where the sale value was more than the replacement costs. TV, sofa, video, beds, clothing etc should all therefore be safe as they'll raise a fraction of their "new" costs. They won't come round to check, unless we're talking millions or they suspect major fraud. They'd be interested in fine art, antiques etc.
Whole process for me was (court to telephone interview) about 2.5 weeks.
I think the OR can go back as far as he wants, although realisticly I think the banks would have problems giving him statements from anything much older than 6 or so years. The main consideration is how far back does he go back to define whether the individual was reckless or culpable in their spending and therefore contributed to the Bankruptcy. The OR I spoke to confirmed the views of some others on other debt forums that they can only take reckless behaviour SINCE April 2004 due to a drafting error in the new Enterprise Act (the law that reduced Big B to one year). So if you you've just been making minimum payments since that date, because you were totally stupid with your spending prior to April, it shouldn't be a problem.
Good luck. Write back with more questions if you want. The OR's tend to be nice non-judgemental people. Just be 110% honest with them.
Well we waited nearly 5 weeks for our interview with the OR but the normal seems to be about 2 don,t know why ours took so long. The OR put us at our ease and said if we wanted a break we could, it said on the letter it would take about 3 hours and we were both given separate interview times but when we got there he did them both together and it only took 2 hours, He said he had no interest in our furnishings and household equipment or our car which is worth about a 1000 because we use it for work,He also said he was not interested in normal annual pay rises or occasional overtime. I only took a few statements because most of them we binned( out of sight out of mind). He went through each creditor and asked what we had spent the money on but we were quiet vague ,its every day living trying to make ends meet and robbing peter to pay paul ,he seemed satisfied and said we wouldn,t need to see him again .He was very generous with our excess income, we only have to pay 50% and never queried our outgoings.He said payments would start in about 6 weeks and is not back dated ,which is a big bonus
Hope this answers some of your Questions ,and the best of Luck to you,it will be worth it in the end it is such a hugh relief to get rid of all the debts and get a good nights sleep
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