Questions you have before making a decision to go Bankrupt and the Bankruptcy process

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By GreenNigel
#1306 Hi all
Just an update to my previous posting of "help required"...
Well its a month since i was offically made bankrupt. Been through the paperwork, telephone interview a few weeks back and thought that was going to be it. But today I recieved a letter requesting that i attend the OR office in the near future and that in the meantime that i gather all my financial papers and inparticular statements from a VISA card (which i dont have) that I once had and deliver them to the office. i am starting to panic a bit thinking that i am undersome investigation, not that I have anything to hide, for fraud or something.

Has anyone had to attend one of these interviews? or heard any experiance of one?
ByDavidc
#1307
GreenNigel wrote:Hi all
Just an update to my previous posting of "help required"...
Well its a month since i was offically made bankrupt. Been through the paperwork, telephone interview a few weeks back and thought that was going to be it. But today I recieved a letter requesting that i attend the OR office in the near future and that in the meantime that i gather all my financial papers and inparticular statements from a VISA card (which i dont have) that I once had and deliver them to the office. i am starting to panic a bit thinking that i am undersome investigation, not that I have anything to hide, for fraud or something.

Has anyone had to attend one of these interviews? or heard any experiance of one?


Everybodies nightmare. First occasion I have seen on this here or on any other site.
I can only assume that when the report went to this creditor ( The Visa card in question) They raised some concerns regarding it's use that need to be clarified. Only you will know the answer to this . Are there any transactions on this that may look iffy.....Multiple cash withdrawls, large purchases, balance transfers into a bank account???
The only one I had to explain was a £6000 transaction the previous year which was questioned....It was in fact to pay for a training course for my wife to refresh her qualifications to enable to help her return to work.....I however expected it to be questioned and brought it up at my interview with the OR. I never heard anything more about it
By GreenNigel
#1309 David
I used the Visa card for depositing money into a betting account, Betfair, and there are multiple transactions totting up to nearly 6K. i told the OR about this during my interview though. I suspect the creditor is trying it on!!

I will post the outcome of this when i recieve and attend the interview.
ByDavidc
#1310
GreenNigel wrote:David
I used the Visa card for depositing money into a betting account, Betfair, and there are multiple transactions totting up to nearly 6K. i told the OR about this during my interview though. I suspect the creditor is trying it on!!

I will post the outcome of this when i recieve and attend the interview.


Not totally unexpected then.
Good luck.
David
By GreenNigel
#1744 Update....
Just had a two and half hour with the OR who basically went through all my previous financial paper work, wrote a statement, which i sign to say it was true and he will now apply to the county court for a restriction order (probably on getting credit/loans etc) to start after my banruptcy ends in 10 months time. This can be anything from 3 to 10 years. I wont have to attend court if i agree by post what length of time he is suggesting. I am paying an IPO for three years which will at least give back a third of my outstanding debt, so if the suggested time is longer than this I will have to challange this in the county courts.

Note: The only reason I had to attend this meeting is because I could not prove that all my debt was not through my own fault, on this occasion gambling so therefore is deemed reckless.

I have had great difficulty obtaining a bank account. That includes:-

NatWest flex Account
Smile account
Royal bank of scotland basic account

But in the end i found the yorkshire buliding society has an account called cash transacter which is just like a bank account with a link card and can be used for wages and direct debits etc. But with an higher intrest rate.
By keepchinup
#1745 Hi, I'm sorry to hear this, and thanks for updating everyone else.

I believed the reckless behaviour can only relate to Post April 2004 activity - is that when your betting transactions occurred?

did he really leave it at 3-15 years, and not give you any idea? Also are you indicating they could extend the payment agreement to more than 3 years also?
ByDavidc
#1747 Well it's over and done with now and could have been worse..let be honest none of us knew how it would go or what to expect.....If you want an electron card you can open a Co-op cashminder account you will have no problems opening it and has excellent internet banking, The Nationwide flexi account also has excellent internet banking, cash card only but it has an on-line cheque ordering facility that is handy, cheque delivered next working day....Also again with an Electron card comes the Woolwich cardsaver........no internet access but interest bearing ....I opened all three after petitioning..and lets face it you will be restricted for a bit longer than I will be
David
By GreenNigel
#1749 Keepchinup

"did he really leave it at 3-15 years, and not give you any idea? Also are you indicating they could extend the payment agreement to more than 3 years also?" The term could be up to 10 years and the IPO will last no longer than three so theres some hope anyway.

Davidc

To think that I may be restricted "more" than you may be true, but I think we will both be restricted for some considerable time. Just remember you are blacklisted for late payments on loans and credit cards etc etc, since computors took over the bank managers