Hubby's potential Insolvency / bankruptcy

[reduk054]

Tau, your post has brought a little sunshine to me this morning, I can honestly say that since hubby filed for BR it has gone quiet with creditors however he had been ignoring them for a while any way! I think from what the insolvency practioner has said that it will be a quick case and straight forward, I guess the most difficult part (for pride as well) will be when the official receiver meets the husband, but when that will be....I am not sure!
Just getting the paperwork ready, and then we are off! Speak later!
Red

[sequenci]

hey! The OR meeting is nothing to worry about, they are usually pretty "normal". don't think they are millitants with bowler hats looking down on you!

[Tau]

You may not even have to meet the receiver, it could all be done over the phone.
Take a look here, as this site is geared up for our sort of situation.

Free Bankruptcy UK, IVA and Simple IVA, Debt Advice Forum

Take a read through the forums and you will be able to get some sort of idea what will happen after the court hearing.
I used the freephone number and chatted to one of the people there and he agreed that what we are doing was the best way out of our situation.

I'm not involved with Myvesta in any way shape or form, just found it really helpful.

Hope this is ok with the mods.

[KJD]

How did it go, Red?

[reduk054]

Hello everyone, sorry for keeping you all waiting!!
We went to court and were met by the usher (for those of you who watch Coronation St. he was the spitting image of Norris!!!!). He was already with a lady (who turned out to be the Lloyds Representitive). We were sooooooo nervous. Fortunately we were met by our insolvency practioner's partner (business I mean)
It was so quiet in the waiting area, and we needed to establish straight away via the usher, that the first case that the judge needed to hear hubby's bankruptcy case first over the charging order case (to be heard at the same time, same day!).
TBC.....

[reduk054]

The usher advised after what seemed like an hour (about ten minutes) that the bankruptcy hearing was to be heard first, well the Lloyds rep got straight onto the phone to her clients, Lloyds had not seen this coming!
I was not allowed in to the hearing, but the IP was. The judge queried whether hubby had taken professional advice, and on the basis that his business had effectively been forced to close following the bank requsting their money back, issued the final bankruptcy - all in about two minutes.
Then we were all allowed into the second hearing regarding Lloyds and the charging order. This case took all of one minute.
It was intimidating being in there, the desk between us and the judge was massive, with recording equipment. I felt like I was in front of the headmaster! The judge confirmed that the case for the charging order be dismissed as a result of the BR, and that there be no costs involved. That was it! And in the next few minutes, we were in the car park and ready to leave.
So although nerve racking, it was so straight forward!

[Tau]

Cool, pleased for you both Red.
Must be great to be able to walk upright without all that sitting on your shoulders for a change.


Geoff

[reduk054]

As soon as we arrived home the official receiver was on the phone to hubby and he will have a telephone interview this thursday. The OR said that it appeared to be a straightforward case, so a telephone interview would be ok.
Hubby said that he was really personable and easy to talk to, so another worry diminished!! (thank you sequenci!).
Since then the paperwork regarding creditors has been compiled and posted (hence my delay in replying).
Now I need some help if possible, what should I be doing now reagrding the equitable interest of the house which is now the OR/trustee's rather than hubby's?
I have not had any direct contact with the OR - should i be approaching him?
Any help greatly appreciated.
Red

[reduk054]

Hi Tau, didnt realise that you were online! Thank you for your message. It felt really strange after court, but now it does feel better. By strange I mean that there had been so much effort, stress, paperwork etc., and then in less than ten minutes the final decision had been made!
I have to say that there is a mountain of paperwork still to do, and of course the interview, and now I have to look into the house/mortgage!
Phew, what a roller coaster!

[Tau]

Glad that you are having the phone interview, it seems to help a lot of people as they find it less stressing. At least at home you can light up a smoke if thats what you do or grab a coffee.
Did you get a chance to have a look at the link I posted. Doesnt matter if you didnt, just nosey thats all

[reduk054]

Hey Tau, I did look at your post, it was a site which we had found prior to making a decision regarding bankruptcy, and I really liked the site. Not that a good web site should make you decide if you should declare BR or not! but sometimes a down to earth layman terms web site is what is needed.
Hubby was relieved that the phone interview applied in his case (fags and coffee definitely to hand, and that is just the OR!!)
Any way how come your smilies are working this eve? I am unable to change font/colour or add smilies

[Tau]

It must like me I suppose
Yours are working now anyway.

I am still waiting for the cheque so that we can get started on our B/R. Spoke to Egg on Saturday and they were very calm about it all, which surprised me after what one reads on theis site. Halifax of Scotland keep calling still wish they would make up their minds who they are gonna be. And tonight Geoff we are indesisive
Wish this bloomin cheque would arrive.

Anyway hope all goes according to plan on Thursday and I'm sure it will.

[reduk054]

Tau, you are great! Halifax of Scotland hahahah.
It is difficult raising the money prior to BR, it seems a little backwards if you ask me (I am sure someone will explain!), as if we were not in financial difficulty then we would not be considering BR, and now you want half a months mortgage!!!!! UPFRONT!!!!???
Now I am being a little flippant, as the debts far exceeded the BR fee, however it was a struggle, goodness knows how I will raise the money for the equitable interest on the house (no answers on a postacard please!!!)
It must be you Geoff, firstly your smilies work - I had to type mine in
and then Egg are being reasonable with you (and no one else!). What is the secret?
Red

[Gingerheid]

Did you get advise from the IP the OR's ex interest in the house?

[reduk054]

Gingerheid, the IP simply advised me to purchase my half and discussed with hubby the consequences of this purchase, and also that after 3 years he could (potentially) be put back onto the house as a named party. We discussed this immediately after the case but unfortunately the adrenelin caused by the morning's court appearance disguised my ability to think rationally. I suppose that the answer is to speak to the IP!
Thanks for question
Red

[Tau]

Glad to see you laughing red.
Dont know anything about buying your old mans bit of the house , so I'll shut up on that score.
Bugger me the Banl of Halifax have just called again. Oh well they might get it right one day. Poor souls.................... Not