well because i have high neagtive equity she said that being realistic you wont clear it in 2 years and 3 months unless a miraccly happens with the housing market. She said that they dont expect the market to recover to levels seen in 2007 anytime in the next 5 to 6 years! She was striaght and honest which i liked and she said that she wanted to do my telephone interview quickly as they have had complaints that things werent being done on time. I didnt mind at all.
I'm not going to discuss how I obtained the help of my insolvency solicitor but all I can say is that his firm is very well respected and known in the industry and he did a great job to help me and my wife become debt free.
I'm actually surprised that you had the full OR interview on the day of BR - it's usually just a quick phone call now and then a full interview when they go over your I&E.
I was too but she said that they are streamlining the system as things were backing up and she also said that they will be taking bankruptcy away from the courts as they will deal with it direct. She said that the £700 I paid is far too high in fees and when it does come away from the courts it will go down by at least 40 to 50%.
Shame they didnt do it now and save me a few quid.
They were talking about it but I hope they don't take it away from the courts. While BR shouldn't have the stigma it used to, it shouldn't be devalued either and I think being able to complete the forms and send them off (or however they do it) makes it similar to ordering something online!
Terry, you said you had your full interview today - how did the examiner have a copy of your paperwork so soon? Did the court fax them across?
Yes she said they email or fax on the same day and this will be the new proceedure. I did ask her a bit about the court thing and she said that the government will cut back to save money and the process made easy so people will apply for bankruptcy direct to the insolvency service etc. That way the fees go down and apprently it cuts out time and delays with paperwork. She said the law would be changed first which takes about 12 months and that is currently in process. Then they just implement so she seemed to think poss 18 months or so...
I think its a good idea, it was pointless going to court today, all i did was sit with the clerks for 15 mins signing the paperwork and paying the fee. I didnt see the judge because the judge didnt want to see me and doesn't as a rule see debtors. They just sign the petition and off you go. It was easy and not stressful at all and becuase the paperwork was filled in correctly and complete it made it even quicker the clerk said.
Well Terry you must now be a very happy bunny indeed, however the court fees are only £175 and many do not pay that, the OR fee of £525 is only a contribution to the costs of running your bankruptcy so I cannot ever see it being cheaper, in either event you are free now and congratulations this thread with over 10,000 views seems to be the most popular thread on the forum at present well done for that.
Yes I was aware of the breakdown of the court fee, but at least she was open with everything and was quite happy to talk about it. I did get told by my solicitor that the first £1500 of any monies paid in court fees and payment orders go to the insolvency service before creditors. Buzt I'm not bothered I'm debt free. Who Cares [8D]
Personally, while I would like to see the fees reduced, I hope people still have to attend court as I still think that BR should be a big decision, not something you can do online on a whim.
Yes but what Terry is saying and he is correct about this, the Judge did not see him,quite normal in many courts now, his paperwork was OK because it was done by a professional, he needed no identification, and there was no swearing on oath, it would have been no different if he had sent it in the post, he only got to see the Clerk and there is no importance in that.
