Money before BR

headoutofsand wrote: »

Quote Fiveyearplan "
Well you should max out the overdraft as soon as possible. They will still allow their payment to go through but that will just take your overdraft over the od limit. I wouldn't worry about a BRO, if it happens it happens, it is certainly better than having all that debt around your neck.

Why don't you start your own thread so more people will be able to comment?"

Thanks Fiveyear. I have around £30,000 unsecured debt, my sole trader business has been in freefall for 6 months and enough is enough.

I sold my asset for 3,000 to a dealer which is probably below parker value, I know this may have been a bad move but I though by joining a franchise AA things may turn round, they didn't. I have to sign on tomoz and will cease trading the same day. The AA still exspect their £200 a week whether I have pupils or not, clearly this is something I can not do. You can only be honest about why you did things and that at no time did you sell anything/take out any credit etc except in good faith. You sold your car to buy the franchise correct? Well, you made a decision that you thought would improve your income - it just didn't work out that way. It happens!

My OH has nothing to do with any of this mess so could the benefits be paid into her account? ( she does not work) You could do that.

Or should I set up the coop account in my own name before BR? You could also do that - either way you feel more comfortable.

I need to transfer the electric, telephone line BT and Sky internet, phone and basic tv package somewhere else. Why?

Should I apply for the internet banking then once complete press the cancel DD button for the AA, Sky C card, Bank loan and anything else I need to put in BR or just go in the bank draw £!000 quid out and cancel the DD's that do not have anything to do with my bank? Go into the branch if you can and tell them you want to cancel all those direct debits - thats what I did thats how I know they are unlikely to cancel dd's to themselves. Internet banking takes a few days to set up and you want to cancel them before anything else goes out. If they ask just say you are moving the dd's over to your wife's account.

How long after I cancel, go well over the OD limit, not pay any cards will it take before things turn nasty? It is likely to be fairly soon after you miss a payment or go over the OD limit. Don't worry though I stopped paying my bills 10-11 months before I went BR, you will just get phone calls and letters, I unplugged my phone in the morning and plugged it back in at 9:00pm. I didn't answer any 0845 numbers from my mobile.

I have of course the AA car which I intend to use to shift my daughter from one flat to her new one this week which is 100 miles from here, as long as I can do that then they can have it back. I hope you have good weather for this!

Would it be acceptable to give the statutary 4 weeks notice to the AA then not pay them the £800 odd pounds I will owe them? You probably don't even have to give them the notice if you are including them in your bankruptcy. There is probably a clause in your agreement that says it will terminate upon bankruptcy.

I am having a bad time with all this, no sleep, taking sleeping pills, drinking, my skin condition is getting worse and I was recently knocked back with a major eye infection which put me in hospital for a day or two due to it's severity. All this my consultant believes is down to stress because of what has happend to my once reasonably good business which has now gone. Apart from the eye problem - I've been there, had the sleepless nights, worry etc. I wouldn't like to go back to those times!

I am very thankful that I can come on hear and talk about my problems and anyone who is having problems and who are reading this and have not posted should have no fear about doing so. I read with interest and sadness I'm sure you've had a few laughs too along the way! We like to keep our sense of humour! the posts that are made and without such support all the problems we face would be a whole lot worse without the fantastic information and support from members of this forum.

Anyway sorry if I rambled

headoutofsand wrote: »

If the benefit agency cannot give me an answer on how much I will get before March 2, then how do I fill in the soa? I hope they do sort something out but you never know. If you don't know yet then put £0 and explain you are waiting for benefits to come through. You don't currently have an income do you?

By the way the only jobs advertised in the local paper were for Job centre staff.

I have last years accounts and all bank statements since plus reciepts ( but not all as I lost some and can't find them) the benefits people may want to see my accounts which means when I see the OR (do you think that is likely?) I may not have them to hand. Possibly, I told my OR I couldn't afford my accountant (he was one of my creditors) so didn't have any accounts. I haven't been questioned about it.

The accounts for the last year should be at the accountants office. AS I say I have all or almost all documents pertaining to my activity over the last 10 months including the car bill of sale.

Personal cc's I have about 4 months worth of statements. I used these on rare occasions, but not for any luxury items. I bought a sat nav for £250 about 3 months ago specifically designed for use in trucks but alas no work on trucks either. I also used the wrong card for the AA deposit which put me over the limit, this was an error on my part. I bought some food at ASDA the other day on the Business card and took a ten quid advance when I went to look at Leeds university with my daughter again food related. Most of these cards I don't use and if I do or did it was for adverts, food or petrol or somehting else to do with the business.

One other point, my mum lent me £5000 plus another £1000 plus an intinial not quite sure £3000 or so during the business period of 9 years.

She knows whats going to happen and doesn't want the money back as she feels I am in enough trouble as it is.

What do I do about this loan? Should I say nothing until asked? Will it show up? Will she be grilled about where it come from?

She is 83 and says she doesn't care about the money as she has no need for it. I have been paying it back but once she found out I was having problems she said " Forget it, it's only paper anyway and money is not the only thing in life"

I am however a little concerned about this matter.