unknown waters....

[phoenix34]

Hi,
We are on the verge of bankruptcy and just need advice on what to expect..We have a huge mortgage/secured loan shortfall of at least £60,000 if not more..
We have a Lloyds basic account which we have had for a couple of years..We are looking at the co-op account can we open prior to bankruptcy?? don't want to run the risk of not being able to access our money??.
We are in private rented now. We are currently looking at our SOA can we include our childrens swimming lessons??? or would they have to stop?? How much to include for eye tests etc.. don't want miss anything out..
Any advice gratefully received, we have struggled for so long and it becomes harder to put on a brave face..

[OutofDebt-NOT-OutofDanger]

Hi Phoenix,

The SOA is a good start as this should detail all your expenses.

Don't forget to include a monthly allowance for irregular bills such as dentist, eye tests, specs/contact lenses, etc - just put down what you will spend - the OR will tell you if they think it's excessive!

You can also include allowances for emergencies and UK holidays.

I think kids swimming lessons should be ok as long as its not excessive, but you may have to pinch a bit from somewhere else if this is a big spend.

You should be fine to open a cashminder account before BR - just let them know that you will be seeking BR shortly - I also confirmed it with them once I had actually been declared BR without any problems.

Oodnood

[ifwisheswerehorses...]

Hi phoenix34 and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

~ Please don’t do anything rash take your time and weigh up your options and read everything you can ~

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
If...x

[phoenix34]

Thank you for your replies.. we are using the bank holiday to put together our SOA. We have sort lots of advice from cccs, debtline and shelter..They have been helpful but its so nice to hear from people who have actually beeen through it and hopefully come out the other side.. So scared but also relieved in one breath..