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  • FIRST POST
    • menageamoi
    • By menageamoi 30th Sep 17, 11:42 AM
    • 27Posts
    • 5Thanks
    menageamoi
    Cash
    • #1
    • 30th Sep 17, 11:42 AM
    Cash 30th Sep 17 at 11:42 AM
    hi there

    Two cash- related questions please:

    1 When they ask you on the form to day how much "cash" you have - does that mean actually cash cash ( ie fivers etc) or is it any "spare" ( hahah) cash you have left after outgoings each month?

    2 Due to the particulars of my case, I'll actually be going bankrupt with about £4000 in my savings account. I accept that I'll "lose" that but is it best just to leave it in the savings account and declare the account or drop it into my new coop Basic account and explain it to the OR from there?

    cheers
Page 1
    • london1973
    • By london1973 30th Sep 17, 11:56 AM
    • 335 Posts
    • 92 Thanks
    london1973
    • #2
    • 30th Sep 17, 11:56 AM
    • #2
    • 30th Sep 17, 11:56 AM
    means cash as in fivers-basically asking if you have anything under the mattress- i just opened my wallet and put that amount down- i.e 20 quid or something!

    leave it in the savings account- if you move it to your new account it will be prob be frozen-what ever you do donít spend it, give it away etc
    • menageamoi
    • By menageamoi 30th Sep 17, 12:00 PM
    • 27 Posts
    • 5 Thanks
    menageamoi
    • #3
    • 30th Sep 17, 12:00 PM
    • #3
    • 30th Sep 17, 12:00 PM
    Great - thanks - that's what I thought. And no I won't spend it! :-)
    • Steven_from_scotland
    • By Steven_from_scotland 2nd Oct 17, 2:41 AM
    • 44 Posts
    • 16 Thanks
    Steven_from_scotland
    • #4
    • 2nd Oct 17, 2:41 AM
    • #4
    • 2nd Oct 17, 2:41 AM
    Why do you have 4 grand saved up but are on the verge of bankruptcy? I'd be taking that out and spending on a few things prior to going bankrupt, new clothes for the kids or yourself, upgrade any tired or broken home appliances, getting Christmas sorted early, then go bankrupt with some of the cash
    • menageamoi
    • By menageamoi 2nd Oct 17, 8:20 AM
    • 27 Posts
    • 5 Thanks
    menageamoi
    • #5
    • 2nd Oct 17, 8:20 AM
    • #5
    • 2nd Oct 17, 8:20 AM
    Don't think I'm not tempted! I suppose I'm worried that the OR will spot the expenditure and say that I could have used that money towards paying of my creditor and ask for items back. I have prepaid for the family holiday next year though...
    • Potbellypig
    • By Potbellypig 2nd Oct 17, 5:58 PM
    • 162 Posts
    • 75 Thanks
    Potbellypig
    • #6
    • 2nd Oct 17, 5:58 PM
    • #6
    • 2nd Oct 17, 5:58 PM
    Have you told the OR about the savings account? If you haven't, then I know exactly what I'd do.

    You don't get any Brownie points for being honest in this situation.
    • menageamoi
    • By menageamoi 2nd Oct 17, 6:02 PM
    • 27 Posts
    • 5 Thanks
    menageamoi
    • #7
    • 2nd Oct 17, 6:02 PM
    • #7
    • 2nd Oct 17, 6:02 PM
    Do you really not get any 'brownie points" - or at least acknowledgement - from the OR that you're trying to be upfront about your debts?
  • National Debtline
    • #8
    • 2nd Oct 17, 6:26 PM
    • #8
    • 2nd Oct 17, 6:26 PM
    Hi menageamoi


    I can't really comment on the concept of "brownie points". What I can safely say is that a bankrupt who didn't disclose savings (or was deemed to have spent that money recklessly/irresponsibly prior to their bankruptcy) would leave themselves exposed to the likelihood of bankruptcy restrictions being sought by the Official Receiver.


    Be prepared to have to account for - and justify - any significant expenditure between now and the bankruptcy. It is most likely to be any items for which you can't produce paper trails that cause bigger headaches.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • menageamoi
    • By menageamoi 2nd Oct 17, 6:27 PM
    • 27 Posts
    • 5 Thanks
    menageamoi
    • #9
    • 2nd Oct 17, 6:27 PM
    • #9
    • 2nd Oct 17, 6:27 PM
    Thanks Dennis
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