New questions re BR

princess1984

I'm back with more questions!

-If you pay to go BR, and you have no assets (unless they take one of the cars we have) do your creditors only receive what you can afford every month over the year until you are discharged?

-Beyond being discharged, are the debts gone and the creditors won't be back in x amount of years to claim the rest?

-When do you open a basic bank account and start using it? Will this bank account be frozen at any point during the BR and if so how do you get hold of your money? We get paid weekly and monthly.

-CCCS have informed us that the Anglian Water trust fund may be able to help us financially. Has anyone done this before?

Have more but got to see to dd at the mo. Thanks in advance.

december

Hi. Firstly if you do get an IPA (where you have to pay back money each month) before the end of your year or so of being bankrupt then you have to carry on paying that money for the next 36 months and inform the official receiver of any change in income. However if the only IPA which is imposed is the nil tax IPA (whereby the money you would have paid in tax goes to the OR) then no after you have been discharged then it doesn't matter if your circumstances change, you don;t have to pay money to the OR each month.

Once you are declared bankrupt you no longer owe any money to your creditors.

Your bank account can be frozen either by the OR or by the bank after bankruptcy has been declared. You can open a basic bank account the day of your bankruptcy with certain institutions. You could either take your money out before you go bankrupt or arrange to have it paid into a relatives account. (as long as it's someone you can trust:) )

Can;t help you about Anglian water though

December

tigerfeet2006

princess1984 wrote: »

I'm back with more questions!

-If you pay to go BR, and you have no assets (unless they take one of the cars we have) do your creditors only receive what you can afford every month over the year until you are discharged? If you are given an IPA, you pay a % of your surplus you pay this for 36 months but you are still discharged at 12 months.(if your income changes you inform the OR and your IPA will be adjusted up or down.) You will also be given a nil tax code and have to pay the tax to the OR untill the new tax year on 5th April.

-Beyond being discharged, are the debts gone and the creditors won't be back in x amount of years to claim the rest? Your debts are completely gone except a few such as student loans which aren't included.

-When do you open a basic bank account and start using it? Will this bank account be frozen at any point during the BR and if so how do you get hold of your money? We get paid weekly and monthly. Quite a few people open a Co-op Cashminder or a Barclays Cash account either before or on the day of their BR. Co-op are pretty good at not freezing the account if you tell them you are going BR (it is the banks that freeze the accounts not the OR.) You tell the OR this is the account you have opened for BR and he usually tells the bank he has no interst. If it is frozen then it can be sorted with in a couple of days. You could also have your wages paid into a trusted persons account and then open one after BR.

-CCCS have informed us that the Anglian Water trust fund may be able to help us financially. Has anyone done this before? Sorry no can't help with this, though we have found that utility companies are giving grants for BR less and less. But I hope you can get it. Nothing ventured.

Have more but got to see to dd at the mo. Thanks in advance.

Hope some of that helps.

GettingHopeful

Just to add that the Co-op cash minder which has an electron visa, can be set up over the phone, 08457 240 752. Tell them that you are going br, even start getting wages paid in, and direct debits that you need to continue coming out. My co-op account hasn't been frozen and I was told this is the type of account for people like me. OR told them he had no interest in the account.

PS might need to go into a branch with identification, but if that's a problem can discuss the alternatives over the phone with them. They are extremely helpful, and I have had no problems whatsoever.

Depth_Charge

princess1984 wrote: »

I'm back with more questions!

-If you pay to go BR, and you have no assets (unless they take one of the cars we have) do your creditors only receive what you can afford every month over the year until you are discharged?

-Beyond being discharged, are the debts gone and the creditors won't be back in x amount of years to claim the rest?

-When do you open a basic bank account and start using it? Will this bank account be frozen at any point during the BR and if so how do you get hold of your money? We get paid weekly and monthly.

-CCCS have informed us that the Anglian Water trust fund may be able to help us financially. Has anyone done this before?

Have more but got to see to dd at the mo. Thanks in advance.

Hi princess1984.

There are a number of water trusts that take applications for bankruptcy fees, however due to increasing numbers of applications I understand that some of them have adopted new criteria.

For example

* The applicant is not an homeowner.
* The debts have to be over £15000
* The applicant has not previosly been bankrupt

Also my experience is that applications can sometimes take 6 weeks or more to be processed with no guarantee of success.

There are other charities that take applications for bankruptcy fees such as gas & electricity suppliers and The Royal British Legion (some service connection needed).

Your local CAB or other advice agency may have a list of other charities that may help and may also be able to assist you with an application which is important as most charities insist that you have recieved advice and assistance from a recognised adviser.

DC