Seriously considering going bankrupt ! Help!

deedee_3

Jayen have a read of Scarlett.1974 's diary. It is a brilliant read from start to finish.

http://forums.moneysavingexpert.com/showthread.html?t=596237

Rylynn

NO do not tell your bank anything at all right now. Get the money out of it, get another account set up. Once you have nothing in your account, is it already in overdraft to the limit? if not would not advise you run it up to it right now. If it is in credit then leave a quid in it, then stop all the DDs and set them up from the new account.

Okay first month with the calls say you need more DD forms as you are moving banks, in the process of, dont say you have or give the accout or who it is with either.

Yes you do get hassle on the phone, dont lose it with them, say you are not at home be the butler, or friend. They will not discuss the matter with any one but you, but may ask to give a number to be called back on, just take it, and then bin it, as you are not going to be calling them back.

Have you any outstanding CCJs and do you owe council tax?

Jayen4

Thanks DeeDee...I will have a read....

Rylynn

Thats the one I was trying to think of Jeff, read it as it is very informative on things, and may make you realise you are not alone for a start.

Dinner now in oven.. oh my so late!

Jayen4

Rylynn wrote: »

NO do not tell your bank anything at all right now. Get the money out of it, get another account set up. Once you have nothing in your account, is it already in overdraft to the limit? if not would not advise you run it up to it right now. If it is in credit then leave a quid in it, then stop all the DDs and set them up from the new account.

Okay first month with the calls say you need more DD forms as you are moving banks, in the process of, dont say you have or give the accout or who it is with either.

Yes you do get hassle on the phone, dont lose it with them, say you are not at home be the butler, or friend. They will not discuss the matter with any one but you, but may ask to give a number to be called back on, just take it, and then bin it, as you are not going to be calling them back.

Have you any outstanding CCJs and do you owe council tax?

At the mo', I have about £480 in credit,with a £700 overdraft facilty. I have about £800 left to the limit on the CC. (£255 ish will go out tommorrow for the CC payment)
As for moving the DD's....that might be a bit tricky as they will offer to do it for me and want to know who the other bank is....
No,no CCJ's.. council tax is due on 1 oct £122.99 + 3 more instalments.

Jayen4

Rylynn wrote: »

Thats the one I was trying to think of Jeff, read it as it is very informative on things, and may make you realise you are not alone for a start.

Dinner now in oven.. oh my so late!

Dinner !?? At this time ?? You on night shift,like me ?? lol Go get it !!
(I've just had a lovely sponge pud with lashings of custard on it !!

Oh and I know I'm not alone....I just feel bad being in this position... I'll get it sorted eventually (I hope).

Rylynn

Make sure you pay the council tax. Any credit in that account move it to a new account would be my advice do not run into the overdraft leave a quid in the account. On the DDs just phone up and cancel them, and make sure you tell the people who they are paid to, ask for new mandate forms. You will need these for gas electric, council tax etc if you pay them monthly which I have no idea on as you have not said.

You do not need them to offer to do it for you, you are not going to say anything, just say you are wanting them all cancelled for now, but DO none of this til you see the CAB and get their advice as they may tell you to do this differently.

I can only tell you how it was for me in 2005, I took the advice from the CAB but they were too busy to see me properly so took the leaflet on IVA and phoned a company they recommended.

It was this company who gave me advice, even before going into an IVA. I was already up at my over draft limit and my wages were due in within 2 weeks, I knew I was in dire straits, as my main creditors were my bank, overdraft two loans and credit card. So I told my wages dept to stop my wages, I used my sons account while I sorted another one out.

Before my wages were due in I rang the bank and said I wished for ALL of my DD and Standing orders to be stopped. She went through all of them with me on the phone, I had a list and made sure she had them all stopped. I do not think I ever wrote to anyone. I phoned the gas, electric, council tax and water companies, said I was in the middle of opening a new account and would require new forms. I then opened a new account and set up the DDs with them.

It was a nightmare Jeff at the time I am not saying it was not, but once it was done that was one bit out of the way. Sadly it now seems I have to do it all again, as due to my health the IVA has failed and BR is now the route I have to take.

One thing I can say, I felt bad in 2005, and the debts were not just mine but all bar one in my name.. OH did a runner on me leaving me with it all to face.

I stopped feeling bad when it was sorted out, I felt better I was paying some of it off, but ill health has forced that outta the window. I have lived with no credit cards, no overdraft no loans since the IVA in 2005 and I will never go that route again, it has been hard but it has also been achievable and odd as it may seem I am proud I can live within my means and still not be on the poverty line.

I was on benefits once with two young kids, homeless and I can tell you that was the breadline and in the gutter, but I never lost the hope things would improve, they did and I know they will for you.

RL

Rylynn

No I am not on nightshift I do not sleep very well due to the ME, so at weekends I tend to stay up, during the week I have to work but only 5 hours a day, and I take some tablets to ease the pain, at the weekends I try not to take them, so stay up get tired and hope to sleep more. Helped by the odd glass of Pina Colada!

Dinner is smoked haddock in parsley sauce all home made with rice I think as mash is gonna be too heavy and too late now. Served with courgettes and spring onions.. NO pud I need to lose weight not put any more on!! ha ha.

I know you feel bad Jeff, but there are so many people this credit crunch is gonna force down this route, just get the advice and act on it. Do not leave it like I did and let it get worse. You will feel so much better once you are dealing with it and know what you have to do.

Jayen4

Wow Rylynn..... You've REALLY had it rough haven't you ?? Ill health and all.... I do hope that you're o.k. at the moment !??

It makes me sound like a whining little brat,eh ??

I know what you mean about putting on weight...I'm getting a bit of 'middle age spread' ! :eek: Got to do something about that !

Yes,as you say,there are a LOT of people going down the pan at the mo'.....and no doubt there will be a veritable torrent before much longer....It's not a good situation is it ?? What really annoys me is that the governments are bailing out the bloody banks (who started all this in the first place)....are they bailing me /us out ?? Oh NO !! Life is not fair,I tell you !!

Rylynn

No it is not fair I laughed at your last bit, the banks have helped most of us get in the mess. In 1998 I had no overdraft, no loans, no credit card, along came Mr wonderful... did I type that.. shame on me.. slaps self hard! And suddenly bank sends letter you can have £5k... odd that in 1997 I asked to borrow £750 to buy small old car, reply was get lost.

New OH eyes alight said take it, sad thing is they kept giving them to me and I kept taking them... credit cards, loans, overdraft kept being put up ended up at £750 I think when they would not lend me that in 2007. It all got to easy to live on borrowed money.

Lets all go back to bartering... then maybe I would lose weight as maybe I would have to walk miles to get a pint of milk or a fresh pig... maybe not..

RL