To BR or not to BR?

tigerfeet2006

Sorry Dunpayin but cars/vans aren't my thing so can't give you any help on that. If you haven't had a reply by tomorrow then start a seperate thread with the question. Also give the Insovency Service a ring (maybe email them tonight as well as they are quite slow in replying but they do seem to take the time to research the questions The Insolvency Service Enquiry Line - Tel: 0845 602 9848 - Email: [EMAIL="insolvency.enquiryline@insolvency.gsi.gov.uk"]insolvency.enquiryline@insolvency.gsi.gov.uk[/EMAIL] ) Hopefully you will get a definative answer from someone.

Don't worry about the Contents Insurance and how it looks. You need it, especially accidental damage as you won't have credit cards to fall back on. If asked just say you realised you didn't have any and felt that it was important to be protected.

Why have you opened a Lloyds TSB account? They will close it as they are not BR friendly. Co-op Cashminder or Barclays Cash Account are the 2 that are BR friendly. Get on the phone first thing tomorrow and open one.

Your statement seems fine, short, sharp and no waffle but I am sure someone with more experiance will comment.

Dunpayin

Thanks for the quick reply.

Will get onto my broker tomorrow morning re contents insurance.

I thought it would be good to use LTSB because they are the only major high street bank not caught up in my web of debt! I also quizzed them re BR and they reckoned it would be ok, although I appreciate I will only really know once it's happened.

Is it worth looking into a post BR account with a bank that have had to write off a debt to me already? I guess I thought they would not be up for it. Once bitten, twice shy, and all that...

Thanks again TF *

tigerfeet2006

Do you have debts with either the Co-op or Barclays? Co-op have started refusing accounts for people who have had previous debts with them but Barclays seem to be OK with it.

Dunpayin

Hi TF

Yeah, I've about £4000 with the co-op, and about £1400 with Barclays. I understand some of the smaller banks/building societies are ok with BR, but thought i'd give LTSB a go for convenience, as they're bigger with more branches.

D

tigerfeet2006

Try Barclays then. Unfortunatly 2 choices is all you have. Though if you have a Nationwide Flex account that has been open for some time they have been known to let you keep it.

maxmycardagain

Dunpayin wrote: »

I started my own small Landscaping business 3 years with only about £1'500 debt to my name. It has been a rocky road, but it has finally levelled out

My BR date is November 5th, so if I go for it there'll be a few red letters to add to the bonfire. Any advice would be really appreciated.

well it would level out if your a decent landscaper.....:D

Dunpayin

Ok, Ok

I asked for that!!!

Dunpayin

Hello everyone.

The deed is done. I'm sitting here with a glass of wine, listening to the fireworks, trying to get my head around not being in thr red for the first time in my adult life. Opened my first bank account at the age of 17, and have been in a swamp of debt ever since. Sounds cliche'd, but it really does feel like my head's above water for the first time. It's strange not to have credit. It's exciting, but also oddly unsettling. Guess it takes some getting used to. I honestly can't believe it. Very Meldrew!

The folks at the court were lovely, and the OR people were great too. Thought I'd try my chances with the co op for a cashminder account, and the manager seemed pretty confident I'd be ok getting one. I was shocked they'd even consider me, given I'd just bailed out of two of their credit cards, two current accounts and a personal loan (about 7 or 8 grand).

It's funny, but I'm looking at money in a different way already. Caught myself being more frugal, coz the money in my pocket is ACTUALLY mine, and there's a very real bottom line, ie £0, rather than innumerable credit cards and overdrafts, all with increasable limits...

I can't express how much this forum has meant for me in this process. I mean it when I say I couldn't have done it without you folks (and Anne's suggestion to look up a forum in the first place:T). Thanks to all you who have replied to my rambling postings.


Well, that is that. No doubt I'll be posting more re bank accounts and the OR meet. Just had a call from Natwest, wanting to talk about credit card defaults, so I told them the good news.

By the way, what does BSC mean, and how do I get a number? And MASSIVE THANKS to Martin for setting this up! :A

Cheers, D xx

Dunpayin

Morning all

Just found out that the co op bank have ok'ed my cashminder account application, 2 days after I walked away from about 8K of debt to them. They really are living up to their name!

D*

Dunpayin

Hi Everyone

Just finished telephone meeting with OR, and it went well. She was dead friendly, not too inquisitive, and not an IPA in sight. I can't beleive it's over! I feel like I've been holding my breath for months...

There was a small bit of bad news though. I was going through my accounts this morning and realised that, of course, I'd paid my 07-08 tax bill back in January, but that the bill was an estimate based on my 06-07 earnings. My earnings were much higher that year (no leg breaking or van dying that year!), therefore I'm probably due a fat rebate in a few months. Aha! thought me, I can have a month off work, putting it down to lack of customers, and live off the rebate. But no, turns out that all rebates are classed as assets, and the OR gets the whole lot.
Oh well. Given that I didn't even realise it existed till about 3 hours ago, it won't be sorely missed.

She wasn't at all interested in my business I&E, which surprised me. I expected she would want to go through the accounts with a fine comb, but she just seemed to trust what I was saying. I guess I expected her be much more sceptical and suspicious.

For the record, they allowed everything on my SOA, including Preesents 10 and Holiday 30, in case anyone is wondering about these. It might have been worth trying for Emergency Fund, bit with no IPA it doesn't matter anyway.


So that's it, a debt free life awaits. It's going to be quite a novelty!

Thanks for all the help folks, I couldn't have done it without you :A

D xxx