what can be included in BR?

giannpier

I have 2 cheques of £250 each with The Money Shop.
What I am doing now is extending the cheques everymonth, but, once I go BR the OR will close my bank aoount...so, what do I do? Do I need to include the cheques in the BR?
I have also one loan with one payday company. I have the loan like 4 months ago, and I am renewing it every month. Can this be also included?

Aytoun27

Yes, you can include the debt to The Money Shop (and the other payday loan) in your BR. Just put down on your BR forms how much you owe them and it's treated like any other debts. That's what I did with mine when I went BR.

Please remember though that it's the bank not the OR who close your account. My bank didn't close my account for some weeks after BR and The Money Shop managed to cash a couple of my cheques post BR. This caused a few problems as the bank tried to claim that it was a debt post BR, but as both my overdraft and the Money Shop loan had been included in my BR they had to accept it in the end.

The OR said that it was the bank's fault, as they continued to allow transactions after they had been informed of my BR, when they should have frozen my account. I left it up to him to rap The Money Shop over the knuckles as they cashed the cheques after they had been informed of the BR. So it all worked out in the end, but I thought that it was a potential problem you should be aware of.

Best of luck,

Aytoun

giannpier

Thank you!

But, if when I go BR, I take all the cash of my bank to my new account in the Co-op bank, then there will be no money for Money Shop to cash the cheques ...