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last minute worries...please help...

im scheduled for court on thursday to go BR..jsu wanted some opinion on my timing ...

i have the money for the fees but less than 100.00 in cash excess avaiable...i understand that accounts get frozen? would i be better to wait until next month after ive been paid so I have more available funds in cas h to get me by?? how long typically do accounts get frozen for??

also..sods bloody law...i have a bonus due next month, the irony!!..we have reviews quarterly..ive put this in my insolvency forms to make court aware..they arent consistent earnings but will be a lump, im guessing theyyll accept that and take 50-70% which is fine....would it make any difference if i go BR before or after this??

thanks in advance
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Comments

  • Ole20 wrote: »
    im scheduled for court on thursday to go BR..jsu wanted some opinion on my timing ...

    i have the money for the fees but less than 100.00 in cash excess avaiable...i understand that accounts get frozen? would i be better to wait until next month after ive been paid so I have more available funds in cas h to get me by?? how long typically do accounts get frozen for??

    Forever usually, be prepared to open new accounts at barclays or co-op

    also..sods bloody law...i have a bonus due next month, the irony!!..we have reviews quarterly..ive put this in my insolvency forms to make court aware..they arent consistent earnings but will be a lump, im guessing theyyll accept that and take 50-70% which is fine....would it make any difference if i go BR before or after this??

    the 7% figure only relates to any IVA against surplus income, dont panic, have the money paid by cheque or to your new pos-BR accounts

    thanks in advance

    your most welcome
    Now we all know how it felt to play in the band on the Titanic...
  • Ole20_2
    Ole20_2 Posts: 105 Forumite
    ive set up a coop basic account after advice from this site and have been running it for 2 months..i understand this will be frozen but ill explain to or what this is for.?? i didnt want to get any money paid anywhere else as i thiuyght it would come accross as dodgy?

    based on the below do you think i shud get my bonus?? take it out in cash and then go BR whilst notifying the OR of my reasons??

    thanks again
  • if you have a nil balance and tell the OR you need the account for reciept of wages in, and DDM's out he could elect not to even freeze it.

    you will have forms about your SOA to allow the OR to decide if an IVA should be applied, so you can declare payments, wages, one-off's there but they seem to shy away from irregular incomes like overtime, bonuses, etc..
    Now we all know how it felt to play in the band on the Titanic...
  • Sunk
    Sunk Posts: 423 Forumite
    Ole20 wrote: »
    ive set up a coop basic account after advice from this site and have been running it for 2 months..i understand this will be frozen but ill explain to or what this is for.?? i didnt want to get any money paid anywhere else as i thiuyght it would come accross as dodgy?

    based on the below do you think i shud get my bonus?? take it out in cash and then go BR whilst notifying the OR of my reasons??

    thanks again


    You need cash to live on until your account is sorted.
    So I would draw the cash go BR and then if you account is frozen & there is delay at least you will have money to live on.
    I sold a car for 2,000 a week before BR.
    750.00 for a car & the remaining 1,250 was to live on/pay that months rent etc.
    Of course the OR did question as to where I disposed of the remainder of cash & when I said I have it to live on this was ok'd.
    BR 08/05/2008
    ED 29/10/2008
  • Rylynn
    Rylynn Posts: 1,387 Forumite
    It is not an IVA it is an IPA, they are two totally different things Max!

    If you have the co op account set up, with a nil balance explain that on the day of BR to the OR as you usually get a call after seeing the judge, he will then make sure that account IS NOT FROZEN. Mine was not and I am now using it and have been from 2 days after BR.

    Take all the cash out of the other account to live on, are you going to be able to manage?

    On the bonus, if you get it before BR and spend it all the OR could get nasty about that, however if you are prepared to lose half of it to him and have declared it then I see no problem.

    How much are we talking about?

    If you post up your SOA ie income and expenditure maybe people here can help you with it, and also see if an IPA is likely to be imposed on you.

    An IPA is only imposed on surplus over £99.

    I think they will want you to average out your bonus as earnings, ie work them out over 12 months then add them to your monthly income, hope that makes sense.

    Rylynn
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
  • Ole20_2
    Ole20_2 Posts: 105 Forumite
    thank you to both..advice much appreciated..rather than drag it another month i think ill go bite the bullet with my date and explain about my accounts, hopefully the or will accept my reasons and rather than miss payments on my priority bills will maybe not freeze??, if it gets frozen ill either busk :) or sell myself on the street (of course im joking) .....thanks again
  • Ole20_2
    Ole20_2 Posts: 105 Forumite
    thanks rylynn..got urs as i was typing my response..will get soa posted tonight
  • Rylynn
    Rylynn Posts: 1,387 Forumite
    Do you have Direct Debits going out the account if so ring the bank and stop them ALL immediately. Then you can re set them up to go out of the co op account, and the co op will do that for you, or you can simply ring the companies giving them the new account and dates to take the money out, do NOT go overdrawn with the co op they told me Sat they now SHUT accounts recently opened if you have money going out that is not in there.

    It is a great account though, you can pay in cash at any post office and it clears there and then, handy of you have no local branch close to you.

    If you pay TV licence by DD email them, go to their website they are excellent takes a couple of days for a reply but they get the new DD set up for you, less hassle and good service I found from them.

    I would clear out your other account completely, you could end up with it frozen and not get the money for a while which leaves you high and dry.

    I was with Nat West and phoned once the account was empty to stop all DDs and she asked why I told her I was going BR and that I did not think NW were BR friendly and was sad to close the account as I owed them nothing, and had not had a bad word to say about them as a bank.

    Rylynn
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
  • Ole20_2
    Ole20_2 Posts: 105 Forumite
    hi rylynn,

    thanks again..ive left my old barclays 2 months previosu and done as you suggested with my new coop account, barclays is now over the overdraft and they are chasing like mad....all priority bills now go out of my coop account and so far so good..the good people on this site suggested as you did..jsut very nervous about the whole thing..its such a big deal..hoping after xmas ill be in a new routine and the future will be brighter!!! and thanks on the post office..didnt know that..i dont have a local branch so thats good for me
  • Rylynn
    Rylynn Posts: 1,387 Forumite
    Ole it is a totally amazing service wish I had known before. You take your debit electron card in, they put it in the machine and you pay in cash and it clears immediately, like you no local branch so this is bliss as PO is only 1 mile down the road!

    Have you filled in all the forms?
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
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