Pick ya brains plz

kaz711_2

hi - im a newbie here

I have around 32K of debt and im payin 3 of those debts off each month via an agreement made between them and the CAB which costs me approx £170 per month.

HSBC £6785
Capital £6245
Tesco £3809

Goldfish loan £7598
Cahoot Loan £7654

the two loans are being paid nothing at all - as they are yet to find me

my question is.......... It has been suggested I go Bankrupt - which i can see as being a good option but..........

Im a single mum - work part time - only have a cash card account - no C/C or debit card - I privately rent my home - My car for work is in my daughters name - no other assets at all such as jewellery or pensions etc.

but my concern is - they freeze your bank account and that is where my wages n benfits get paid into - so then I wud not be able to access any money wotsoever - i have since changed my name by deed poll so my ex cud not trace me after the divorce and bank account is in new name and debts are in old name.

Any advice would be gratefully received

Conor_3

Your account won't necessarily be frozen - that's a decision made by the bank, not the Official Receiver.

It is highly unlikely they will as it's in effect a basic account with no credit on. If they do freeze the account, you simply need to phone the Official Receiver who will order it unfrozen. When I went bankrupt, the week before I declared I went to my bank branch (Barclays Bank) and told them what I was going to do. At that point, they didn't take any action but made a note on my account. When I declared, my account was frozen by Barclays the following day. I phoned them up, got a phone number off them and spoke to the Official Receiver who contacted them and told them to unfreeze it as he wouldn't be seizing assets from it and it was my daily living account. At the time I had a VISA Delta debit card and chequebook. Barclays simply told me I had to go in to my local branch and hand in my chequebook and VISA Delta card. They then issued me with a VISA Electron card instead.

WHAT YOU DO NEED TO DO though is talk to the bank BEFORE you declare bankrupt. Explain to them that you're going to delcare bankrupt.

kaz711_2

Many thanks for your reply

I have just contacted Payplan who have rang me back

looks like the best route is really the bankrupt one

I asked about the bank account and their advice wos - that this will get frozen and frozen indefinately and to approach the bank sayin wot im about to do and ask that once the case has been filed for - they cud open up a new one for me and transfer over all my D/D's etc - so i wud be up n running again but in the meantime get everything paid into my daughters account so that when it is frozen - i still have access to my daily living money.

as they said - i dont own a home - my car is less than 3K in value but is in my daughters name anyhow - dont have a plasma tv (i wish) only have standard home items - my landlord will be told but providing i do a dis-association - that should be ok - means my name is the bad debt not the address - so safeguards the landlord for future lettings.

Im not gonna be able to work full time for a few years yet so this really is my only option now and some of the replies ive read from those that have done it - gives me the determination to see it thru

I want to get everything sorted in year 2006 - so i can go into 2007 as a normal woman ha ha

bank_of_slate

Hi kaz

Fantastic that you are sorting your situation out.
It may be scary but take it one step at a time!

Keep posting on MSE because you'll get lots of help, advice and support. You may also be able to offer support to others in a similar situation.
Good luck hunny!
...Linda xx

Conor_3

Payplans advice about the account wasn't exactly right going by my personal experience. They'd only do it indefinitely if there was an outstanding overdraft. As it's a cashcard account, I suspect that you don't have an overdraft?

YOU DO NOT NEED TO TELL YOUR LANDLORD ANYTHING. The disassociation is something the people who live there after you have to do for their own credit record. Chances are there were already bad debts on that address from before you moved in.