My next steps down the path to freedom...

sieve

Hello all

I've just spoken to Business Debt Line and they were fantastic help. We've come to the conclusion that BR would be the best way for me to go so now it's just putting it into action. So it's time for the next steps.


Bank accounts

I have several all over the place, some I owe money to, some I don't. I understand that when I go BR they will all be frozen. BDL said if I opened a basic Barclays or Coop one I would be alright - they also suggested I could do it before the BR hearing in readiness, so that I had account details ready to tell my clients for the change in standing order - have any of you done this? They said it would be frozen on BR but that Barclays or Coop should unfreeze it pretty quickly afterwards if it was an account safe for an undischarged BR. If it's an option I'd rather do this than wait until I am made BR as if I wait I risk being paid into an account I don't have access to, which would be very bad...


House

I was advised to get an independent quick-sale valuation for my house from an estate agent just to be 110% sure I am in negative equity. Sensible advice - no queries there really.


Car

The lady at BDL suggested that anything above £1k is not safe and you have to make it absolutely clear that the car is vital - hopefully the fact that a lot of my clients are in the middle of nowhere and the fact I have to cart a lot of kit around with me will help. Fingers crossed...


Client portfolio

She confirmed there is a risk that when BR occurs, the OR might try to sell your client portfolio if they think it's of value. As well as the other great advice I've had on this board which I shall use, she suggested that I tell them - if it comes up - that they would get more from me by putting an IPO on my bankruptcy rather than selling it. Seems to make sense to me as without me, and because I don't deal with any large corporations who don't care who they deal with, the portfolio would be largely worthless to anyone else.


So that's about it for the mo I think - off to get the court papers in a minute and find out how long it will take for the hearing - then organise valuation, bank account, and then time the hearing for just after most of the money comes in. I'm guessing second week of March but will keep you posted.


And for anyone who has had problems getting through to BDL - keep at it - I tried about a dozen times at varying times of day where the phone just rang and rang and then let me leave a message in a mailbox that was full, but eventually I got through and they were absolutely brilliant.


Cheers


Sieve

robsimps53

well done, you seem very organised and confident, i think you will do just great

ive got to get a valuation on my property to and was told to go to the local estate agent and ask for a quick verbal valuation as this is free

sieve

Just spoken to the court and booked in for the hearing... wait for it... on Friday 13th March :rolleyes:

Oh my god it is becoming real..... :eek:

tigerfeet2006

Seive I can't remeber the last time heard of Co-op or Barclays freeze an account that you opened for you BR. So don't panic to much about that.

Though there is one OR's office that seems to close them and I can't remember which one. Hopefully someone will tell me. Bournemouth rings a bell but I'm not 100%

mysterio_2

Bristol? Brighton?....

tigerfeet2006

No not Bristol. Might be Brighton

Hmmm! aren't we being useful today

Jaynee123

I went br in Bournemouth and my co-op account wasn't frozen even though I had it up and running almost 1 month before br,

Jaynee123

tigerfeet2006

Thanks Jaynee, I think it is the Brighton OR who is a bit of a pain with accounts.

sieve

Thanks all. This will be Oxford so hopefully they won't be as harsh as the Brighton one...

Any experiences with the Oxford OR anybody?

Thanks in advance!