What is the worst thing that can happen?

Marru

Hi,

I considered bankruptcy year ago and then decided to start a DMP but my DMP is going to run for 27 years at this rate. Today I got nasty call from one of the debt collecting agencies claiming that they were told I had received a lot of money and that they wanted me to pay the full sum which I simply can't afford so I started to think again if BR would be a solution for me. I live in rented house with my little girl (4 years).

I have some worst scenarios thou that I am looking for answers:

1. I am accountant as profession (ha ha) so I need to find out from my new (temp) job that if BR would stop them making me permanent.

2. Can I keep my car I think due to taking DD to nursery and later to school and then getting to work in time and if I need to get more temp jobs in the future that I really need a car for all that.

3. Can I still do online banking and purchases online It seemes that Coop account would allow this

4. I am also self employed as a book retailer and have a big stock of books. Will I lose the books in BR? Any ideas?

5. I don't want to be accountant for the rest of my life and am studying different career when ever finances allow for me to take a course and when I am finished would like to work as a self employed again. Would this be possible while in BR?

I am pretty ok with 1-3 but it is 4 and 5 that worries me. Also what is the worst thing that can happen when in BR?

Thank you!

Marru

Zandytobedebtfree

Hi Marru and welcome

I will try to help as best I can-

Marru wrote: »

Hi,

I considered bankruptcy year ago and then decided to start a DMP but my DMP is going to run for 27 years at this rate. Today I got nasty call from one of the debt collecting agencies claiming that they were told I had received a lot of money and that they wanted me to pay the full sum which I simply can't afford so I started to think again if BR would be a solution for me. I live in rented house with my little girl (4 years).

I have some worst scenarios thou that I am looking for answers:

1. I am accountant as profession (ha ha) so I need to find out from my new (temp) job that if BR would stop them making me permanent. I think this may be a profession that is not allowed for people that have gone BR, maybe wrong, but check with your employer.

2. Can I keep my car I think due to taking DD to nursery and later to school and then getting to work in time and if I need to get more temp jobs in the future that I really need a car for all that. If need for work etc, then may be allowed to have car - it depends on the current value of your car, as if a high value, then OR may want to take and allow you to purchase a cheaper car.

3. Can I still do online banking and purchases online It seemes that Coop account would allow this Either Co-Op Cashminder or Barclays Cash Card accounts give you bank card that can be used for this purpose - or you can obtain a Top up card which is either Visa or Mastercard ( Paypal do a good one, with very minimal charges)

4. I am also self employed as a book retailer and have a big stock of books. Will I lose the books in BR? Any ideas? This depends on value of books, and if put down as a asset on SOA

5. I don't want to be accountant for the rest of my life and am studying different career when ever finances allow for me to take a course and when I am finished would like to work as a self employed again. Would this be possible while in BR? Just inform OR of any changes

I am pretty ok with 1-3 but it is 4 and 5 that worries me. Also what is the worst thing that can happen when in BR?

Thank you!

Marru

I hope this helps, but other will be along too with some more suggestions