I'll receive my monthly salary only days before my BR

StuntmanBob

I have a date for my BR booked, and its only a few days after my normal monthly salary payment date. If the salary is paid into my bank account (as usual) then I assume that I won't be able to access the funds at all - there won't be a credit balance although I will be inside my overdraft limit. But I assume I must stop using my bank account if my BR is approved.

Alternatively, I think my employer will be happy to pay me in cash, but will the OR take a dim view of this?

I'm wondering how I'm going to pay my rent etc. ?

Lol_UK_2

My advice would be don't get that money paid in to your existing account- it'll be lost/frozen...get a cheque/cash and get the BR over with. I recall opening up a savings account with another bank (easier than a bank account) immediately after my BR and paying anything in to that as my post BR account...

r1704

hi there dont worry too much your account is not frozen untill after you are made bankrupt, any way you need money for living expenses the reciever knows you need to live

so dont worry too much

girlinabox

StuntmanBob wrote: »

I have a date for my BR booked, and its only a few days after my normal monthly salary payment date. If the salary is paid into my bank account (as usual) then I assume that I won't be able to access the funds at all - there won't be a credit balance although I will be inside my overdraft limit. But I assume I must stop using my bank account if my BR is approved.

Alternatively, I think my employer will be happy to pay me in cash, but will the OR take a dim view of this?

I'm wondering how I'm going to pay my rent etc. ?

Agree with Lol_Uk and this is from experience. Don't do NOTHING about it as the OR doesn't care about you. Get your money out and open a savings account, and then after bankruptcy open an account with someone like the Co-op.

mazzatee

Hi

Your overdraft will be included in your bankruptcy so you will need to open a new account. The Coop & Barclays are your best bet.

You can remove your money from the account prior to bankruptcy and keep it by you to pay your essential bills until you get a new account.

It is better to open the account immediately after your hearing and inform them you are an un-discharged bankrupt.

Best of luck and keep posting. Have you had any advice on bankruptcy and do you need help with your SOA (statement of affairs?). You can post your income & expenditure statement on here & someone will give you advice on it.

peachyprice

Lol_UK wrote: »

I recall opening up a savings account with another bank (easier than a bank account) immediately after my BR and paying anything in to that as my post BR account...

Things have changed, it's practially impossible for a BR to get a savings account nowadays.

Bob, when you get paid you can go into the bank and withdraw everything, keep the cash and open a Co-op or Barclays account (co-op are quicker) on your BR day.

Alternatively if it is possible get paid in cash, this will make life a whole heap easier for you and the OR won't mind. He won't take any of your salary so it won't make any difference whether it's paid into your bank or you're paid in cash.

If you have any DD's that will need paying in the interim phone the companies up and ask for a payment slip to pay cash, tell them you're changing bank accounts and will set up new DD's when you have new details.

StuntmanBob

Thanks everyone, excellent advice, I'll try to get paid in cash.

I've done my SOA and am currently filling in the BR forms. My situation is hopeless (financially) and all being well I'll be BR next week. I just working on my "Causes of Bankruptcy" and will probably post that on here later today (it's a bit long winded so far).

startagain_2

Hi Bob,

I was exactly the same, in fact I planned it that way. Each month my salary just about cleared my overdraft and I would then run it up to the limit again.
I didn't think of it as the banks money, it was my wages, so I drew it all out in cash as soon as I was paid, put £495 to one side for my BR fees and lived off the rest for the next month. It sat as a little pile of cash in my kitchen. Most peculiar! It wasn't even mentioned in the OR interview.

SA

nervousmother

Same here i got paid 5 days before I went br, Had the wage in cash, told the OR about it and that i needed it to 'live off' during the next month. They were fine about it.
My bank a/c still is not frozen, nearly two months later.. had a letter from natwest this morning letting me know im not using the isa to its full potential and i can pay in another 2k... erm i dont think so!

girlinabox

StuntmanBob wrote: »

Thanks everyone, excellent advice, I'll try to get paid in cash.

I've done my SOA and am currently filling in the BR forms. My situation is hopeless (financially) and all being well I'll be BR next week. I just working on my "Causes of Bankruptcy" and will probably post that on here later today (it's a bit long winded so far).

Or....see if your accounts department will pay into a family member's bank account until you have opened a post-bankruptcy account. All they need from you is a letter confirming you give them authorisation to do this. Thats what I did. (Although my narky aco!!!!s department got annoyed with me as I had got a new bank account a month or so before I went BR so they started paying into that, then my boyfriend's post BR, then I got a Co-op cashminder account of my own a month or so later! - It is always fun to make more work for accountants though )