Considering bankruptcy

philnicandamy

s1h wrote: »

Sorry it was answered again.

Just a couple more questions if thats ok.

Mobile phones if I have one on an existing contract does that have to be cancelled? or am i allowed to keep it. Yes if your not in debt with the provider...no probs to keep

With regards to bank accounts, my normal account is with alliance & leicester, but i have basic accounts with yorkshire & halifax. would i be able to keep one of these?probably not....the only bankrupt freindly banks tend to be the co-op & barclays[/quote]


HTH (a bit)

fiveyearplan

You can keep the contract if you like. How much do you pay per month as all your phones together (landline and mobile) should be no more than £60.

Halifax will close your account even before you get home from the court! Open either a Barclays basic account or a Coop cashminder and be sure to say you want one with no credit facilities - if they ask why you can say you are contemplating bankruptcy.

Nigella_2

When you are on benefits a budget is normally a formality.

You can make a voluntary contribution if you want.

fiveyearplan

I wonder if anyone does make a voluntary contribution?

s1h

Thanks it seems to make a lot more sense now. I know it's not an easy way out but I'm at the point where it is probably the only solution.

Am I right in thinking £125 of the fee is waived if you are on benefits? £350 is going to be tough to find.

Should I get onto opening an account with the co-op or barclays sooner rather than later.

spenderblender

Yes you are right in thinking that but, take proof.

s1h

Having a look at the forms now,

What goes in date incurred? for example if its an overdraft. Is it when you opened the account?

For credit cards I would imagine it is when you took out the card and personal loans when you took out the loans .

fiveyearplan

Yes that is correct and the dates don't really need to be accurate but you do have to put something.

s1h

cheers, what do people on here think of the opinion some have that it is a cheats way out.

Nigella_2

It is not a crime to be in debt and Bankruptcy is a legal way to discharge your debts.

It is up to the OR to look into your affairs to see if you have been a good boy/girl!

Ultimately it is your decision, your life and you take the consequences!!!

And in the end life is too short to be fretting about £££