A few questions pre bankruptcy

desperatetobedebtfree

In the next couple of months my personal situation is changing and I will be claiming Income Support.

At present I am making repayments on my loan and credit cards and have not missed any payments....this is to the detriment of other essential living such as groceries.

Will this count against me? Ie do you need to be in arrears when bankrupt or will the fact that I dont have the ability to repay be the deciding factor.

However I wont be able to pay them very soon and am struggling now. I am going to the CAB for advise about bankruptcy which I have been considering for years and I now feel this is the way forward after years of struggle.

What advice can you give me to avoid the stress of phone calls, letter etc pre bankrupty? I am intending to phone them all and ask for my telephone number to be removed from records.

Also I am not in rent arrears with my Landlord...will the OR always contact them? I know it will soon become local gossip if they do. And is the bankruptcy in local papers or just the london one.

One more thing. I have a savings account for my sons. Its passbook shows it as Miss *********** and Mr ******* on behalf of Master******** Will the OR be able to cease this account and money in it? Its birthday money totalling nearly £400 or shall I close it and have it in Ex Partners name only?

Sorry for all the questions.

lisamummytoarchieplusbump

i had just answered most of the questions and i lost it so will start again.

you will not be refused br on the grounds youve managed so far as alot of people struggle and even cut food down to bare minimum just to pay bills so dont worry as long as you are insolvent and owe more than £750 you will not be refused br.

i only stopped paying my creditors a few months before br as i was saving for fees

there is a letter floating about for you to send your creditors and say you will only be contacted my post i will try to fid it, if not just change your number

im not sure on the landlord bit or the savings account so ill let someone else answer that one.

but anymore questions just ask

lisa

tigerfeet2006

desperatetobedebtfree wrote: »

In the next couple of months my personal situation is changing and I will be claiming Income Support.

At present I am making repayments on my loan and credit cards and have not missed any payments....this is to the detriment of other essential living such as groceries.

Will this count against me? Ie do you need to be in arrears when bankrupt or will the fact that I dont have the ability to repay be the deciding factor. No it won't count against you at all. OR's know people cut everything to the bone to pay their debts so don't panic you do not need to be in arrears.

However I wont be able to pay them very soon and am struggling now. I am going to the CAB for advise about bankruptcy which I have been considering for years and I now feel this is the way forward after years of struggle. Hope the interview with the CAB goes well and let us know what they say.

What advice can you give me to avoid the stress of phone calls, letter etc pre bankrupty? I am intending to phone them all and ask for my telephone number to be removed from records. Don't phone them as they can hassle you more and not listen to you. There is a template letter around that you can send to them recorded, so you have proof you asked. As for the letters, if you are going BR in the next month or so then just save them for the OR.

Also I am not in rent arrears with my Landlord...will the OR always contact them? I know it will soon become local gossip if they do. And is the bankruptcy in local papers or just the london one. The OR usually will contact them I am afraid, though you can ask nicely that they don't if you think it might cause you problems. At the moment some OR's offices are putting it in local papers and some aren't, it is down to the individual OR's office.

One more thing. I have a savings account for my sons. Its passbook shows it as Miss *********** and Mr ******* on behalf of Master******** Will the OR be able to cease this account and money in it? Its birthday money totalling nearly £400 or shall I close it and have it in Ex Partners name only? Is the savings account with a bank you have debt with? The bank shouldn't do anything to the account but some will just to be pains, so if you can move it to some where you have no debt with. BTW just me being cynical but don't put it just in your ex's name.

Sorry for all the questions.

Hope that helps you a bit. Don't be afraid to ask questions.

money_penny_26

hi an welcome to the board,you could tell landlord when you go b.r.an point out to him ,that yes you are bankrupt however this now means you will be in essence debt free,and have no problem paying the rent....that will put his mind at rest. regards penny

desperatetobedebtfree

Thanks guys. I knew you would be able to help. I am a MSE regular (although not posted for a few months) under a different username but need one just for bankruptcy and all the help you can offer. Also some Real life people know my other username.

Im going to speak to the CAB or CCCS and if bankruptcy is def the way forward I will stop paying debts and put it to one side to pay for when all accounts frozen

The savings account is not with a bank I have debts with. Its more will the OR touch it? Exs sole name wouldnt be ideal but we have been seperated for a while now and he is very reasonable and wouldnt do anything like nick it. Im normally so cynical and untrusting but that I am sure of!

Im now in a real dilema about whether to got BR before or after I finish work. I really want to keep my car. It would be one way of hiding the fact I have gone BR from my parents...who will flip. Any change /problems with the car they are involved in so if it disappered I would have a lot to explain. I have friends I can talk to about my problems but my parents are a real NO GO!

The landlord is a real concern for me. His daughter lives around the corner and there is quite a few connections to me in the street I live..I just dont want them to know. How do they usually contact? A friend suggested that i give her number as Landlord as his wife is joint landlord but I think that may be asking for trouble as I know OR hates deceit and being messed around. Of course I could tell the landlord myself but then I run the risk that the OR doesnt contact him!

So many things to think about!

Just one more thing am going to open a Post Office card account for benefits/tax credits to go into. Will this be frozen?

desperatetobedebtfree

money_penny_26 wrote: »

hi an welcome to the board,you could tell landlord when you go b.r.an point out to him ,that yes you are bankrupt however this now means you will be in essence debt free,and have no problem paying the rent....that will put his mind at rest. regards penny

Thank you. He knows the rent has always been paid on time and as long as I continue to do so then he would have trouble evicting me wouldnt he? I just worry that I would have to move and not be able to afford deposit and not able to go through letting agents due to BR.

tigerfeet2006

desperatetobedebtfree wrote: »

Thanks guys. I knew you would be able to help. I am a MSE regular (although not posted for a few months) under a different username but need one just for bankruptcy and all the help you can offer. Also some Real life people know my other username.

Im going to speak to the CAB or CCCS and if bankruptcy is def the way forward I will stop paying debts and put it to one side to pay for when all accounts frozen

The savings account is not with a bank I have debts with. Its more will the OR touch it? Exs sole name wouldnt be ideal but we have been seperated for a while now and he is very reasonable and wouldnt do anything like nick it. Im normally so cynical and untrusting but that I am sure of! They won't be touched by the OR so don't worry.

Im now in a real dilema about whether to got BR before or after I finish work. I really want to keep my car. It would be one way of hiding the fact I have gone BR from my parents...who will flip. Any change /problems with the car they are involved in so if it disappered I would have a lot to explain. I have friends I can talk to about my problems but my parents are a real NO GO! If you are not working then you probably won't be able to keep the car, it is generally only exempted if it is essential for work.

The landlord is a real concern for me. His daughter lives around the corner and there is quite a few connections to me in the street I live..I just dont want them to know. How do they usually contact? A friend suggested that i give her number as Landlord as his wife is joint landlord but I think that may be asking for trouble as I know OR hates deceit and being messed around. Of course I could tell the landlord myself but then I run the risk that the OR doesnt contact him! I am not sure but would the LL be breaking data protection or something silly like that.

So many things to think about!

Just one more thing am going to open a Post Office card account for benefits/tax credits to go into. Will this be frozen?

Post Office accounts are not frozen at all.

lisamummytoarchieplusbump

about the car how much is it worth?

as if they say you cant keep it you will be able to buy the BI interest in it but the running costs wont be allowed in your SOA it will have to come out your surplus.

have you checked on parkers guide what the price for poor condition is?


lisa

desperatetobedebtfree

lisamummytoarchieplusbump wrote: »

about the car how much is it worth?

as if they say you cant keep it you will be able to buy the BI interest in it but the running costs wont be allowed in your SOA it will have to come out your surplus.

have you checked on parkers guide what the price for poor condition is?


lisa

Sorry dont understand what this means? Parkers wanted to charge me for valuation but it was about £675 last time I got a valuation.

desperatetobedebtfree

Thank you tigerfeet....your advise has been invaluable.

Im just trying to decide whether to file before or after job ends...thinking its going to be when job ends. Plus will need to stop some repayments so I can afford OR fees as didnt realise they werent exempt when on I.S

lisamummytoarchieplusbump

hi the court fees are exempt but not the OR fees which is £350

if the car is only worth £675 then if they say you cant keep the car they will say you can get a third party to buy it from them, they normally ask for about 50% of the value so if they do, start low and go upwards so basicly they may ask for £300+ but you have to think that they will have to get a company to collect then sort it out for auction so there is costs involved on their side before they have even sold it so they do prefer if you make an offer then its less hassel for them.