Please Help, Advice wanted

philnicandamy

If its a basic account your looking at opening look at either Barclays cash account or co-op's cashminder account these are the only 2 BR freindly banks & hopefully should be fine once you go BR unless you live in brighton for some reason the OR's there will close any co-op accounts

INAMESS

Hi thats odd if thats what happens in Brighton!lol
Ive been told that an OR usually only freezes a basic bank account for a maximum of 7 days, is this the case too? Thanks

philnicandamy

INAMESS wrote: »

Hi thats odd if thats what happens in Brighton!lol
Ive been told that an OR usually only freezes a basic bank account for a maximum of 7 days, is this the case too? Thanks

Not always the case......besides its the banks that freeze or indeed close accounts when bankrupt NOT the OR....best to stick to one of the bankrupt freindly banks co-op or barclays

INAMESS

Hi me again lol, i have a mobile phone contract which still has about a year to run on it, will i be able to keep this going after going BR? Some people say yes and some say no. Also when it comes to getting car insurance do people tend to have to pay much higher premiums if your BR and is it easy to get car insurance? Or do yu have to avoid the main insurance companies as they would refuse it? Thanks

INAMESS

Hi anyone got any thoughts on my above queries?
I should be moving into a flat mid august, once i am there i wont be able to afford debts so will have to go bankrupt, should i wait a couple of months after moving in before going bankrupt to show that i cant afford my debts and what my outgoings are? I have a fairly good idea of what my outgoings will be anyway. Also should i sell me car now and get a cheaper one or just wait till the OR gets involved then deal with it? What about furniture for the flat, what would be classed as too much spending if i were to use my credit card now to buy some furniture? Thanks

debtinfo

You should not use your credit card once you know you are insolvent. If you do sell your car and get a cheaper one then the OR probably would not object to you using some of the money for reasonable essential items

philnicandamy

INAMESS wrote: »

Hi me again lol, i have a mobile phone contract which still has about a year to run on it, will i be able to keep this going after going BR? if your not in debt & can afford to keep the contract then yes the OR will allow as long as the monthly payments are not too excessive Some people say yes and some say no. Also when it comes to getting car insurance do people tend to have to pay much higher premiums if your BR and is it easy to get car insurance? fairly easy you'll have to shop around...try the co-op or royal sun alliance 1st some companies wont care about you being bankrupt..you'll get the same terms as everyone else usually.. Or do yu have to avoid the main insurance companies as they would refuse it? Thanks

Just a few thoughts

philnicandamy

I agree with what others have said.....you'll land yourself in a whole pile of trouble with the OR IF you used the credit cards to furnish your place.....taking on more debt while insolvent with NO intention of paying back is a big no no

INAMESS

Hi when you say about taking on more debt while insolvent is a big no no do you mean such as using the credit cards for furniture a month or two before going BR? Also is it best to go BR then a couple of months after ive moved in my flat even though i know roughly what my outgoings/budget per month will be?
As for the car situation, you think that selling my car and using some of the money for furniture/deposit etc as well as a cheaper car would be ok? It seems my car is worth approx 6K so i should sell it and get a cheaper one for between 1.5 - 2K? And maybe use a bit of the rest spare for furniture?
Sorry if i am repeating myself, i just dont want to end up in trouble or without a car of some description. Thanks

baggsy909

i'd be interested in this too INAMESS.

If an individual is technically insolvent now, but has a bit of cash set aside so that she won't default on her payments or go BR for a few months, woukd her spending and/or taking on more debt be detrimental to her BR cause?