Newbie requires help!

missmilkwood

I already made a (long) post but it doesn't appear to show...sigh.

I am planning to go bankrupt (it's taken me 10mths to make the decision.) I was initally advised to take an IPA, but I think bankruptcy is the better option for me - I am not an home/car owner and have nothing worth £1000. I have around 17k of unsecured debt (including a £1000 o/d) and work full time in London earning 29k (not a lot with my outgoings unfortunately). I have been living humbly for a year, and to no avail. I have no credit left, and I need to do something quickly.

I have read through the threads and have some questions please.

1) Many open a cashminder account after bankruptcy. Am I able to open one now, and get my pay to go straight there? It will leave my Barclays account £1000 overdrawn and all my debt direct debits will remain in that account. This will enable me to pay my rent etc from the cashminder account AND also cover toward my bankruptcy fees. I really dont have another option unfortunately, and I want to start the ball rolling asap.

2) Do I need to tell my employer I plan to go bankrupt (it doesnt effect my work, I'm a PA.)

Thanks

Doucam

Hi and welcome:

To answer your questions, you can open the cashminder whenever you like, but if you open it before you need to tell the OR, most OR's are fine with it but the Brighton one will freeze it for some reason.

Re your employer, if it doesn't affect your work then no need to tell them.

dojoman

missmilkwood wrote: »

I already made a (long) post but it doesn't appear to show...sigh.

I am planning to go bankrupt (it's taken me 10mths to make the decision.) I was initally advised to take an IPA, but I think bankruptcy is the better option for me - I am not an home/car owner and have nothing worth £1000. I have around 17k of unsecured debt (including a £1000 o/d) and work full time in London earning 29k (not a lot with my outgoings unfortunately). I have been living humbly for a year, and to no avail. I have no credit left, and I need to do something quickly.

I have read through the threads and have some questions please.

1) Many open a cashminder account after bankruptcy. Am I able to open one now, and get my pay to go straight there? It will leave my Barclays account £1000 overdrawn and all my debt direct debits will remain in that account. This will enable me to pay my rent etc from the cashminder account AND also cover toward my bankruptcy fees. I really dont have another option unfortunately, and I want to start the ball rolling asap. I opened mine over 2 months before I went BR, OR had no interest in it.

2) Do I need to tell my employer I plan to go bankrupt (it doesnt effect my work, I'm a PA.) Check the terms of your contract, if no mention of BR, then no you will not have to tell them.
Thanks

Hope this helps!

dojoman

Too quick for me Doucam.

missmilkwood

Thank you!

I'm afraid I have no alternative but to swap bank accounts now - else I'll end up paying nothing out next months, have no money for living expenses let alone the fees. I've behind on just one payment for Cahoot of £188 since Jan 22nd and they've called me 12 times since then. I'd prefer to get it sorted asap than be hassled and scared.

By transfering my pay to cashminder it means I can go bankrupt much quicker, though I'm pretty worried.

Another thing - a friend uses my paypal/Ebay account - nothing gets transfered to my bank account, just to my Paypal and to her bank account - will this effect anything?

Sorry for so many questions

dojoman

Before you go BR, please contact one of the debt charities, links below. If you have not taken professional advice before trying to declare BR, the judge may refuse to approve it.


https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/

missmilkwood

I plan to get an C.A.B. appointment - I'm am making my calls after work this evening. Last April I spoke to an Insolvency Practioner, and weighed up my options. I thought bankruptcy was the best option for me and she put the fear of god into me about it - pretty much made it sound like I would be tried like Ronnie Biggs and splashed all over the News Of The World. She suggested IPA, through herself (naturally) for a fee.........*whistles* I now wish I'd sought out other advice bank then, since if I had the proper advice I would be nearing discharge by now. I have lived like a pauper to try and correct it - but nothing. I received a goodwill payment from Barclays of £2800 penalty charges, but by the time I'd covered missed payments etc, I was back the same. Going bankrupt would actually give me a bit of a life as well as stopping me worrying myself to death.

dojoman

Good luck I hope you get it sorted soon. In the mean time ask as many questions as you need, there will always be someone around who can help/advise you.

missmilkwood

Just thought of another....how long does it take to get the cashminder account opened? I will call this eve, will I still have to go into the Co Op with passport etc? I can have DD's on that account, can't I?

dojoman

missmilkwood wrote: »

Just thought of another....how long does it take to get the cashminder account opened? This can vary, they are very busy at the moment.I will call this eve, will I still have to go into the Co Op with passport etc? I can have DD's on that account, can't I? I have never been in a Branch yet, opened mine over the phone and was accepted straight away, however my wife had to send in ID. The only things it does not have is a cheque book and overdraft, apart from that it is exactly the same as any other account.

Hope this answers your questions?

ton1

missmilkwood wrote: »

Just thought of another....how long does it take to get the cashminder account opened? I will call this eve, will I still have to go into the Co Op with passport etc? I can have DD's on that account, can't I?

My BR was on the 28th of Jan phoned the co-op on the 29th took my passport to the branch on the 30th. Received my welcome pack yesterday the visa debit card today & hopefully the pin tomorrow.