Going Bankrupt - few questions

sealsandsqueals

Hi again,

You guys have been so helpful on here - wondered if you could me with one or two more things.

I posted on here last week as thought I may have to go bankrupt - I have since spoke to National Debtline and they said it was one of my options - is this normal - I was hoping they would be able to say which my best option would be?

When I confessed to my boyfriend about my situation, he very, very kindly gave me some money to clear my OD so I was at least straight in my bank account - if I go bankrupt this is obviously a waste of his money - is there anything I can do? If I take it out my account again, I'm guessing the OR will want to know what it was and what has now happened to it?

I know I need to open a co-op bank account and will do this soon - how long is it frozen for when I go BR?

Also, I have a flat that I rent out as I can't afford to live there and so live with my parents, it has little equity (£5k max) and so it's likely to go but what will happen to the tenant - she is currently signed up until the end of December - will I be able to give her notice of what's happening so she can find somewhere else?

And one thing that adds massive stress to my situation is that stupidly and desperately last Summer I tried to win some money on the horses - this is not my scene in the slightest but someone was bragging about how much they had won and I got sucked. I learned my lesson very quickly and walked away after my first big loss - how would this be viewed? Gambling is in no way the reason I am in this mess but I'm worried it will lead to me having bankruptcy restrictions.

And finally, I'm meant to pay my parents board of £300 to cover all the bills and my rent and this is what I would put down on my SOA but in reality I very rarely pay it as they are kind and know I am struggling (although do not know everything) and as long as I contribute to the house by buying food etc they often 'let me off' my board so I can afford to go and see my friends who live in another city as I know very few people near my parents as I only moved back there to help with my finances - will the OR want to see evidence that I pay the board? It's very rarely on my bank statements. As part of the 'new me' after BR, I intend to pay full board each and every month without fail and even hope to move into my boyfriend's house in the not too distant future and want to start as I mean to carry on - paying my own without getting into debt.

Sorry for the long post and all the questions but I'm getting nervous as think I am getting close to putting everything into action. Aiming to do it mid- September - am I right in thinking I should not pay loans and ccs at the beginning of Sept to pay for the BR fee. This terrifies me as have never not paid a bill before and what if I am refused BR and then I have defaulted on accounts too - does that make sense? But it's not good as I only rob Peter to pay Paul anyway.

I'd really appreciate help and advice on any of the above as I'm sure other people have experienced bits of what I have.

Thanks very much

S and S

sealsandsqueals

Oh sorry one more thing - for a while last year I was self employed and so need to my tax return - I think I will be owed some money (not much) - should I do this now or wait until afterwards - if I was given a rebate would I have to hand it over anyway? Thanks! Sorry my situation seems very complicated.

debtinfo

sealsandsqueals wrote: »

Hi again,

You guys have been so helpful on here - wondered if you could me with one or two more things.

I posted on here last week as thought I may have to go bankrupt - I have since spoke to National Debtline and they said it was one of my options - is this normal - I was hoping they would be able to say which my best option would be? With something as serious as this they can only show you the options, im afraid that it is you that has to make the final decision

When I confessed to my boyfriend about my situation, he very, very kindly gave me some money to clear my OD so I was at least straight in my bank account - if I go bankrupt this is obviously a waste of his money - is there anything I can do? If I take it out my account again, I'm guessing the OR will want to know what it was and what has now happened to it? Use the money for the bankruptcy fees, that is a better option

I know I need to open a co-op bank account and will do this soon - how long is it frozen for when I go BR? Normally with the co-op account it is not frozen at all

Also, I have a flat that I rent out as I can't afford to live there and so live with my parents, it has little equity (£5k max) and so it's likely to go but what will happen to the tenant - she is currently signed up until the end of December - will I be able to give her notice of what's happening so she can find somewhere else? The OR will collect the rent for the bankruptcy estate, they will usually honour the remaining tenancy and give them notice to leave at the end

And one thing that adds massive stress to my situation is that stupidly and desperately last Summer I tried to win some money on the horses - this is not my scene in the slightest but someone was bragging about how much they had won and I got sucked. I learned my lesson very quickly and walked away after my first big loss - how would this be viewed? Gambling is in no way the reason I am in this mess but I'm worried it will lead to me having bankruptcy restrictions. How much did you lose in total

And finally, I'm meant to pay my parents board of £300 to cover all the bills and my rent and this is what I would put down on my SOA but in reality I very rarely pay it as they are kind and know I am struggling (although do not know everything) and as long as I contribute to the house by buying food etc they often 'let me off' my board so I can afford to go and see my friends who live in another city as I know very few people near my parents as I only moved back there to help with my finances - will the OR want to see evidence that I pay the board? It's very rarely on my bank statements. As part of the 'new me' after BR, I intend to pay full board each and every month without fail and even hope to move into my boyfriend's house in the not too distant future and want to start as I mean to carry on - paying my own without getting into debt.They will understand that you have not paid it in the past, but if they allow it (which they will) they will want to be assured that you are going to use the money they have allowed as intended

Sorry for the long post and all the questions but I'm getting nervous as think I am getting close to putting everything into action. Aiming to do it mid- September - am I right in thinking I should not pay loans and ccs at the beginning of Sept to pay for the BR fee. This terrifies me as have never not paid a bill before and what if I am refused BR and then I have defaulted on accounts too - does that make sense? But it's not good as I only rob Peter to pay Paul anyway.

I'd really appreciate help and advice on any of the above as I'm sure other people have experienced bits of what I have.

Thanks very much

S and S

Hope that helps

debtinfo

sealsandsqueals wrote: »

Oh sorry one more thing - for a while last year I was self employed and so need to my tax return - I think I will be owed some money (not much) - should I do this now or wait until afterwards - if I was given a rebate would I have to hand it over anyway? Thanks! Sorry my situation seems very complicated
Yes you would, infact they will probably send it straight to the OR
.

And that to

sealsandsqueals

Thanks debtinfo - I really appreciate it.

I lost around £2500. Really stupid of me but at the time I was really desperate. Obviously I want to ensure everything I do is as honest as possible and do not want to get in trouble for anything. I've been deceiving people (i.e close friends and family) for too long with them not knowing the full extent of my money worries and so am happy to declare a warts and all situation now. Just want to know about worse case scenarios so that i am fully knowledgable before I make my final decision.

Thanks for taking the time to respond to my queries. Much, much appreciated.

debtinfo

Thats on the edge of wether they would go for a BRO or not, If they did it would liely be a very short one, but i dont think that they would, As you say the best thing to do is be as honest as possible, And prepare particularly far that part of the interview as they will probably want some in depth details

sealsandsqueals

Thanks again debtinfo - obviously it's to be expected that they'll want to dig around into that. Stupid girl.

But I think I'm ready to put all this behind me and petition for my bankruptcy. Am going to open a co-op account today - do I tell them I am about to go bankrupt?

And will call my local court to see what their procedures are. Wish me luck. I'm now truly terrified.

S and S

sealsandsqueals

I'm booked in for next Wednesday. I feel terrified. They are sending me forms tonight and so that's what I'll be doing all weekend then!

Worcsman

sealsandsqueals wrote: »

I'm booked in for next Wednesday. I feel terrified. They are sending me forms tonight and so that's what I'll be doing all weekend then!

I was where you are at the beginning of october last year. I gotta say the whole thing hasn't been nearly as scary as I feared. I kept my existing RBS bank account, it wasnt locked down but it did get changed to a key account by the bank.
You are very fortunate that your parents will put you up as in reality, housing is the only major problem post bankruptcy. Good luck and relax, it's a doddle.

Angiepange

sealsandsqueals wrote: »

Thanks again debtinfo - obviously it's to be expected that they'll want to dig around into that. Stupid girl.

But I think I'm ready to put all this behind me and petition for my bankruptcy. Am going to open a co-op account today - do I tell them I am about to go bankrupt?

And will call my local court to see what their procedures are. Wish me luck. I'm now truly terrified.

S and S

You need to tell the Co Op you are going BR so they open the right basic cashminder account for you. We opened ours a week before BR and it was never frozen and we had no problems doing it this way.

HTH.

sealsandsqueals

Thanks Angiepange,

If I go in today at lunchtime I'm hoping to get account numbers I can give to work for my wages to go in at the end of the month. And then just need to transfer a couple of DDs and hopefully I'll be ok.

Thank you and I'm so glad you're almost at AD! I can't wait to be there - seems like a lot to happen first. x