The Bankruptcy Club & Supporters Club

Mike_St_Helens

jonejayc wrote:

Just been to the nationwide opened a basic account. no hassle, thanks for the advice from previous posters
thanks

Yay !! Well done...

Mike_St_Helens

post_insolvency_hope wrote:

Hi Mike -
7 and a half years down the line from the worst financial hell, and things are starting to look up .. full support to all and it might not be much but I've been through it (trust deed - scotland) so happy to help

Elaine : )

Well done Elain... Living proof that life goes on eh?

How did you find the whole process. You went through the old rules I guess.

Millionare

lovemoneytoomuch wrote:

When I went bankrupt that same day I opened a current account with Nationwide and I was given a cash card and a £250 overdraft limit. I told them I was bankrupt and they were fine.

In theory, im going off what their website in general advertise, but in practice it all depends on an individual basis, some people get refused straight out for an account, as i have read on this forum.

personally id rather they not give me a overdraft, they put the temptation there which as we know is the begining of debt hell!

Anyway im def going bankrupt in the new year after speaking to cccs as well and being advised it my best option

just need to get the funds together which i dont know how long it'll take.

bizzylizzy

Just thought I would update you on OR interview - it might help someone about to face the same thing.
OR was very kind, not judgemental at all, he just wanted the facts of what lead up to BR so asked questions about : income, outgoings, bank accounts and what they were used for, work and wages over the last 6 yrs, what loans & credit cards were spent on, dates they were taken out. If we were unsure of any answers he didn't mind and just asked for approx answers. For 2 of us it took 1 1/2 hrs.
One thing did surprise me though - OR will take over our joint life insurance policy. There is no surrender value on it, only pays out on death. So if one of us dies OR will get the pay out! There are apparently 2 ways round this - we can let the policy lapse and then in 1 yr (after discharge) start another one (which leaves us with no cover for a year) or we can buy the policy back. That costs a years premiums. In our case £260!! We have 10 days to decide what we want to do.
As we had some problems opening this one (due to OHs health) some years ago and my health hasn't been too brilliant since, I think we need to keep the existing one. A new one would mean much higher premiums. Also we don't want to be without cover for 1 yr.
So we will have to BORROW money to buy it back!!! How crazy is that!! I swore never to borrow money again but I can't see any other choice,
What have other people done about this?

rog2

bizzylizzy wrote:

.
One thing did surprise me though - OR will take over our joint life insurance policy. There is no surrender value on it, only pays out on death. So if one of us dies OR will get the pay out! There are apparently 2 ways round this - we can let the policy lapse and then in 1 yr (after discharge) start another one (which leaves us with no cover for a year) or we can buy the policy back. That costs a years premiums. In our case £260!! We have 10 days to decide what we want to do.

Hi bl - glad the interview went reasonably well and sorry to read about OR taking over your life insurance policy. They took my pension fund and my ONE Premium Bond.
You do have the right to appeal, and I think your OH's health situation may be a good reason for appeal.
Try not to borrow any money. :beer:

Richard_S

bizzylizzy wrote:

Just thought I would update you on OR interview - it might help someone about to face the same thing.
OR was very kind, not judgemental at all, he just wanted the facts of what lead up to BR so asked questions about : income, outgoings, bank accounts and what they were used for, work and wages over the last 6 yrs, what loans & credit cards were spent on, dates they were taken out. If we were unsure of any answers he didn't mind and just asked for approx answers. For 2 of us it took 1 1/2 hrs.
One thing did surprise me though - OR will take over our joint life insurance policy. There is no surrender value on it, only pays out on death. So if one of us dies OR will get the pay out! There are apparently 2 ways round this - we can let the policy lapse and then in 1 yr (after discharge) start another one (which leaves us with no cover for a year) or we can buy the policy back. That costs a years premiums. In our case £260!! We have 10 days to decide what we want to do.
As we had some problems opening this one (due to OHs health) some years ago and my health hasn't been too brilliant since, I think we need to keep the existing one. A new one would mean much higher premiums. Also we don't want to be without cover for 1 yr.
So we will have to BORROW money to buy it back!!! How crazy is that!! I swore never to borrow money again but I can't see any other choice,
What have other people done about this?

Hi Bizzylizzy,

We had the same situation with our life policies and couldn't help feeling angry about it. Those policies were there to protect each other and our children not for the benefit of our creditors. We stopped paying them and took out new policies through a trust with the children as beneficiaries.

Your situation is obviously different given that health issues might make it too expensive to purchase new policies. I think it's a flawed part of the bankruptcy rules and should be scrapped.

Richard

Richard_S

rog2 wrote:

Hi bl - glad the interview went reasonably well and sorry to read about OR taking over your life insurance policy. They took my pension fund and my ONE Premium Bond.
You do have the right to appeal, and I think your OH's health situation may be a good reason for appeal.
Try not to borrow any money. :beer:

Hi Rog,

Can't understand the OR taking yr pension, we were told that he wasn't interested in the Pension unless there had been abnormally high payments into the account prior to our BKY. There seems to be a good lot of inconsistency between different offices.

Regards

Rich

sandralovescats

Most pension policies the OR cannot touch provided that they only pay out on the retirement age stipulated in the contract.

If the pension policy can be cashed in advance, then the OR can get the money.

I am doing an IVA and the IP said that they couldn't/wouldn't want my pension policy since it can only be cashed when I am 60 and not before. It is worth just over £5000 at the moment.

rog2

Richard_S wrote:

Can't understand the OR taking yr pension, we were told that he wasn't interested in the Pension unless there had been abnormally high payments into the account prior to our BKY. There seems to be a good lot of inconsistency between different offices. Rich

Seemed a bit strange to me, as well, Rich. The pension was worth only £9k, I hadn't paid anything in for at least five years, and as far as I know it can not be cashed until I reach retirement age.
As I understood it, the OR would only be interested in the pension if it were worth more than £5k and, as Sandra says, could be cashed in early. Seems I was wrong. Perhaps I'll get it back.:rolleyes:
To be honest, I was more mistified that they took my SINGLE £1.00 postal order.
There do seem to be inconsistencies between different offices.

bizzylizzy

rog2 wrote:

Hi bl - glad the interview went reasonably well and sorry to read about OR taking over your life insurance policy. They took my pension fund and my ONE Premium Bond.
You do have the right to appeal, and I think your OH's health situation may be a good reason for appeal.
Try not to borrow any money. :beer:

How do I appeal against them taking it?

OR also took OHs one and only premium bond (worth £5)!!