The Bankruptcy Club & Supporters Club

up_the_creek_5

Hello

Thinking of going bankrupt £83k debt. Currently in a lifelong DMP & can't have an IVA. Have several mutual BS savings a/c's total savings approx £1,700. A/c's used to budget for non monthly X's e.g. car repairs etc & to cover the bankruptcy fee. As i understand it the OR would seize this money regardless. Therefore, well before i apply i was going to withdrawl most of this money & put it into someone else's name. I feel i have no option as my car tax & insurance are due in a few month's time as is my MOT & i know my car will need some expensive repairs doing.

If the OR queries this i was going to say i just blew it due to the stress of being in debt & have no documentary proof of where it went. What is the worst thing the OR could do.

Also at the moment i have a basic bank a/c & as some of my annual bills still req payment by cheq the only way i can issue cheqs is via these BS a/c's. Will the OR let me keep these a/c's open? Can a bankrupt have a savings a/c (as their is surely no credit check).

I now it is wrong to decieve the OR but i need my car & money for emergencies & can't see any alternative.

Thanks

tight_jock

lou031205 wrote:

Thanks TJ - will do. Getting panicky..

Why not sit down with a cuppa hot choc and a sticky bun and work through this thread from the start. If you can`t sleep for worry it will help I`m sure. You`ll see the different stories that we all have and the worries before and releif after the hearings of several of us. You may find some answers to your questions and start to take some comfort from that - or it may all send you to sleep - either would be good for you !!!!
Believe me the anticipation was far worse than the actual experience and the sense of well being since we did it has been sensational. Yes we have had to cut back but we needed to or we would have been back to square one.
Our life now is a challenge to save money and not waste. 99% of our food is now home cooked too which is better for us and our kids and much cheaper so some good has come of it through our better eating habits and any surplus money in the food budget goes towards a camping holiday in the summer (if we are lucky)

Oh - and get yourself a membership number !!!!!!!!!!!!!!!!!



TJ

tight_jock

up_the_creek wrote:

Hello

Thinking of going bankrupt £83k debt. Currently in a lifelong DMP & can't have an IVA. Have several mutual BS savings a/c's total savings approx £1,700. A/c's used to budget for non monthly X's e.g. car repairs etc & to cover the bankruptcy fee. As i understand it the OR would seize this money regardless. Therefore, well before i apply i was going to withdrawl most of this money & put it into someone else's name. I feel i have no option as my car tax & insurance are due in a few month's time as is my MOT & i know my car will need some expensive repairs doing.

If the OR queries this i was going to say i just blew it due to the stress of being in debt & have no documentary proof of where it went. What is the worst thing the OR could do.

Also at the moment i have a basic bank a/c & as some of my annual bills still req payment by cheq the only way i can issue cheqs is via these BS a/c's. Will the OR let me keep these a/c's open? Can a bankrupt have a savings a/c (as their is surely no credit check).

I now it is wrong to decieve the OR but i need my car & money for emergencies & can't see any alternative.

Thanks

If you try and hide or move money you will be found out and given a BRU which may last ( I think) up to 15 years.
Why not get the repairs done now ? If the mot and insurance are due you can put those sums in your soa and as long as you can show you need your car for work it should be ok to keep it.
If you go BR you have to plan for emergencies by building sums into your soa. It is unlikely that you will be able to keep any cash savings accounts as these are assets.
As soon as you decide to go BR stop paying your creditors anything, which should allow you to raise the court and BR fees.

Best of luck

TJ

up_the_creek_5

Hello

Thanks for the advice. I think i'll get the car stuff done before going bankrupt. I don't think the OR will take the car as it is a 1994 est & i am pretty sure it's worth less than £2k. I need a car this size as my mother is infirm & need the space for walking frame etc.

Also do i have to declare my Cashplus card. If i do not declare it would they find out. As far as i know it is not listed on Credit Ref agency files.

Also can you tell me what a BRU is & how do i get a membership number?

Thanks

lou031205

could i have a membership number, please?


Louisex

tight_jock

up_the_creek wrote:

Hello

Thanks for the advice. I think i'll get the car stuff done before going bankrupt. I don't think the OR will take the car as it is a 1994 est & i am pretty sure it's worth less than £2k. I need a car this size as my mother is infirm & need the space for walking frame etc.

Also do i have to declare my Cashplus card. If i do not declare it would they find out. As far as i know it is not listed on Credit Ref agency files.

Also can you tell me what a BRU is & how do i get a membership number?

Thanks

Sorry - should have been BRO!!!

A BRO is a bankruptcy restriction order that can be imposed for certain people and basically it imposes restrictions on the bankrupt for a set period. This can ( I think ) be up to 15 years. :eek:

When you consider that you can be discharged in as little as 6 months - it`s probably best to be totally up front and do it all by the book.

If your Cashplus card is with one of your creditors that account will be frozen as soon as the bank are notified by the OR. You must declare any assets and this account , if it has anything in it will be regarded as an asset. If you spend the money on , for example , car repairs or heating oil or some other necessity then the OR will not be too bothered within the scope of things as these sort of expenses are not frivolous.

Regarding a membership number , I`m sure Mike will be along later to let you have one.

TJ

sandralovescats

UpTheCreek -

Re the Cashplus prepaid Mastercard -

I was told - by my IP - that since it is neither a bank account nor a credit card it does not need to be declared at all.

You are correct that it is not kept on any CRF's since it is not credit.

It is merely a means of payment.

tight_jock

sandralovescats wrote:

UpTheCreek -

Re the Cashplus prepaid Mastercard -

I was told - by my IP - that since it is neither a bank account nor a credit card it does not need to be declared at all.

You are correct that it is not kept on any CRF's since it is not credit.

It is merely a means of payment.

Surely this would still have to be declared if it had any credit balance?

sarah_skint

no i was told by my or, that is not worth mentioning as it is prepaid - if you haven't the money you can't top it up....................:D

sobek99

nice- i know how you feel!!

ps do you have any advise on my thread?