The Bankruptcy Club & Supporters Club

Richard_S

Mike_St_Helens wrote:

Ha ha... OMG I hope she wasnt flashing kippers and everything !! What if he was in 'my club' ill bet you were flirting away too Rich...

Couldn't tell exactly what he could see Mike but it definitely wasn't kippers. :T We live in a fairly repressed area and were fairly certain that he was a typical belt & braces northerner; otherwise, well we're an easy come easy go couple, would have done whatever it took to keep him distracted, and enjoyed it :rolleyes:

scootw1

I've had a letter from my IVA company saying that they are holding a creditor's meetin gon 6th Feb asking them to vote on whether to fund petition of my bankruptcy. I was thinking of doing it myself. Should I wait for the vote to see if I could save myself the £475 or just do it next week? What consequences would there be if they did it?

Just spoke to the court and they said they though the IVa had to be ended and the creditors did it. The IP told me I should do it. Any thoughts anyone? Don't want to spend the £475 if I can help it but will the OR get it as cash in hand anyway?

Mike_St_Helens

Richard_S wrote:

Couldn't tell exactly what he could see Mike but it definitely wasn't kippers. :T We live in a fairly repressed area and were fairly certain that he was a typical belt & braces northerner; otherwise, well we're an easy come easy go couple, would have done whatever it took to keep him distracted, and enjoyed it :rolleyes:

Yeeee haaa !

Mike_St_Helens

scootw1 wrote:

I've had a letter from my IVA company saying that they are holding a creditor's meetin gon 6th Feb asking them to vote on whether to fund petition of my bankruptcy. I was thinking of doing it myself. Should I wait for the vote to see if I could save myself the £475 or just do it next week? What consequences would there be if they did it?

Just spoke to the court and they said they though the IVa had to be ended and the creditors did it. The IP told me I should do it. Any thoughts anyone? Don't want to spend the £475 if I can help it but will the OR get it as cash in hand anyway?

Wow.. Thats good new isnt it ? Can you wait till the meeting ?

Im sure you can 'spend' any funds you have if they are paying...

lou031205

Hi, I've just had the following conversation online with a Myvesta UK Senior Advisor:

Chat InformationYou are now chatting with Len, a Myvesta UK Senior Advisor.
Len: Hello, you are chatting with Len. How can I assist you?
louise: hi len
louise: i file bankruptcy tomorrow with my husband.
louise: he has just found out that this month's pay has already been processed, and will go into our current bank account.
louise: the bank account has no debt, but will obviously be frozen. how do we deal with this?
Len: is there any overdraft limit on the account or do you have any other debt withy that bank
louise: no, we were considering IVA originally, so opened new bank accounts as advised, and deliberately asked for no o/d. account does have cheque and debit cards.
louise: this account is Barclays, we have debt (lots!) with Lloyds
Len: that should be fine then. You should still be ok to use the account
louise: Barclays, before we knew about this, told us that they would be freezing account as soon as notified of BR by OR. They also said that under no circumstances would we get to keep it - bank policy is cashcard account only.
louise: I also read that illegal to use account once BR without asking permission from OR. Just worried, 'cos no guarantee that we will see an OR soon....
Len: when you spoke to Barclays were they aware you had no debt with them
louise: Yes. We explained our situation, and said that as we had no debt with them, and had read that some customers had kept their well-run accounts, we were hoping they would consider it.
louise: The bank manager showed us his online procedure manual, which stated that the only account possible is cashcard.
louise: we live in a very small town
Len: you are still entitled to open basic bank account. You could try asking barclays to open one for you, or you could try Nationwide or Coop. All 3 advertise that they will open basic bank accounts for anyone
Len: the problem is getting access to the salary.
louise: absolutely
louise: That is my only worry.
louise: I will only have about £300 wages, so all bills come out of ben's wage, which will be frozen
louise: Don't want to default on bills first month of BR
Len: It may take a day or so before barclays are notified of the bankruptcy, so you may have time to get to the cash
louise: But i thought this was illegal without permission from OR
Len: is it that you have your hearing tomorrow or just filing the papers
louise: both
louise: papers already submitted online. Court hearing 09.30
Len: there is nothing to stop you drawing the money out if you can before the hearing
louise: wages not paid until Friday
louise: but already confirmed, so no changes possible from payroll
Len: It mat still take a day or so before barclays are told. You need to get the money for food etc.
Len: The Official receiver will not have a problem with this

I have read masses of posts, and info, in preparation for the big BR day. Am I wrong? I thought that I would be breaking the law if I did any of the things highlighted in red?

Am confused why I would get that advice from a Senior advisor, but now am REALLY confused.

Hope you can help.

Louisex

scootw1

Mike_St_Helens wrote:

Wow.. Thats good new isnt it ? Can you wait till the meeting ?

Im sure you can 'spend' any funds you have if they are paying...

Well, it's good news if they vote yes but I'm wondering implications it would have. Surely everyone coming out of an IVA would do it if it didn't have implications? It would be very hard to justify where I spent £475 I think (new fridge perhaps would take half)

lou031205

The forms I've just printed off say in section 5.3:

"If you become bankrupt it may be possible for the Official Receiver to ask your bank or building
society to release some or all of a credit balance to you if it is required for your domestic living
expenses. However you should not access any account without first contacting the Official
Receiver. If you become bankrupt, you must not use any credit cards or charge cards and should
cut them in half and send them to the Official Receiver."

Do you see what I mean?

Mike_St_Helens

lou031205 wrote:

Hi, I've just had the following conversation online with a Myvesta UK Senior Advisor:


I have read masses of posts, and info, in preparation for the big BR day. Am I wrong? I thought that I would be breaking the law if I did any of the things highlighted in red?

Am confused why I would get that advice from a Senior advisor, but now am REALLY confused.

Hope you can help.

Louisex

Id say he is right you know..... You are worrying too much hun. The OR wont be bothered about your wages. Also.. Its money gained after bankruptcy, so its not part of your pre bankruptcy estate. Dont worry !

Richard_S

lou031205 wrote:

Hi, I've just had the following conversation online with a Myvesta UK Senior Advisor:

Chat InformationYou are now chatting with Len, a Myvesta UK Senior Advisor.
Len: Hello, you are chatting with Len. How can I assist you?
louise: hi len
louise: i file bankruptcy tomorrow with my husband.
louise: he has just found out that this month's pay has already been processed, and will go into our current bank account.
louise: the bank account has no debt, but will obviously be frozen. how do we deal with this?
Len: is there any overdraft limit on the account or do you have any other debt withy that bank
louise: no, we were considering IVA originally, so opened new bank accounts as advised, and deliberately asked for no o/d. account does have cheque and debit cards.
louise: this account is Barclays, we have debt (lots!) with Lloyds
Len: that should be fine then. You should still be ok to use the account
louise: Barclays, before we knew about this, told us that they would be freezing account as soon as notified of BR by OR. They also said that under no circumstances would we get to keep it - bank policy is cashcard account only.
louise: I also read that illegal to use account once BR without asking permission from OR. Just worried, 'cos no guarantee that we will see an OR soon....
Len: when you spoke to Barclays were they aware you had no debt with them
louise: Yes. We explained our situation, and said that as we had no debt with them, and had read that some customers had kept their well-run accounts, we were hoping they would consider it.
louise: The bank manager showed us his online procedure manual, which stated that the only account possible is cashcard.
louise: we live in a very small town
Len: you are still entitled to open basic bank account. You could try asking barclays to open one for you, or you could try Nationwide or Coop. All 3 advertise that they will open basic bank accounts for anyone
Len: the problem is getting access to the salary.
louise: absolutely
louise: That is my only worry.
louise: I will only have about £300 wages, so all bills come out of ben's wage, which will be frozen
louise: Don't want to default on bills first month of BR
Len: It may take a day or so before barclays are notified of the bankruptcy, so you may have time to get to the cash
louise: But i thought this was illegal without permission from OR
Len: is it that you have your hearing tomorrow or just filing the papers
louise: both
louise: papers already submitted online. Court hearing 09.30
Len: there is nothing to stop you drawing the money out if you can before the hearing
louise: wages not paid until Friday
louise: but already confirmed, so no changes possible from payroll
Len: It mat still take a day or so before barclays are told. You need to get the money for food etc.
Len: The Official receiver will not have a problem with this

I have read masses of posts, and info, in preparation for the big BR day. Am I wrong? I thought that I would be breaking the law if I did any of the things highlighted in red?

Am confused why I would get that advice from a Senior advisor, but now am REALLY confused.

Hope you can help.

Louisex

Hi Louise,

I don't know whether we were breaking the law but we used two of our accounts in between being made bankrupt and attending the interview with the O.R. We didn't try and hide it and as far as I can remember the OR didn't ask any specific questions.

You do need money to survive; to be on the safe side why don't you withdraw the money and then account for every penny in between withdrawing it and your interview.

Regards

Richard

Mike_St_Helens

scootw1 wrote:

Well, it's good news if they vote yes but I'm wondering implications it would have. Surely everyone coming out of an IVA would do it if it didn't have implications? It would be very hard to justify where I spent £475 I think (new fridge perhaps would take half)

Nah Scoot... I can spend that in 10 mins in my big tesco....

Your right though, it all depends on if they say yes. We had a lender that wanted to make us B and also sent us the notification crap... I chose stuill to do it myself. Also on some applications for things they say has anyone ever made you bankrupt or initiates civil proceedings against you, if you do it yourself, your answer will be no still....