The Bankruptcy Club & Supporters Club

lou031205

less2303 wrote:

Hi Louise,

The first thing to remember is it is the bank that freezes your bank account, not the OR.

From what you have said previously about Barclays policy is a bit concerning, and possibly indicates a bit of a hard line response from them, with them automatically freezing it.

From what you have said you are going BR tomorrow, and you OH wages are paid in Friday, and you have concerns about what you have read about `it being against the law` to withdraw funds without the OR's permission.

Can I perhaps suggest the following.

When you have your telephone interview tomorrow, let them know about your situation, and explain how important it is that you have the money for bills etc. If you do this, the OR's office MAY fax the bank and inform them that the have `no interest` in the money being paid in on friday. This course of action keeps everything above board for you, and avoids any potential problems.

It has been known for OR's to fax banks with notice of the BR and also stating that they have no interest in the account, which has resulted in the account remaining open, but please remember that it is solely down to the banks disrection.

Unless anyone else comes up with any other way round it, I think this is the best course of action, and then you havent done anything open to critisism from the OR.

There have been alot of problems similiar to this in the past, with varying results, some still have been frozen and some have remained open.

I know its of no consolation to you, but these circumstances are why it is always advised to open an account after BR, even as soon as you leave the court!

Thanks less - just timing that got us into bother! Never mind, I wouldn't give up our court date for the world - 12 hours till BR, this time tomorrow I will be broke, exhausted, but debt free!

Louisex

sean1970_2

Hi lou031205,
I spoke with an OR about this very issue recently and ultimately it really depends upon how individual Official Receivers interpret the situation. They have a lot of autonomy in such matters.

The OR's are not there to try to trip you up or catch you out they are essentially just interested in ensuring that no falsehoods have taken place.

An honest person has nothing to fear from bankruptcy lou and Mike St Helens is spot on with his take on things. You are probably (and understandably) worrying about what ifs and maybes a bit more than your circumstances warrant. From what I have read you will be just fine.

We are in the process of enhancing our educational video resources at Myvesta and the Insolvency Service Video Series (featuring their Policy Director) is well under way. I have attached the link (below) to what is uploaded so far (they take us a long time!) and I trust this will assist to some extent.

Insolvency Service Video Series - Click Here

If any one would like any assistance with technical questions please feel free to PM me.

Best regards

Sean
Myvesta UK

tight_jock

boo-boo wrote:

It's my first time on this board and I would appreciate any help with my current debt situation.
I made a contact with CCCS and had my phone interview today. I was advised to go bankrupt. My situation is complicated as I am getting divorced, moved out of a joint property and rent at the moment. My debt is thanks to my ex-husband who is refusing to pay a joint loan, joint account etc.
I am a teacher and I’m not sure if bankruptcy will affect my job, it will probably. I am paying my rent monthly and I am up to date with my payments but I am concerned that the agency will evict me from the property if I go bankrupt. And what happens to the salary in case of bankrupt and closing all bank accounts?
I was thinking to apply for a DMP with CCCS and probably change to IVA next year when our property is sold-Is that possible?

My OH teaches and is unaffected careerwise as a teacher.

The rental company may not need to know ! Check your lease agreement to see if any mention of bankruptcy in it regarding your tenancy. If not , there are no arears and you can show your regular payments by DD then the OR may not have to contact your Landlord. We asked that the OR did not contact opurs - and he didn`t. :j

As soon as you make the decision to go BR , go and speak to your bank - or another if they are one of your creditors - and ask them if you can open a Basic Account (cashcard only) for your salary. You can also set up your DD from this type of account.

tight_jock

lou031205 wrote:

Thanks less - just timing that got us into bother! Never mind, I wouldn't give up our court date for the world - 12 hours till BR, this time tomorrow I will be broke, exhausted, but debt free!

Louisex

ALL CLEAR THIS TIME TOMORROW!!

We managed to have a few quid spare and went straight to the pub for lunch. It felt strange not owing anybody a single penny. But really good once it sank in.


Edit;
Just had another thought- if it`s taken a while to get your court date then you may not get your OR phone call before the money goes in - in which case noone will have contacted the bank so you could get your money out and then tell the OR later?? Plead ignorance !

Good luck tomorrow - although it will be over before you have had time to think about it.

TJ

sandralovescats

Whoops_Apololypse wrote:

Hi - well we've now spent 5 hours in the lovely company of the CAB man, but we're almost none the wiser! Their various specialist are arguing over our situation and our action plan! It's because we have negative equity of £80K due to secured loans and £50K of unsecured debt. We need to know if we should let the house be repossessed then the negative equity becomes unsecured debt, then go bankrupt or go bankrupt now with the high chance of the OR not selling the house because of negative equity then it being repossessed anyway by the mortgage lender and loan company in due course. PLEASE can someone shed some light on this. The CAB have said there's nothing more they can help us with other than help in filling out the forms. I think you guys are more helpful than they've been.

If you forget the debts secured on the house, plus the other debts and have a clean slate, would you be able to afford to make the mortgage repayments and pay your household expenses?

When you remove all the debt from the house, how much is the house worth and how much mortgage have you got on it?

sandralovescats

Quote:
Originally Posted by tammyfshr
hi
can some one help me with figures for my form for 2 adults ,18 month old and a rabbit?
also if we are both on benifits will it matter if we have a surplus as the or cant ask for any money?its just that i think there will be a surplus but that was being used up each month with dedt repayments.
thanks


From the OR Manual -

An IPA should not be sought the effect of which would be to reduce the income of the bankrupt below the level considered adequate to meet the reasonable domestic needs of the bankrupt and his/her family

NB: If the bankrupt’s main, or only, source of income is state benefits then an IPA should not be sought.

You should have no problem in having a surplus, don't worry about it.

BB&B

Please forgive me for joining in this way, but I just wonder if members are aware that sandralovescats is actually more conected with MyVesta than she is letting on.

To start with she is one of the moderators on their forum, and though not confirmed yet, I have seen several comments on other forums, that she actually works for them.

Both of these fact may explain an apparent hatered for any other comapany but her own, and her insistance that only her views are correct!!

It is also concerning tha on the MyVesta forum, she moderates in one particular section that clearly advertises itself as only having answers from Licenced IP's (which she is not) but is answering post all the same

Just a little nugget I thought I would share with you all, oh and another nugget, MyVesta are a DMC, they farm out their IVA's and are not assocaited with the Insolvency Service, sipite what it says on their website!!

BB&B

installspark

sandralovescats wrote:

From the OR Manual -

An IPA should not be sought the effect of which would be to reduce the income of the bankrupt below the level considered adequate to meet the reasonable domestic needs of the bankrupt and his/her family

NB: If the bankrupt’s main, or only, source of income is state benefits then an IPA should not be sought.

You should have no problem in having a surplus, don't worry about it.

It has been known for an OR to make an IPA where the income source is made up of benefits.

To quote from the technical manual can be misleading as this is currently out of date and is subject to TO's which are not made available in the public domain.

Please bear this in mind, especially as the technical manual is open to varying degrees of interpretation by OR's and IP's and should be referred to for guidance only.

less2303

BB&B wrote:

Please forgive me for joining in this way, but I just wonder if members are aware that sandralovescats is actually more conected with MyVesta than she is letting on.

To start with she is one of the moderators on their forum, and though not confirmed yet, I have seen several comments on other forums, that she actually works for them.

Both of these fact may explain an apparent hatered for any other comapany but her own, and her insistance that only her views are correct!!

It is also concerning tha on the MyVesta forum, she moderates in one particular section that clearly advertises itself as only having answers from Licenced IP's (which she is not) but is answering post all the same

Just a little nugget I thought I would share with you all, oh and another nugget, MyVesta are a DMC, they farm out their IVA's and are not assocaited with the Insolvency Service, sipite what it says on their website!!

BB&B

Huhhmm, pot calling kettle!

Unfortunately misinforming people there as well I see. Seeking advice about IVA's and bankruptcy in October/November, then suddenly and expert and moderator in January!! WOW. Say's it all really.

Gooner76

I am thinking about going bankrupt very soon due to my over whelming loans and credit cards i have more going out than coming in also i can't afford to pay my IVA anymore.
At present my work money is paid in to my mums account due to i transferred it from my natwest account so i could save up the money to pay my bankruptcy and not pay natwest for a couple of months.
How will the court take my money that is surplus ? will they ask my mum for a direct debit to be set up or am i just talking rubbish.
I would be grateful for any advice.
Thanks