The Bankruptcy Club & Supporters Club

scootw1

Anyone on here know how long it takes to set up a Cashminder account? I am trying to work out the timing for the bankruptcy so that I can let Payroll know well in advance for the change of details to go through

davethecue

scootw1 wrote:

Anyone on here know how long it takes to set up a Cashminder account? I am trying to work out the timing for the bankruptcy so that I can let Payroll know well in advance for the change of details to go through

Hi I put athread about this yesterday. It's probably on pge 3 or 4 by now
Mine took about 4 weeks from application to opening although I'm sure it could be quicker

I have just bumped it to page 1

sandralovescats

scootw1 wrote:

Anyone on here know how long it takes to set up a Cashminder account? I am trying to work out the timing for the bankruptcy so that I can let Payroll know well in advance for the change of details to go through

My Cashminder took ten days

sarah_skint

miss money - just to make sure if you both live together it might be worth getting your credit reports from the 3 ref agencies if there is absolutley no financial link there will be no problems, I go bankrupt (hopefully on the 30th) and am just waiting a letter from experian to tell me the OH has been removed as he popped up on my report just because we are living together.

Sandra/Mike or anyone else!! on my br forms i have a couple of things listed under assets
computer 125
television 100
video player 40
dvd 30
I can't think of anything else i could put! I have nothing oh hang on..................... one 6 year old daughter with a bad attitude FREE :rotfl:
also not sure if anyone will know - I recieve maintenance evry month but it is currently being paid including arrears so in a couple of months it will go down again, what do I put on form?? if the full amount goes in next month the OR will say ta very much as it will push me over surpluss income and then in a couple of months i won't get as much will he still want it all - Does it make sense.
sorry to waffle
Sarah :

sandralovescats

sarah_skint wrote:

miss money - just to make sure if you both live together it might be worth getting your credit reports from the 3 ref agencies if there is absolutley no financial link there will be no problems, I go bankrupt (hopefully on the 30th) and am just waiting a letter from experian to tell me the OH has been removed as he popped up on my report just because we are living together.

Sandra/Mike or anyone else!! on my br forms i have a couple of things listed under assets
computer 125
television 100
video player 40
dvd 30
I can't think of anything else i could put! I have nothing oh hang on..................... one 6 year old daughter with a bad attitude FREE :rotfl:
also not sure if anyone will know - I recieve maintenance evry month but it is currently being paid including arrears so in a couple of months it will go down again, what do I put on form?? if the full amount goes in next month the OR will say ta very much as it will push me over surpluss income and then in a couple of months i won't get as much will he still want it all - Does it make sense.
sorry to waffle
Sarah :

Right, first of all, you can take those items off your list of assets - the OR will have no interest in them whatsoever.

The OR cannot touch your maintenance payments at all.

The OR starts with your working income (if there is any)

disregards - all maintenance payments
disregards - all State Benefits - the whole lot

then deducts your allowable expenses

which leaves you with a figure from which they work out how much, if any, IPA payment you will have.

You have to have a disposable income of £100 or more before an IPA is put into place.

Why not post your SoA here, or send it pm if you wish, and we can check it for you. Make sure you are claiming enough for your living expenses.

I hope this helps

rog2

sarah_skint wrote:

Sandra/Mike or anyone else!! on my br forms i have a couple of things listed under assets
computer 125
television 100
video player 40
dvd 30
I can't think of anything else i could put! I have nothing oh hang on..................... one 6 year old daughter with a bad attitude FREE :rotfl:
also not sure if anyone will know - I recieve maintenance evry month but it is currently being paid including arrears so in a couple of months it will go down again, what do I put on form?? if the full amount goes in next month the OR will say ta very much as it will push me over surpluss income and then in a couple of months i won't get as much will he still want it all - Does it make sense.
sorry to waffle
Sarah :

Hi Sarah, From my experience, with OR, they will ask you if you have a computer, but provided you need it for work, or searching for work, they will probably not be interested.
I did not list individual items - DVD player, Video or TV. OR asked me if I had a plasma TV, during my interview - I explained that my TV was about 6/7 years old and she did not ask any more.
The OR is really only interested in luxury or high value items. You are, normally, allowed to keep your furniture - at worst, as in my case, you may be asked to apply for your furniture/household items to be excluded from your bankruptcy estate. The Or explained that this is usually just a formality.
As far as your maintenance payments are concerned, I believe (but worth checking) that these are normally excluded from income, as are benefits, but as I say please check further on https://www.insolvencyhelpline.co.uk

sarah_skint

income
income support/ctc 673.62
c-benefit 227.72
maintenance 211.00
partner 455.00

1567.34




outgoings
rent 259.61
c-tax 86
water 19
gas 37
electric 30
housekeeping 670
telephone 80
tv license 11
transport 60
clothes 110
internet 16

1378.61

sarah_skint

that was worked out today via the cab housekeeping includes opticians/dentists/pet/school meals.
based on my household of 2 adults and 4 children aged 5,3,1 and 4 weeks
please add if anything is missing

it leaves me with a surplus of 188.xx but obviously when the maintenance drops down again this figure will drop as well

babaodo

sandralovescats wrote:

The OR would not take your car away from you UNLESS it is worth a lot of money.
You have no need to worry, you will be allowed to keep your car. They are looking for a good few thousand pounds that they can get their hands on.

Try to stress less, and to eat properly.

This is not quite true. I work for the Insolvency Service. There is some variation depending on which OR office you go to but the OR CANNOT disclaim a motor vehicle or exempt it on the grounds that it is not worth much money.

Generally speaking, if a car is used for work, to look for work or if the user is a registered carer then the car can be made exempt...as long as it is not deemed too valuable for the purpose...usually around the £2-3K mark.

Cars worth less than that cannot be made exempt for the above reasons are usually dealt with by the OR asking the owner to make a reasonable offer for the vehicle and then finding a third party willing to pay the money to the OR. Of course, you cannot offer the money yourself, as if you had it the OR can (and should) claim it as part of the estate.

Hope this helps

sandralovescats

sarah_skint wrote:

that was worked out today via the cab housekeeping includes opticians/dentists/pet/school meals.
based on my household of 2 adults and 4 children aged 5,3,1 and 4 weeks
please add if anything is missing

it leaves me with a surplus of 188.xx but obviously when the maintenance drops down again this figure will drop as well

Your income is £455 per month.