Bankruptcy Help.

missgem

jez123cars wrote: »

That's wot we did missgem, we had our step account for about 4 months before going BR and because it was kept in good order (and obviously no overdraft facility) we got a letter saying they were happy to allow us to keep it, and we can do on-line banking (a godsend to keep an eye on things, and having the debit card). We also had debts with Halifax n RBOS but it has never been a problem. All you can do is try it. We didnt get on with that at all because paying in was a real pain, but that's just my experience. x

So did you not keep the step account? Would you wait a few months then before going bankrupt? x

tigerfeet2006

Nat West are very hit and miss and no ones experiance is the same. We have had people on the boards with similar sets of circumstances and some have been allowed to keep them and some have not. You cannot predict which way they will jump.

If I were you I would open a Co-op account and then use that and if Nat West allow you to keep the account then you have the bonus of to useable accounts.

ETA have a look at this thread
https://forums.moneysavingexpert.com/discussion/1056083

It is essential reading, especially the first post. Read as many other threads as possible as well, even if you feel they don't apply to you, as you never know what will come up.

KNOWLEDGE IS POWER

Oh! and keep asking all the questions you need.

minicooper1961

just to add I would also open a co-op cashminder basic account - they have been fab you get online banking, telephone banking, the downside is that you need to keep tabs as sometimes transactions are slow to appear on statements - and I believe that the card is not accepted in a certain few places [ debenhams online and M&S online and some petrol stations] However I normally use sainsburys or BP for petrol that has all been fine along with a few online purchases from amazon, paypal [for ebay], the call centre staff are very helpful and very understanding [Blimey I sound like an advert for them - I don't work for them I promise!!]
and they have let me open a second cashminder alongside the first for budgeting purposes.
MC

missgem

Just opened a co-op cash minder one over the phone )

missgem

Can i just ask, ive read a few people mention the bank freezes any accounts you have until the OR says otherwise, how do you go about living if you havent access to you money, also paying normal household bills that come out direct debit, and in my case withdrawing money that gets paid weekly to pay childcare? Someone mentioned to draw it out before hand but how are you going to know when its going to get frozen, and also how long is it frozen for? xxxx

tigerfeet2006

As mentioned the Co-op are BR friendly they don't freeze the accounts. Just tell your OR on the day that this is your account set up for post BR and he will express no interest in it and you carry on using it as normal.

Do not have any excess in it though, if there is money in it make sure it is all allocated for essential living expenses like rent and utilities and tell the OR that this is so. Or time your BR after all the DD's have gone out.

missgem

How do i time my BR? xxxx

PS all my direct debits are due out the 27th and 28th of the month, x

missgem

PS does anyone have a link where it shows you the expenditure guidelines for bankruptcy, as ive seen one for iva's but didnt know if they also use the same one? x

tigerfeet2006

If the court has drop in session then you go in after the DD's have gone out. If it is appointment then ask for an appointment after a certain date.

The allowances are different. Pop up your SoA and someone will advise you.

http://www.makesenseofcards.com/soacalc.html

You don't have to fill in the debts bit. Format to MSE and copy and paste in to a thread on here.

missgem

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 620
Partners monthly income after tax....... 350
Benefits................................ 2049
Other income............................ 0
Total monthly income.................... 3019
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 85
Management charge (leasehold property).. 0
Council tax............................. 25
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 10
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 170
Road tax................................ 32
Car Insurance........................... 101
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 1300
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 23
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Work Meals.............................. 30
Tobacco................................. 60
Total monthly expenses.................. 2960

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,019
Expenses (including HP & secured debts). 2,960
Available for debt repayments........... 59
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 59
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Confused as the IVA lady told me we were minus £200, also the rent and council tax is increasing this month to £130 rent and £50 council tax, could be more i dont know just yet x