To go Bankrupt? Advice...

sniggings

R_USS wrote: »

Cool in terms of starting and progressing on a BR... would I be able to take up additional work (like a second job) after the initial 12 months... or is this something the OP would want to get their hands on for up to the 6 years?

Also stuff like direct debits I have in place for the gym, car insurance etc would they still be ok? (naturally from a different bank due to them freezing existing account)

lets say you're on not good wages (i was on £270 a week net,single person and no IPA) so no payment to the OR,after 12 months you would be free and clear of the OR and all future money would be your.

if on good wages then the OR works out living expenses and whats left will take some and let you keep some too,you will pay this for 3 years and within that time any money extra to what you told the OR you might get,such as winning extra income etc you have to tell the OR and they may want some but again will not take all of it,after 3 years you are free and clear.

DD etc are no problem,as you say you will need a new bank,either Barclays or Co-op are the 2 that take BR.

sundays

All debts are treated the same.
I doubt the OR will ring you DMP and tick off each debt you declared. HENSE if you dont have that employment i prob would not mention it.
There is no guarantee the OR will ask for statements, they didnt with me.

All bankrupts in the uk are discharged at 12 months whether you owe 1k or 55 million.
Some get a early discharge.

Look on the official receivers web site at your local country court and put in some random names , hopefully you should see how it sits on the website, ie name, dob, address, occupation, date of BR date of due actual discharge.
At 12 months to the minute it drops off.
A iva sits for the full term in exactally the same way but says IVA not BR.

IVA is generally only good for people with assets ie equity in cars and property, and if went BR would lose them to the OR, if a IVA fails the IVA casemanager can make you bankrupt, so it just drags on and on.
IVA repayments are tighter than BR , they dont allow such things as child benefit as a essential expense.

The OR will consider if you will get a income payment award up to three years this is where you must declare all your income and expenses, if there is surplus over 20 pound , it can be repaid back to the OR. You will see many posts re this called statement of affairs (SOA) and what is essential and what isnt.

RE a BRO there is a recent thread on here , this week , that tells you the restrictions, you are released from BR, but may have financial restrictions such as being a director, obtaining credit.

I think you are getting a bit caught up in the Gambling funds, in the last two years how many entries are there and what is the average/highest amount.

Ineedaname

You say you have been 'hiding' the winnings in your sister's account. The OR will see those transactions on your bank statement, both coming in and going out to your sister's account, and will ask about them. They will also want to know if the money still exists and why you transferred it to your sister's account. They may ask you to surrender the money to them as it is an asset.

R_USS

Problem is Sniggings is that Barclays and Co-op are two of my creditors... would this stop me getting a basic account with them?

sundays

The OR does not freeze accounts or have a magic button to close them down, when you declare BR anything in a open account effectively then belongs to the OR, that is why we take everything out minus a pound and ensure DD dont clash ,you are expected to immediately notify the bank and its the banks decision if as a BR you can operate it, so that is why most get a co op cashminder in advance and on BR ring the co op who more often say yes fine to keep it.
those who have been refused will normally have had the co op as a creditor.
Most banks will NOT allow you to continue to operate ie lloyds, hsbc,halifax, and those that do will often give only a very basic account, the co op is the best as it does allow DD and funds transfers and internet banking, but will shut it down if not kept to in terms of terms and conditions. Barclays do have a basic account for bankrupts but its a faff to open as it takes time. you cant keep isa's and a lot of saving account are refused permission by the bank as well.

So if the bank says no, you have lost nothing if there is nowt in it.

IVA and BR is saying you are insolvent. Iva'S were popular because you didnt lose assets and only a few years ago most of us had a asset esp homeowners with equity, also BR was tougher and has actually got more relaxed and less stringent , today BR is likley to be more popular because a lot of homeowners have gone from high equity to neg equity making them ripe for BR.
I dont know anyone on a DMP that doesnt have defaults as the account has to have defaulted normally to be part of a DMP, therefore all three give you a rubbish credit file.

frosty1970

R_USS wrote: »

Problem is Sniggings is that Barclays and Co-op are two of my creditors... would this stop me getting a basic account with them?

Once bankrupt barclays will offer a basic account...my OH had them as one of his largest creditors and they offered an account to him

co-op however changed their terms a while ago refusing acounts with previous debt BUT I have known recently people being accepted so worth a shot

sundays

R_USS wrote: »

Problem is Sniggings is that Barclays and Co-op are two of my creditors... would this stop me getting a basic account with them?

prob yes, c ontact your local credit union via the council, who may have a facility to open a account for you.

Going back to accounts whilst there is no magic button, the OR will notify them as well at around 6 weeks later, i think there is a report also distrubited to the banking industry notifying the data held ie dont try and hide one.

Going back to winnings , if its a few quid i cant see the OR taking much notice, but if its considered significant and often then they will want to know about it if they see your statements, ie hundreads of pounds plus at a time. Si if you bet 20 pound but won 2k then the OR will want to know why and what for that money was used for.

Ineedaname

If the Co-Op is a creditor then they will not allow you a basic account. If Barclays are a creditor then they will allow you to open a basic account with them after you have gone BR, so you can do that immediately upon returning from Court.

R_USS

Sundays... what do you mean how many entries??

Flyright

The OR can delve as far back in a person's financial history as they require, as part of their statutory requirement to investigate the causes of a person's bankruptcy. Gambling (amongst many other things, granted) is a reason why the OR may seek a BRO. If the OR's enquiries reveal any fraudulent matters then the OR can and will report those matters to prosecuting authorities.