Get Paid on Bankruptcy Day - do I withdraw it all?

Red1708

Hi Folks

Just been thinking a few things over and suddenly realised that the reason I've picked 29th March to go bankrupt is 'cos I get paid that day so will have the fees. However that money also has to last me for the rest of the month.

I have a Barclays standard account but reading through the forum believe that it may get closed. Now I'm wondering should I withdraw all of my wages before I go to court or will the OR think I'm being naughty by doing this?

At the end of the day I will still have my rent and other essential payments to make & if I'm unable to access this money then I'll literally have nothing for another four weeks.

Thanks Red

bloomin_freezing

Empty your acount, you need money to live off.

I did the same and you'll probably see that every other bankrupt did the same.

Very best of luck for 29th!

Richard_S

Red1708 wrote: »

Hi Folks

Just been thinking a few things over and suddenly realised that the reason I've picked 29th March to go bankrupt is 'cos I get paid that day so will have the fees. However that money also has to last me for the rest of the month.

I have a Barclays standard account but reading through the forum believe that it may get closed. Now I'm wondering should I withdraw all of my wages before I go to court or will the OR think I'm being naughty by doing this?

At the end of the day I will still have my rent and other essential payments to make & if I'm unable to access this money then I'll literally have nothing for another four weeks.

Thanks Red

Hi Red,

Empty it, "cash is king" "stash the cash" etc etc.

You're not doing anything wrong and you do need to consider yourself first, second and third.

Regards

Rich

Red1708

Thanks guys, that was my gut reaction but jeeezzzz the last thing I want to do is step out of line. I just want this mess to be over and done with!!!

stressfromdebt

Can i ask if this is feasible to do. Speak to your bank explain the situation so they are put in the picture but still withdraw your cash has you do need to live.
There have been cases which i have read on this site that the banks have been understanding.
The bank then may understand your circumstances and let you keep the basic bank account.

savagevixen

I wouldn't speak to the bank in case they say no! By the time he gets to the bank they won't know he's BR, my OR told me that the letters take several days to go through. I was expecting benefits, so he said he would fax them immediately and tell them to release the benefits, however he did say that sometimes they don't and it is a battle, despite there being regs, stating they must not keep the benefits. With wages there is none of this security. If they decide not to release it, he will have none.
Take the money out!!!!

wherediditallgo

I'm going to be haunting the cashpoint myself. I'll pay the 'must keep the roof over my head' bills online or by 'phone, & take the rest of the cash out to pay the bills at the post office or at the bank. If the OR says I can keep my account, I'll just go back after a few days & put the cash back in. If he says I can't, I'll put the cash (whatever's left by then) in the new account. I can't afford to lose a penny, never mind my salary that's just gone in. :eek:

Red1708

wherediditallgo wrote: »

I'm going to be haunting the cashpoint myself. I'll pay the 'must keep the roof over my head' bills online or by 'phone, & take the rest of the cash out to pay the bills at the post office or at the bank. If the OR says I can keep my account, I'll just go back after a few days & put the cash back in. If he says I can't, I'll put the cash (whatever's left by then) in the new account. I can't afford to lose a penny, never mind my salary that's just gone in. :eek:

Same here... I go to court at 10 on Thursday but will be making a trip to the bank beforehand to ensure I can pay my rent etc. One thing that does concer me however is that the forms ask what money you have in hand!! Do I put the money I have withdrawn on the forms as cash in hand? Don't want to loose it that way either

uther_2

I closed my bank account last week (and they sent me a cheque for £3.79 LOL) and now everything goes into the OH post office account.After today (Br day) the plan is to open a basic account. Hopefully the post office account wont be frozen.

stressfromdebt

hi all,

is it possible to open a basic account then when your BR or do that before i go BR. Just wanted to know has i will need to sort this out before my plans go ahead.

Also i need an account has i will need to pay my rent and other bills and i have to have an account for my salary and the OH salary to go in. We both will be BR. What do i do?

tight_jock

stressfromdebt wrote: »

hi all,

is it possible to open a basic account then when your BR or do that before i go BR. Just wanted to know has i will need to sort this out before my plans go ahead.

Also i need an account has i will need to pay my rent and other bills and i have to have an account for my salary and the OH salary to go in. We both will be BR. What do i do?

We had a current account with Barclays and did not owe them anything.
We talked to an advisor at the bank who said we could open a basic one alongside the current and that this could all be done before the hearing. So all our DD were set up before the hearing. The current was closed on the day of the hearing by us. The new one just took over.

Remember it is the bank who close the account , not the OR, so it is the bank you need to talk to.

If they say you can have your account remain open , get it in writing before you take any decisions.

:beer:
TJ