Considering Bankruptcy

AlanD_3

I've put my to do list on my signature and the cash (as cash, lol) saved towards filling fee. Some is sales of things etc, some just from rading piggy banks etc other bits from other things... or just from bank. By hook or by crook we'll make it.

I'll later go back to the a,b,c list and add that as signature instead...

goldy

hi alan,

I only opened my Nationwide basic account before because cccs told me I needed to open a new account with a company I didn't owe money to when I had my telephone advice session with them - I needed to do that whether or not I'd gone bankrupt. It probably is safer to wait until after.


You will need an account to pay your wages into that month too.


Your list seems fine to me.


With the drop in income - this applied to me and I waited until my income dropped so I didn't complicate things (with me it was losing some tax credits in April)

So you could wait a bit longer until September or the end of August , which I would imagine you won't really want to do now you're all geared up to do it, or go bankrupt now and then inform the OR as soon as your circumstances change. I am sure there won't be a problem as the OR will reassess your contirbutions then.

jules23958

just been catching up on the posts alan and i am pleased you are getting so much help and advice... you seem to be on the right track now. Think carefully about transferring money to friends and family. If you choose to do that take money out of your account gradually or do it as a cash return when you go shopping - that way it will show on statement as food.
You have to declare any monies being held for you on your behalf by others - its up to you how truthful you are there...

allofadither

goldy wrote: »

Hi Alan,

Good to hear you sounding a little more positive.

Another thing to look into if you go bankrupt is opening a basic bank account.

I opened mine before the bankrupcy and was allowed to keep it running. Mine is a flexi account with Nationwide.I know some other people have waited until after they have been made bankrupt to open a basic bank account just to be on the safe side.

Other banks that deal with undischarged bankrupts are barclays which doesn't have online banking and the coop that does have online banking and a electron card which is accepted by some shops and occasionally on line too.


If you are decided on going bankrupt don't pay any money to your creditors now, just save up the money to help you with the fees and to keep you going over the immediate bankrupcy period.

I opened a barclays basic account just before I went BR and it was sorted within a couple of days, and barclays does have online banking, I use it regularly.

Good luck with everything Alan

AlanD_3

goldy wrote: »

hi alan,
I only opened my Nationwide basic account before because cccs told me I needed to open a new account with a company I didn't owe money to when I had my telephone advice session with them - I needed to do that whether or not I'd gone bankrupt. It probably is safer to wait until after.


With the drop in income - this applied to me and I waited until my income dropped so I didn't complicate things (with me it was losing some tax credits in April)

So you could wait a bit longer until September or the end of August , which I would imagine you won't really want to do now you're all geared up to do it, or go bankrupt now and then inform the OR as soon as your circumstances change. I am sure there won't be a problem as the OR will reassess your contirbutions then.

Yup have to be very quick on transfering the account details etc to payroll.

I didn't know if it was best to inform the OR beforehand that there would be a change in income in case this effects his/her overall decision on how to proceed, especially as it will be tied to health reasons.

I could wait and might have to but I need a target to aim at to be honest. This way (and the way Housing Associations go) I may be discharged before I move house so my new address would have no debts or the bankcrupcy attached to it... small thing (especially as I'll have to say I have been bankcrupt) but it might help a little with rebuilding our lives afterwards.

Thank you again for all your advice.

jules23958 wrote: »

just been catching up on the posts alan and i am pleased you are getting so much help and advice... you seem to be on the right track now. Think carefully about transferring money to friends and family. If you choose to do that take money out of your account gradually or do it as a cash return when you go shopping - that way it will show on statement as food.
You have to declare any monies being held for you on your behalf by others - its up to you how truthful you are there...

I don't plan on having too much money held for us elsewhere as such. We may need to pay Dawn's benefits into someone else's account for a month or so in advance as they take sooooooo long to transfer between accounts. Every other bit of money we withdraw will be kept as cash. We're just thinking of transferring some direct debits to family in order that they can remain paid.

Thanks again!

allofadither wrote: »

I opened a barclays basic account just before I went BR and it was sorted within a couple of days, and barclays does have online banking, I use it regularly.

Good luck with everything Alan

Cool. Unfortunately one of our debts is an old Barclaycard so I'm not sure how that'll go...

We'll investigate throughly, thank you all for your kind words.

Alan

goldy

Thanks for correcting me allofadither about Barclay's doing online banking. I read it somewhere on the internet last week and it put me off so it's good to know they do it.

I have a nationwide basic account and a coop account. I also have a halifax account with a debit card which I'm expecting will be stopped.

I did see a list somewhere on the internet about which banks did accounts for bankrupts people and apart from the three I mentioned before, I think you have to be discharged from bankrupcy to be in any chance of getting an account with any of the others.

I have been managing with just a cash card since before xmas and I haven't found it a problem at all because there are so many cash machines around where I live and work.

I also managed to order a couple of things on line through a friend and gave him the money in exchange.


Alan:Maybe you should just go for it as soon as possible and then worry about your wage dropping.

In the interview you will have the opportunity to explain that the situation will change. Otherwise, you are just dragging out the worry even longer.

I feel loads better now than I did at this time last week and I have just been able to rip up the letters I am still getting threatening all sorts from MBNA and Cahoot!

wherediditallgo

goldy wrote: »

Alan:Maybe you should just go for it as soon as possible and then worry about your wage dropping.

In the interview you will have the opportunity to explain that the situation will change. Otherwise, you are just dragging out the worry even longer.

I tend to agree with this. The OR has to be notified of all changes of circumstances within 21 days, & that's as much for your protection as your creditors. We're all probably going to have some changes during the coming year, so I'm going to deal with mine as & when they arrive. I think the only thing the OR might take into account in advance is an impending birth, because the others are things you can delay/cancel or change by maybe making other changes elsewhere in your life. Fair enough, you've got to save for the filing fee, but once you've done that then I think it's wise to rid yourself of the worry as soon as you can, otherwise you might find the money going on other things for yourself or to appease an increasingly angry creditor.

Another reason for filing earlier than later once you've actually made up your mind to go ahead with it is so that you're not in the position where a creditor files for your bankruptcy. It costs them a lot more to do it, & loads threaten it with no real intention of going through with it because they know of the fear/stigma attached to it. However, if you have a creditor who is known for instigating bankruptcy proceedings on debtors, you'd be well advised to get in there first yourself. That way you remain in control of the situation as regards the cash you do have, sorting out your bank accounts etc. When a creditor files for your bankruptcy, it's because they haven't been able to agree payment terms with you & all other avenues have apparently been exhausted, & it won't look good in court. It's a lot of money to find, but I think it's much better to file for bankruptcy yourself.

littlesaint

Alan,

I am a trade union welfare officer swotting up on voluntary bankrupcy for a case. Without going to all the details, our union has a welfare fund that offers discretionary grants for hardship cases. This would be to pay a bill or something that would really help the individual and could include the bankrupcy fees. I notice you pay NUT subs, so why not find out if the NUT has a welfare fund? My union (not the NUT) also offers half an hour of free legal advice to members. I would strongly urge you to get in touch with a union official and find out if they can help you. You might be able to get a subs reduction when you go part time as well.

Sorry if anyone has suggested this already - don't have time to read the whole thread.

AlanD_3

Thanks again to all.

We're definately thinking sooner rather than later. Might make things rough with the judge and/or the OR which wouldn't be good but as we'd still be allowed cash for day to day things and that we'll pretty much be trapped at home with new baby too I can't help but think it'll be better for us in general.

Still waiting to hear back re: housing from the association but it is the weekend.

Still wondering about the claiming back of bank charges after they close down the account due to bankcrupcy.

Yes, feeling much better thank you. We can finally see a light. Told my mum the other day and have been paniced about it since. Saw her today and her only comment was "you should have done it years ago"... once less thing to worry about.

Thank you again to all.

Alan

AlanD_3

littlesaint wrote: »

Alan,

I am a trade union welfare officer swotting up on voluntary bankrupcy for a case. Without going to all the details, our union has a welfare fund that offers discretionary grants for hardship cases. This would be to pay a bill or something that would really help the individual and could include the bankrupcy fees. I notice you pay NUT subs, so why not find out if the NUT has a welfare fund? My union (not the NUT) also offers half an hour of free legal advice to members. I would strongly urge you to get in touch with a union official and find out if they can help you. You might be able to get a subs reduction when you go part time as well.

Sorry if anyone has suggested this already - don't have time to read the whole thread.

NOT THAT I'VE SEEN!!!!

FANTASTIC, yup, with NUT will speak to the rep tomorrow, BRILLIANT!!!

THANK YOU!!!