I'm desperate. Will anyone help me?

Patr100

You need to seek professional advice about bankruptcy - am not sure about the details of bankruptcy but is it simply not possible to have your salary paid into a trusted friend or relatives account - it seems absurd to have that as a reason to give up a well paid job and in increase your problem further , in any circumstances.

Have a read of this very helpful Government link -
http://www.insolvency.gov.uk/information/help/considerbankruptcy.htm

EDIT : I have very quickly scanned the "Guide to Bankruptcy" PDF fom the link - above It says you can open a bank account when declered bankrupt but you must ell the bank and there may be restrictions placed - but this is all new to me so it needs careful investigation.

herbiesjp

Hi you can try the CCCS also: https://www.cccs.co.uk

Bun

I'm afraid I have no advice, just want to how sorry I am you are in this position and pass on my best wishes for you. I hope you get this all sorted out.

Bun

Magentasue

Or https://www.debtline.co.uk - you can download a self help pack or do an online budget here:

http://www.nationaldebtline.co.uk/england_factsheets/debt_advice_england_wales.php3#5

You so obviously need help from one of these three helplines, I hope you get somewhere with them. Another website is https://www.whatsthecost.co.uk where you can input your debts with details of interest rates and it will work out a repayment plan for you - it's called snowballing. Wishing you better luck.

Fairdo_2

Not to my knowledge.

I understand that you would not be able to open up a new account, but my understanding is that Banks and Building Societies cannot discriminate you to such an extent that you would have to close your account.

You may have it retained in a very tightly controlled basis. Knowledge on this is not fantastic, but I believe Banks and Building Societies have a specific department that closely monitors accounts in these circumstances. They will probably not allow you an overdraft, credit card or cheque book, but if they were to close your account, they would offer you virtually no opportunity to repair your status. That, I am sure, would not be allowed.

I hope this clarifies your standing, as I don't think Bankrupcy would lose you your job. However, to be sure, although it is not a nice thing to have to go through, I would strongly suggest you go to see your current bank and your Employer and ask them on a hypothetical basis.

If I were to go Bankrupt, I would lose my current job, as I am registered with the FSA as a Mortgage Advisor, but I do believe that equates to a large proportion of the working population.

Patr100

This has the details relating to bank accounts

http://www.insolvency.gov.uk/guidanceleaflets/bankaccount.htm

DominicF

here are a few things to try...

1. Talk to you creditors and ask them to freeze the interest - this has worked for members of my family.
2. If you were to lose your bank account - surely someone else could open one for your use - again this has worked form members of my family.
3. Look at renting ... not the cheapest form of anything but you get your own space (many do and there is more to life than owning your own home)
4. Hang in there ... it's not for ever, clearing debt just takes time! been there, done that... It just feels like forever while you're going through it!!!!

good luck

gravitytolls

the government has made sure everybody has access to a bank account, therefore most banks/building societies offer some sort of basic account that allows you to pay in and out, but no cards, cheque book or overdraft. CAB should be able to point you in the right direction.

debt counselling is the best thing you can do to get advice on your present situation. it is free, and again CAB should be able to provide you with numbers, and i believe this site can do the same. the counsellors are experts and they will tell you what your best options are.

you will not get a mortgage on a caravan. though some firms offer finance, even to those with poor credit rating.
this is a bad option. you will get lots of money during the summer hols, the rest of the summer is lower fees, with nothing at all during the closed season of about 4 months - during which time you will still have to make expensive repayments.

please do not do this- it is never a good idea and will leave you worse off.

please do get debt counselling, they are very good

Debt_Free_Chick

naughtynige wrote:

I work for BT. part of the deal to work for them is that you must have a bank account so that they can pay salary into it.If i go bankrupt dont I lose my bank account?

Good advice so far, but just to be clear on this point.

NO - you will NOT lose your job if you go bankrupt. I'll bet there are loads of bankrupts working for BT.

What you do is to open a Basic Bank Account just before you go bankrupt - some banks will even open a basic account for you if you tell them you are going bankrupt. Co-op (not Smile) and Nationwide spring to mind.

A basic bank account just gives you an account to pay money into e.g. your BT salary. You can set up direct debits and standing orders and you get a card to allow you to draw cash. You have NO overdraft, NO cheque book and NO switch ... just cash, direct debits & standing orders.

In your situation, I would consider bankruptcy. Have a look at the Debt Free Wannabe Board. And contact National Debtline, CCCS or Payplan as already suggested.

HTH

Compensationitis

You can maintain a bank account for living expenses, BOS do one with a card.

Bankruptcy should be your last resort only, have you been to see an Insolvency Practitioner? I suggest you first speak with someone like Payplan who will advise you for free and set up a payment plan for you? See http://www.payplan.com/

Avoid the other firms who charge a fortune to do what Payplan do for free.

How did you end up with company debts if you were a Director?