Some questions that I am struggling to find answers to

thegrape

I also apologise if I go the wrong end of the stick...


A few answers. Re bank account - what about these type of arrangements:

http://www.money.co.uk/current-accounts/bank-accounts-for-bankrupts.htm

My only question was whether to do it before or after the BR

Equity is approx. 10-15k. I have a relative that may help with that. My question I so you wait to be asked or offer to have someone buy it - I have a young family and want avoid losing the house.

I have spoken at length and gone through my situation in depth with CCCS.

dextersmum_2

The government say everyone should have access to affordable banking and have drafted something similar to that link, the reality is, it doesnt happen.

Co op before BR
Others can suggest more with Barclays but very limited bank service options ie no intertnet banking options.

Secure Trust- I went to a presentation with them, they are pushing there accounts for the massive changes affected to welfare reform , they are banking on most of their customers being in receipt of benefits and having no idea how to budget when direct payments are introduced - also known as jam jar accounts, they ALSO CHARGE A FEE WEEKLY/MONTHLY , you do not get a bank card but instead get a prepaid master alto card, to withdraw from the ATM , and that has a seperate c harge for cash withdrawals approx 1.50 each time.

The others on that list will operate the same way, credit unions are doing something similar.
I would only recommend some one like secure trust , if there is nothing else availalbe , they want to receive your money , pay your bills then load up the prepaid card with whatever is left.

So back to wht i said earlier - co op is the best
do you have a problem with the cop op.

i went to them about a year before my BR, and they have always been very fair, i also like the fact they allow me to pay my insurances monthly, most insurance companies hate BR and charge us extra and want all the m oney up front when it comes to renewal t ime.

Im also a home owner and kept my house, you might find the OR waits and hope that the equity will increase, they have three years to deal with it, in my case i had zero equity but they keep a eye on it and ive got a further year to go before remove there intrest in my property.

hope that helps

kepar

dextersmum wrote: »

You need to understand the process and implications of bankruptcy and IMO you dont.
there are questions that have been raised by others , that you need to consider, b ut i will answer each point and a bit more in turn to the original question.




4. The judge will see you individually in closed chambers - so you wont be able to accompany each other for moral support, you could have a advocate ie from the CAB or recognsied debt charity who would be there in a lay advoocacy postion.
5. the judge will not question you about why, but WILL want to know if YOU HAVE TAKEN ADVICE and that you understand all the implications of being a BR. If you say she will then make you BR, that is it there is NO TURNING BACK.
6. You will be told to take a seat prob and your BR notification will be issued giving you details of the official receiver, the court calls them, you will told to then go and await a call from the Official Receiver, sometimes that first call is made to you in the court.
7. you must them notify the bank and seek their permission to continue using their facility, any money then DOES not belong to you or your wife until the official receiver agrees that. Most banks will not allow you the use any longer and will clsoe the account down and send out any monies by cheque .
I would suggest having a nil balance in your account on that day and cancell all direct debits and assume you will have to make new arrangments . You might find that as a newly opened account , those that normally allow the customers to b ank with them wont. You must remember hardly any bank will allow you to open a new account as a bankrupt.

Get a credit union budgeting account opened up as backup

8. They wont take the car, b ut will certainely express a intrest in it if its over 1k in value, if it is prepared to lose it within a few weeks of BR, you will be given back up to 1k, and its the OR decision to decide if you can have any allowance each for a car.
9.Someone mentioned who had been dealing with the tax that you owe, the OR will pay close attention to that and will be looking /investigating why you didnt pay the tax. if they think your debts are due to culpable behaviour they can impose further restrictions on you
10. They will do DVLA and land reg checks
11. they dont as norm credit check you if some thing is missed then it c an be added to it later.
12. The OR will do a income and exp and if you have surplus of 20 pound they will take that into a income payment award over 36 months, it is the OR decision as what they will allow, for priority, priority is

Rent /Mortage- must be reasonable
ctax
elec
gas
tv licence
optical
dental
prescription
basic phone package
food

car/holiday etc is at there discretion they dont allow for eg birthdays , you could be left with hardly anything if you have a good income now, as from what you have said you would prob mostly repay a huge chunk of the debt back over those 36 years, most of the money wont go to the debt b ut the official receiver costs.
you def will not keep your earnings a nd id suggest unless you intend to work for free for the next 3 years and have a limited expediture then consider to not operate as you have .

You give some good advice, but a lot of it is wrong.

Since when has the judge seen you one at a time and not together.
We were seen together.
Who said you have to notify the bank, we never did. We had moved to a COOP Cashminder pre bankrupcy and never told them.
Hopefully an IPA is over 36 months and not 36 years, well it was when my wife had hers to pay.

alastairq

Hi..I , too, advocate taking a bit of time before petitioning for BR.

The secret of getting something positive out of BR lies in preparation.

[getting your ducks in a row?]

I would make a start by applying for a Co-op Cashminder account [or two] each.

Now!

{co-op will not accept applications from undischarged BRs any more]

Co-op also have a department dedicated to BR, and, if you ask to speak to them, they will offer help and advice.......[They even gave me a fax number for the OR to inform them of 'no interest']

You can transfer all DD's, etc to them before BR.

[I advise keeping one account solely for payment of DD's and SO's, bills, etc.....which cannot be touched on a day-by-day basis. that is what the other account would be for.]

Re-the house?

An offer can be put to the OR immediately, if required..some ORs apparently are happy to accept this.

How many valuations have you already obtained?

Mr Mouse-of-this-parish is well versed on re-gaining beneficial equity from the OR....look up his advice?

Put up an SOA for the more knowledgeable on here to critique....?


The only time, in my view, a BR should be petitioned sooner rather than later , is when there is reason to believe a creditor is going to seek to convert unsecured debt into secured debt via a Charge on the property...[if BR is the eventual intended route, that is?]

arcon5

There is of course cashplus who don't credit check. You can deposit via the post office and many other places and have Internet access.

I opened a Barclays account about 5 days after BR and all went smoothly

thegrape

Thank you for this, I think I do, but what other 'ducks' do I need to get in a row?