About to go Bankrupt

MrsMinxington

Hi

This is my first post and I wish it was under happier circumstances. I saw the CAB yesterday and they have advised that I file for bankruptcy.

I was advised to seek a new bank account and I have had a look at the existing list here for potential new banks.

One of the things I noticed when doing a bit of poking about was that identification needs to be something like a passport or driving licence. I have neither of these. Does anyone know of any banks that do not require this level of identification?

I really need an account that is suitable for making direct debit payments. I'm not too bothered about having a debit card, although it would be handy for internet purchases, but if I cant have one, then so be it. I can manage with cash.

I've had long term depression for many years and I'm finding all this really overwhelming. So many people to contact, so many feelings of being a complete failure and a letdown to my family.

I dont want to let my family know this is going on. My husband obviously is in the know, but I really dont want to reveal this to the rest of my family. Whilst my Mother in law is very supportive, this would worry her a great deal. My own family would just mark it down as another one of my long list of lifetime failures and adjust their view down a notch accordingly. Is it going to be possible to keep this from them, and should I even try?

I dont know where to start. The man at the CAB was very helpful but this whole situation is very scary and whilst I know I dont really have any choice, its all new territory for me and I have spent enough time running and hiding. I dont want to do that again, even though its the most tempting idea at the moment...

Any words of advice or sharp reality checks welcomed. Thanks for reading.

user55

Hi, welcome to the board.

Don't worry and stress yourself about this. If the CAB have advised it, then it's going to all be fine!

Do you owe your existing bank a lot of money? I only ask because that was the reason I opened a new bank account prior to BR. Otherwise it's safest to wait til the day after BR so it doesn't risk being closed or frozen.

I went to the Nationwide with utility bills, council tax bills, I had my driving licence, but if you don't have one you don't have one, they can't make you!

Hold tight, the wise people are on their way!

fermi

Hi MrsMinxington and welcome.

Although documents such as a passport or driving license are the preferred documents for proof of identity for all banks, acceptable alternatives can normally be found. You simply need to contact each of the banks listed in the sticky at the top of the forum, and ask them what they will accept in your case.

This is an excerpt from a leaflet produced by the British Bankers Association:

What if I can’t provide the documents
suggested?

There are exceptional procedures in place to help customers who cannot provide the preferred documents. Don’t be put off by the mention of passports and driving licences. These tend to be the documents that are preferred because they are official documents and most people can provide them, but they are not the only way of enabling a bank to satisfy itself of your identity.
Many people have reasonable grounds for not being able to produce the recommended documents. For example, they may have never been abroad, so do not have a passport, have never learnt to drive or their spouse may pay the council tax bill. To help in all these cases, all banks and building societies have procedures that permit other proofs of identity to be accepted.
Discuss with a member of staff what sorts of documents you can produce. If necessary, the member of staff can refer your application to someone who is authorised to decide in exceptional cases.
Please remember though, the law requires that you must provide satisfactory proof of your identity. If you cannot meet this requirement, then under the law the bank or building society must not open an account for you.

With regards to your family, there is no absolute need to tell any of them. However you should be aware that your bankruptcy will be advertised in a paper with a local circulation in your area. The adverts are usually very small, and in the notices section, but it is a legal requirement for these to be placed. Therefore anonymity is never 100% guaranteed.

For starting info on bankruptcy the factsheets on the IS website are good, and can be found here.

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

In particular:

How to petition for your own bankruptcy

Guide to Bankruptcy

There is also useful info here.

Good luck, and keep asking questions about anything that concerns you.

debtmonkey1

Hi!

A warm welcome. You've come to the right place for help/support.

Whilst not being clinicaly depressed (well....never went to doctor for diagnosis) i was very, very down & having the odd 'sherbet' or to too many (if you get what I mean!). I can virtually guarantee once the deed is done & it's sunk in (taken me a few days!) THE RELEIF IS TANGIBLE!

ok....1st things first. If you will struggle with the fees (£150 court fee, £335 official receiver fee)...a bit of advice. Firstly-if you are on a low income (& can show it with statements, etc)...then BEFORE your BR take the 'application for exemption of court fees' (someone clevere than me will post a link!) to the Court to see if they agree it. I took mine in 3 weeks prior to BR & GOT IT APPROVED! Secondly...if you are a British Gas customer then the British Gas Trust may help pay all the BR fees (takes 4-6 weeks so if you feel you just want it over quickly do not go down this route-scrimp/steal/save for it!). They did for me! Also-there are a few other charitable trusts, water boards etc that can help-again if some kind soul on here could post the links??

Secondly-the actual process is painless. Yes-you have a huge form to fill in (again-you'll get lots of help on here-particularly with the income/expenditire-you'd be amazed at the figures the official receiver will allow-remember-trick is to have £90 or less disposable income then you won't be tied in for 3 years paying monthly) -but you'll find you're in the court office for a short length of time ( I was in & out in 30 mins!)-you don't see a man in a wig-just a district judge on his own-very informal. You'll then have an interview with the official receiver-if your debts are straightforward (& don't include property)it'll probably be by phone-if your affairs are more complicated you'll have a 'one-=off' face to face meeting. THATS IT-JOB DONE-1 YEAR MAXIMUM BR-probably discharged early in 6 months!

Yes-they put a 'tiny' advert in the local paper-but who will see that??!

You will feel SO SO much better once it's done.

About the bank a/c's-open one day AFTER you go BR-not before. Barclays cardcash I beleive is the quickest to open (only a cash card) but also at the same time go for a Co-OP Cashminder-you get a debit card with this but can take a bit longer. Also if you google 'bread card' you can get a pre-paid MAESTRO card (from the newcastle building society-one off £10 payment & very small fees to add cash/wages) . Also-google 'cash plus mastercard'-again £10 but a pre-paid mastercard. You either pay £4-95 a month to use it (if you feel it will be used a lot) OR you can opt for £1 a transaction.

So...you see you CAN have normal banking facilities!!!

I now feel there is a 'hole' in my thought processes/how I feel-that 'hole' is because all the stress/worry has gone now. I honestly had to cancel some friends coming up from the South to see me as I was so down (probably depressed) with my situation.

Once you've gone BR & had the OR interview you'll feel so much better.

If you need any more help just shout !!!! May be think about telling your parents?? Most people these days do not see BR as the stigma it was 100 years ago.

betterlatethannever

MrsMinxington wrote: »

Hi

This is my first post and I wish it was under happier circumstances. I saw the CAB yesterday and they have advised that I file for bankruptcy.

I was advised to seek a new bank account and I have had a look at the existing list here for potential new banks.

One of the things I noticed when doing a bit of poking about was that identification needs to be something like a passport or driving licence. I have neither of these. Does anyone know of any banks that do not require this level of identification?

I really need an account that is suitable for making direct debit payments. I'm not too bothered about having a debit card, although it would be handy for internet purchases, but if I cant have one, then so be it. I can manage with cash.

I've had long term depression for many years and I'm finding all this really overwhelming. So many people to contact, so many feelings of being a complete failure and a letdown to my family.

I dont want to let my family know this is going on. My husband obviously is in the know, but I really dont want to reveal this to the rest of my family. Whilst my Mother in law is very supportive, this would worry her a great deal. My own family would just mark it down as another one of my long list of lifetime failures and adjust their view down a notch accordingly. Is it going to be possible to keep this from them, and should I even try?

I dont know where to start. The man at the CAB was very helpful but this whole situation is very scary and whilst I know I dont really have any choice, its all new territory for me and I have spent enough time running and hiding. I dont want to do that again, even though its the most tempting idea at the moment...

Any words of advice or sharp reality checks welcomed. Thanks for reading.

You ARE NOT a failiure. Did you know that Alan Sugar went bankrupt (twice i think) as did Richard Branson, Olivia Newton John, Walt Disney, Donald Trump etc etc etc. They aren't failures and neither are you.
The whole thing is scarey and takes a lot of strenght to do. You'll need all the help and support you can get, though where you choose to get that from is upto you.
You've made a huge start already and keep coming back here and you'll get so much support and help it will overwhelm you.
All the best of luck.:o

PixiePie

betterlatethannever wrote: »

You ARE NOT a failiure. Did you know that Alan Sugar went bankrupt (twice i think) as did Richard Branson, Olivia Newton John, Walt Disney, Donald Trump etc etc etc. They aren't failures and neither are you.

I never knew that - I saw an episode of The Apprentice a little while ago where Sir Sugar was saying it wasn't an issue at all that one of the contestants had gone BR twice (twice??!! Didn't even know it was possible, not that I'll be aiming for that) at the age of young something or other, but didn't know all those successful in modern terms people had gone BR. Learn something new everyday. (And if Branson can go BR and get where he is, makes me feel a hell of a lot more chipper about the future )

wherediditallgo

PixiePie, I started this thread of famous bankrupts in April. We're in very esteemed company.

PixiePie

wherediditallgo wrote: »

PixiePie, I started this thread of famous bankrupts in April. We're in very esteemed company.

Oh interesting thank you for that

MrsMinxington

user55 wrote: »

=

Do you owe your existing bank a lot of money? I only ask because that was the reason I opened a new bank account prior to BR.

Yes, I do. We've been on benefits for a while now - and had accrued quite a large overdraft. The bank offered me a loan to pay that overdraft off about 3 months ago. At the time it made sense but it was really the final nail in an already overburdened coffin.

The citizens advice bureau chap is, I think, going to do all the paperwork. He went through an expenses breakdown with me at our meeting the other day and I signed a form allowing him to act on my behalf.

We dont own any property, our house is rented. The one complication as far as he could see it was that my husband is an additional cardholder on one of the credit cards we had. I dont know how that will complicate matters, but he seemed to think that it might.

He advised me to seek a new bank account now. With me owing the bank money - I guess its important to get that sorted sooner rather than later, because as soon as they get the paperwork from him they will most likely freeze my account, so I need to make sure that everything has started being paid into the new one so that nothing accidentally goes in there.

Should I be disclosing my upcoming application to the banks I apply to now, in this situation? That way they will be aware that this is happening and that there is a reason for me opening the account with them and I can ensure that they dont offer me overdrafts and the like.

Thanks to everyone who has replied so far. I DEFINITELY came to the right place. :beer:

tigerfeet2006

Hi,

There is a sticky at the top of the front page with a list of banks that accept people who are going/are BR. I just rung up the Co-op and applied for their account. When I applied I told them I was going BR but it didn't even bother the lady on the other end.