Thriftkitten by name NOT by nature....

Thriftkitten

egrescrimp wrote: »

How come you've only gone for £15 Emergency fund and £10 for hair cuts?

Holiday is still 0, that should be at least £40 as you are unlikely to get the presents bit approved, you should be maximising the areas you are allowed Clothing is also far too low and should be pushed up to a minimum of £75.

I guess I am so used to spending nothing on home because I pay out so much on bills so was writing in a true life way lol... £75 a month on clothes.... yeee haaaaa off to the mall we go:beer: is there somewhere I should be looking so that I know how much I can put down for things rather than guessing?
Am I right to list the car as an asset even though its HP and only 8 months into a 5 yr... I also owe 9k and it was only purchased for 7.5

egrescrimp

Take a look at this link, it's intended for debt relief orders which do allow for things like pocket money (not allowed in BR), but it should give you some guidelines to base your SOA on https://docs.google.com/file/d/0B7LabJy69BP1M0gxeHQ1SDFiN1E/edit?pli=1

You'll see that some of the things that have been recommended are listed in that document too

Thriftkitten

Final question of the night.... I'm sure I am typing through closed eyes...
So I need to open a co-op cash minder account to take over my DD for the car and for my priority debt IE Rent etc. Just looking at co-op account and it says its not for undischarged BR's.... are they likely to close me down in a month or 2 when the BR comes through??
Also once opened and I transfer my 2 DD's should I cancel my others for the unsecured debts and take out 90% of the available funds?? or do I leave them??? Sorry promise its the last question... I'd like to go to sleep with a semi clear head, not tossing and turning wishing I had asked.

egrescrimp

They don't allow you to open an account as an undischarged bankrupt, but they do allow a cashminder account to continue to run if you have an existing account and then go bankrupt. I have a cashminder account and I'm un-discharged Just don't tell them you are planning on going bankrupt, cancel any direct debits you don't want them to transfer

If you are 100% definitely taking the steps towards bankruptcy or DMP then I would recommend cancelling the direct debits for all but the essential ones such as your car, rent, energy etc.

Then go and enjoy a good nights sleep knowing you are taking back control of your money and life, time to start planning for the future

Please don't be sorry about asking questions, ask as many as you need so that you understand everything thats going on. Some things will seem so daunting, we'll do our best to help you through the process

Thriftkitten

Many thanks for your help everyone and so from me it " Goodnight";)

Thriftkitten

Morning all, It's tipping down here, and the perfect day to get a lot of paper work done!
RE the co op bank, do you advise cancelling the DD's for what I am not keeping now in order to save a little? if I plan on BR in the next month or so as I still need to apply to british gas for the fees etc.
Also should I transfer the DD's myself when I go to open the account in person or should I use their transfer service, always makes me a little nervous that it wont get done correctly and i'll end up with a missed payment for the things I need to keep.

egrescrimp

If you've made the decision to proceed with bankruptcy, stop paying the full amounts requested by cancelling your direct debits. If it makes you feel better, then by all means make token payments to your creditors whilst trying to save for your bankruptcy, even if British Gas give you the funds to go bankrupt you could use the money saved to pay for a car should the OR find your monthly payments for the car excessive or the finance provider cancels the agreement

With regards to transferring your direct debits, use which ever you feel most comfortable with

Thriftkitten

Ok I have just looked through my santander finance agreement for the HP car and section 5.1 states " you will not permit a petition for a bankruptcy order to be presented against you or permit an application for an interim order to be made or call a meeting of creditors or reach any agreement with them"...... So bankruptcy means that the car will deffo be seized??? even if I can pay it?

fermi

Not necessarily. Seen quite a few cases where there is a similar clause and the finace company has decided not enforce the strict wording of it.

It's there so that that if you go BR and they think they are going to lose out then they can terminate the agreement sooner and with fewer hoops to jump trough than might have been the case.

Saying that, Santander are one of the creditors with the most unreasonable and knee jerk reaction to people going BR, so it would not be surprising if they invoked that clause even if there is not good rational reason to do so.

I would not count on them being reasonable.

Thriftkitten

I have read on other threads that it may be more preferable to open a basic barclays rather than co op, saying that, I bank with Barclays now so I think it would be wise to come away from them and possibly not have to answer any questions as to why i want to transfer accounts and DD's. Is it wise to cancel everything today if I haven't even started the applying process yet, according to the courts there is no waiting time in my area, so if I cancelled un necessary DD's now to be included and started the british gas application for help with the fees, opened a co-op account in the next few days and sorted my wages, benefits etc to be paid into there, would i be ok to do that if I didnt get the bankruptcy for a month or 2. or should I wait until i have started the process more before cancelling the un necessary DD's