SAO Review Please - See post #32

sourcrates

I would not pay your creditors in preference to saving for your Bankruptcy petition, if your going Bankrupt, then its a pointless exercise.

Make sure you have access to money, thats the main thing, as once you hit the go button, your existing accounts will be frozen.

I would say, if your determined to do this, and have no other realistic option, then get on and do it, the relief will be enormous once you have done so.

edit : cross posted with Owlet.

Simon.G

Thanks Owlet

I'll look into Nationwide FlexBaisc and Barclays now.

I'll cancel the DD's for the debt payments while I am at it.

I would not pay your creditors in preference to saving for your Bankruptcy petition, if your going Bankrupt, then its a pointless exercise.

Which is what I was thinking anyway.

None of the accounts I hold are in joint names so there should be no issues with this.

Make sure you have access to money, thats the main thing, as once you hit the go button, your existing accounts will be frozen.

I have no money, and no prospect of any in the coming weeks. I have no funds anywhere so no problems with accounts being frozen.

From the advice I have been given here it seems as if I have most of it all covered, although I welcome further comment as I am sure I have missed something out.

Simon.G

Just FYI, I have a Metro Bank Cash Account which has been dormant with a £0 balance since I opened it a few months ago. As they accept bankrupt applicants, would I be able to use this account?

luvchocolate

Yes that should be fine, put in your petition as the account you use, if they are B.R friendly should be no problem

Simon.G

Thanks to everyone here. I got my ducks in a row, filled in the online form, paid my money, and as of this morning I am now BR.

Already applied and been accepted for a Nationwide FlexBasic account, so all that is left to do now is to wait for the OR call.

Should I tell my creditors I am now official BR and give them the reference number, or should I wait for the OR call first?

alltaken

Hi Simon, relieved?

I found it best to contact pesky creditors with the reference, if nothing more than to stop any court action if it had got that far, or perhaps doorstep activity.

It's your preference.

Simon.G

To be honest alltaken, I have been somewhat pro-active about this whole process. This month would have been the first month that I would not have been able to pay my creditors, however with a lack of work and little prospect of it changing any time soon, it made sense to explore the opportunities and eventually press the button on BR. This has meant that I have not had the phone calls, letters etc as I am not due to initially default until the end of this month.

From reading these boards I can understand why finally taking action would be a relief.

Like I said, my creditors would not be contacting me regarding lack of payment until the end of the moth anyway, and by this time the OR would have called and I would have assumed that they would have sent letters to the creditors anyway?

alltaken

I can't think of any pressing reason to contact your creditors personally, given the above.

The OR's office aims to issue reports to creditors within 8 weeks.

NotEvanAPot

Notice to creditors can be up to 12 weeks.

I'd spend an hour calling round to nip it in the bud before it starts. It can also be therapeutic - I quite enjoyed informing solicitors acting on behalf of former employer that I had the BR order in my hand, especially as they'd run up huge cost in litigation they now could not recover. But, I am a somewhat heartless !!!!!!!

owlet

I just waited to see if any creditors called me then gave them my br number. It's your call really, no right or wrong with either way.

However, in the case that NotEvanAPot just cited, I'm sure I would have phoned them myself too!!