Shall I wait for dds to come out?

bluejojo

I was going to go bankrupt today after getting my benefits paid today so I have withdrew enough money to live on if bank account gets frozen. But rent and two other big direct debits come out the 21st. Shall I wait for the 21st or if I do my bankruptcy today would my account be unfrozen by the 21st so the direct debits would come out as usaul? Thanks

mwarby

is your current account a basic one, with someone you don’t owe debt too ? If so I’d try not to worry you should be good. If not you’ll need to act fast when you press the button to move to a safe account, although there should be time to setup direct debits 

bluejojo

Yep I downgraded to a basic account last week with natwest who i already bank with and made sure there is no overdraft. I dont owe any money to natwest either so that's not a problem. Should I do the bankrupcy tomorrow or wait until my rent comes out and the other dds on the 21st? Thanks

mwarby

I don't think it will make that much difference, but it's probably slightly safer to wait. A lot depends on your landlord and what they're reaction to a one off late rent payment would be

bluejojo

Il wait. My landlord doesnt live in this country and it's hard to get hold of him so that will be ok. I think il wait for the the 21st. The day I submit the forms il open a monzo account and move a few things over 

sourcrates

Debt collection moves at a very slow pace, you could wait a couple of years or so to go bankrupt before you saw the inside of a court room, for any of these debts, the usual practice is to pass bad debts to collectors first, they will run through there standard list of template letters with you, after that they may be sold on, then its rinse and repeat, only at this stage is legal action possible.

So i can understand you wanting to get the ball rolling, but just be aware nothing happens quick where collection activity is concerned.