A few questions....

jojopo000

Dont think I was on the ER then. Is it worth applying for this account before the BR or after I have been made BR?

Thanks for all your help.

fermi

The 100% safe way is to open it afterwards.

But Co-op are a bit inconstant with how long it takes to open. Sometimes it is a day or two, but at one point last year they were taking a couple of weeks.

I've not yet heard of anyone who opened one before BR having any significant trouble, but it is always a slight risk.

The bonus with the Co-op is that it comes with a Visa/Electron debit card.

fiveyearplan

I had no trouble opening the Coop Cashminder account and I now have terrible credit rating and am not on the electoral role. Make sure they know the account you are wanting to open instead of a cashminder current account.

jojopo000

Hi me again
I have just been reading another thread on here about Welcome Car Finance, they are who my caris financed by.
I have had the car for a year, am on reduced payments for it until the year dote! The car is on HP, so when i go BR will WF take the car off of me or will the OR and if the OR takes it will they give me the money to buy a cheaper one as need a car to get to work and also as have 3 kids (one under a year) and cannot go out on my own due to PND unless I am locked in my car or if WF take the car would the OR still allow me some money to get a car?
I only ask as I have read somewhere the OR gives you the money to get a cheaper car.
Just out of interest I have also read that there might be charitys who can help with the BR fee? Does anyone know who they are? I only ask as trying to save over £300 might be near impossible.
I am nearly done with all my BR questions and once again thanks for all your help.

fermi

For charities that may help with fees, see the links about 2/3rds of the way down the page in this link:

http://bankruptcysupportersclub.co.uk/links.aspx

But those types of grants are not as easy to get as they used to be.

fermi

For the car, how much is it worth? And how much is the outstanding finance?

jojopo000

thanks for the repl, its a Citroen Xsara Picasso, 2002 reg, and ok'ish condition, dont know what its worth but paid £5125 a year ago (over the odds looking back).
it was on a 5 year repayment but now is 10 years du to current financial probs.
Soz for dodgy spelling but my 4 month old baby is asleep on me.

fermi

If the car is worth less than the finance then the OR will have no interest in seeing it sold. The OR wouldn't have any money then to return to you for a replacement.

It's then up to the OR whether they think the payments are acceptable in your I&E, which depends on the level of the payments and whether they agree you need a car.

Even if the OR allows this, most car finance agreements (from other people here) have a clause that states that bankruptcy can end the agreement. So it would also be up to Welcome to decide whether they wish to keep it going or take the car back.

As you see, so many "ifs and buts" that it's not really possible to say with any certainty what will happen.