I'm considering bankruptcy and need some help.....

So_Sad_Angel

Hi John,

...& if you buy a lottery ticket & it wins...remember no-one can prove who actually bought it!!

Seriously though...bankrupcy is always the last resort..when you absolutely have no chance of paying off the debt you have.

OR means Official Receiver - this is a court appointed individual who administers your financial affairs whilstsoever you are in bankrupcy...ie they hold the purse-strings for up to 1 year & deal with the outstanding creditors & realise whatever they can (within reason) to settle & finalise the debt.

Oh.. & welcome to the site!

Angiexx

NoMoney_2

Hmm, so do I have to nominate an official reciever or does the court?

betterlatethannever

The court will do that. You'll usually have a quick chat with an OR assistant after you've been declared Br at the court then have a full interview a few weeks later ( i say usually, as each place works differently)

Merry_Gentry

betterlatethannever wrote: »

You can open a basic co-op or Barclays account before BR and keep it right through. It has no extra facilities such as Overdraft etcs.

Be careful with this one. We opened our Co-op accounts before going BR and the Assistant OR has told us that they will be closed

betterlatethannever

Merry_Gentry wrote: »

Be careful with this one. We opened our Co-op accounts before going BR and the Assistant OR has told us that they will be closed

I've never heard of a Co-op account being closed :eek: frozen on odd occasions but never closed.

Merry_Gentry

betterlatethannever wrote: »

I've never heard of a Co-op account being closed :eek: frozen on odd occasions but never closed.

I know - I was gobsmacked. I asked if there was anyway they could be unfrozen as we have already arranged all the new DDs, etc, and she said no, because they were opened before we went BR they had to frozen and we couldn't touch them.

betterlatethannever

Umm, i'd take that with a pinch of salt.:rolleyes: Even if they are frozen its the bank that does that and not the OR. A quick call to the OR saying that, that is the only money you have available and they fax the co-op and get it unfrozen. Still think its unlikely to happen though. I take it you told the co-op you were going BR and got the cashminder account?

uhuru_2

If you don't owe anything to co-op (and I mean anything at all, not just on those accounts) there is no reason why they can't be un-frozen, unless the co-op themselves object to you using the accounts. The OR would have no objection to you having a bank account.

Conor_3

NoMoney wrote: »

If I go bankrupt, can I still claim back my bank charges if I owe that bank loads of money?

Yes you can still claim the charges but the money would have to be handed straight over to the OR as it is not yours but theirs. The OR takes over ALL your finances up to the time the BR order is signed including any money owed to you.

Also, if I go on a TV quiz show and win say £5000, do I have to give it to the debt people?

Yes.


If you get a job, the OR will have to be notified of your income and over a certain level will make an order for you to pay a set amount each month. That payment can continue after you've been discharged.

Bank accounts are getting very hard to get and basically its the Post Office and Co-op.

Merry_Gentry

betterlatethannever wrote: »

Umm, i'd take that with a pinch of salt.:rolleyes: Even if they are frozen its the bank that does that and not the OR. A quick call to the OR saying that, that is the only money you have available and they fax the co-op and get it unfrozen. Still think its unlikely to happen though. I take it you told the co-op you were going BR and got the cashminder account?

Spoke to the Assistant OR this afternoon, and basically she said she would fax the co-op and instruct them to let us have access to all the money in the account (once we had spelled out what it all was) but that we definitely couldn't keep it open - not based on the Co-op but the OR's sayso She said we did the right thing setting up the account, but had jumped the gun by doing it before going BR and that we needed to set up new accounts again