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Second Time Around?
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msmoose
Posts: 52 Forumite
I went Bankrupt back in 2001 with debts of around £10,000 and sadly I now have debts of around £8000 possibly more I’ve not really added them up... mainly achieved through my own mental health problems which are now more or less under control after a year + of therapy and now finally being on the right medication. For the past six months I have been struggling to make payments to creditors each month but even so I am living on Incapacity Benefit and DLA and financially I really cannot afford it.
I am in college at the moment and because my health has improved so much I am planning to go to university next year to start my nurse training, I’ve just submitted my application to UCAS this week and I’m really excited about the prospect of what my future holds.
The things that worries me is the whole bank account thing, I have three at the moment, okay I really only use one for direct debits and the like but are there banks who will give you an account once you have declared yourself bankrupt.
I am in college at the moment and because my health has improved so much I am planning to go to university next year to start my nurse training, I’ve just submitted my application to UCAS this week and I’m really excited about the prospect of what my future holds.
The things that worries me is the whole bank account thing, I have three at the moment, okay I really only use one for direct debits and the like but are there banks who will give you an account once you have declared yourself bankrupt.
Tänka positiva tankar och att du alltid kan nå dina drömmar… 
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most people keep saying open a CO OP cash minder account after bankrupt. the problem you have is like my getting your benefits while you go bankrupt. I am trying to find a number for the job centre to ask them if I can have giro's for a month wile I sort out a new account but have not found a phone number yet do you know of one for this?.
Oregonuk10 -
If you already have these basic accounts after your first BR, they are likely to be closed if you go for a second time.
The post office has a card account that is only for paying in benefits, but you are only able to withdraw cash and there are no other facilities on the account. But at least you will have somewhere for your benefits to go.
If you do not have a Barclays or Co-Op basic account then I would suggest you open one before you go BR again to ensure you have somewhere for direct debits/benefits/student grants etc to be paid into and out of; these perks are not available on the post office account.
If you go BR for a second time, you are aware that the OR will be far stricter on you. You are very likely to have to have a face to face interview (grilling!) and may even be slapped with a BRO. I understand that you have taken great steps with regards to your mental health in the last year but a BR 2nd time round will be tougher than first so you need to make sure you have a good support network in place.0 -
The only other way around I have thought of is to get my dad to open a basic account in his name for me to soley use, since he is with a major bank for 35 years with no problems and I can see no problem with him opening an additional basic account in his name for me to transfer my benefits to and direct debits in before I go bankrupt...Tänka positiva tankar och att du alltid kan nå dina drömmar…0
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If you go BR for a second time, you are aware that the OR will be far stricter on you. You are very likely to have to have a face to face interview (grilling!) and may even be slapped with a BRO. I understand that you have taken great steps with regards to your mental health in the last year but a BR 2nd time round will be tougher than first so you need to make sure you have a good support network in place.
What's a BRO?Tänka positiva tankar och att du alltid kan nå dina drömmar…0 -
What's a BRO?Bankruptcy Restrictions BulletinThe Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the official receiver, to establish why they became insolvent. Bankrupts with a BRO or BRU are subject to the extended restrictions of bankruptcy for a period of between 2 to 15 years. Under the restrictions for undischarged bankrupts, including those with a BRO and BRUs, it is an offence to obtain credit of more than £500 without disclosing their bankruptcy. Bankrupts who breach their restrictions can be subject to further proceedings.
http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailslatest.aspNow we all know how it felt to play in the band on the Titanic...0 -
Benefits have to be paid in to an account in your Name from what I have been toldThe only other way around I have thought of is to get my dad to open a basic account in his name for me to soley use, since he is with a major bank for 35 years with no problems and I can see no problem with him opening an additional basic account in his name for me to transfer my benefits to and direct debits in before I go bankrupt...0
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As your debts are under £15,000, you might want to check if you qualify for a Debt Relief Order:
http://forums.moneysavingexpert.com/showthread.html?t=13852750 -
This isnt a crtiscism but i thought obtaining credit after BR would be really difficult so just confused how you would be able to get in to debt again? Good luck with your future career, and hope things work out for you0
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This isnt a crtiscism but i thought obtaining credit after BR would be really difficult so just confused how you would be able to get in to debt again? Good luck with your future career, and hope things work out for you
My original bankruptcy was filed in 2001 and I found it extremely easy to obtain credit from around the end 2006 onwards which was around two years after I’d moved into my new house, I was working full time at the time. I started with one catalogue which I paid off frequently who continued to put up my credit limit because I paid off the balance and gradually I opened accounts elsewhere with no problems. Obviously my own understanding of it is my credit limit improved because I cleared the balances in full each month.
Technically in the original way BR worked before the new rules you could apply for credit after two years (I think if I remember correct) and could be discharged from BR after six years, I got my discharge papers in 2007 after applying to the court. However I didn’t start to apply for credit till 2006.Tänka positiva tankar och att du alltid kan nå dina drömmar…0 -
hi,
I just wondered if you have looked at all of your options?
I fully appreciate wanting a new start especially when studying, i too have applied for uni next year and am desperate for new beginnings.
If your income is benefits at the moment have you spoken to a free advisor like CAB? They were brilliant for us although with the way things are the wait was a while. i am only saying this because im not sure how being bankrupt twice will effect you, im still a newbie:o
If your at college are you getting all the benefits your entitled to such as the adult learning grant?
when you start uni you will receive an nhs bursary so although you will be working lots of placment hours you will receive an amount which will most likely be more that what your income is now. It will also be worth looking into what benefits will stop as i think (will have to double check) that this will effect housing benefit etc.
i hope your application goes well!0
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