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  • FIRST POST
    • brokemummy123
    • By brokemummy123 17th Aug 19, 8:44 PM
    • 8Posts
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    brokemummy123
    Preparing for bankruptcy
    • #1
    • 17th Aug 19, 8:44 PM
    Preparing for bankruptcy 17th Aug 19 at 8:44 PM
    I have a million questions about bankruptcy, but could anyone help me with the following:

    1. How many months of bank statements do I need to provide the receiver with?

    2. Does the OR inform all accounts I have or just the creditors? For example, I have a Monzo account with no borrowing facility and would like to continue to use it if I can.

    Thank you! I知 sure I値l be back with more questions.

    Emily
Page 1
    • TheGardener
    • By TheGardener 17th Aug 19, 8:52 PM
    • 2,910 Posts
    • 2,938 Thanks
    TheGardener
    • #2
    • 17th Aug 19, 8:52 PM
    • #2
    • 17th Aug 19, 8:52 PM
    I have a million questions about bankruptcy, but could anyone help me with the following:

    1. How many months of bank statements do I need to provide the receiver with? Usually 1 years worth but the OR can get them direct from the bank if they want/need more.

    2. Does the OR inform all accounts I have or just the creditors? For example, I have a Monzo account with no borrowing facility and would like to continue to use it if I can. The OR will normally inform all banking services providers regardless of whether there is a debt.
    ...
    Originally posted by brokemummy123
    Is the Monzo account one that would allow you to use it post BR? If not Nationwide and Barclays do good basic accounts.
    • brokemummy123
    • By brokemummy123 18th Aug 19, 8:47 AM
    • 8 Posts
    • 0 Thanks
    brokemummy123
    • #3
    • 18th Aug 19, 8:47 AM
    • #3
    • 18th Aug 19, 8:47 AM
    Thank you!

    I知 aware that people have got Monzo accounts like mine after bankruptcy, but unsure if mine would need to be closed.
    • TheGardener
    • By TheGardener 18th Aug 19, 10:08 AM
    • 2,910 Posts
    • 2,938 Thanks
    TheGardener
    • #4
    • 18th Aug 19, 10:08 AM
    • #4
    • 18th Aug 19, 10:08 AM
    If its your 'everyday' account there is usually a space on the BR form to say that. The OR does not close bank accounts - the banks do. However, it maybe that depending on the type of account, Monzo will allow you to keep using it. Be aware that there is usually a period of a few days where your account is 'frozen' while the bank make decisions, this usually happens a week or two after the date of BR depending on how quickly your OR sends out notification to the banks.
    • mwarby
    • By mwarby 18th Aug 19, 7:31 PM
    • 929 Posts
    • 355 Thanks
    mwarby
    • #5
    • 18th Aug 19, 7:31 PM
    • #5
    • 18th Aug 19, 7:31 PM
    https://forums.moneysavingexpert.com/showthread.php?t=5950561 may help

    I'd speak to CS in app, as they will be able to give you a definitive answer, but think you might be in luck

    One word of caution though many banks have a rule along lines of 'you can have an account, but only if its your only account' (the rule was never enforced in my case), Monzo while great don't have branches which makes some things more difficult(like paying in cash), many keep a high street bank account too, which is tricky if the 1 account rule is enforced
    • terrence45
    • By terrence45 19th Aug 19, 6:42 PM
    • 113 Posts
    • 49 Thanks
    terrence45
    • #6
    • 19th Aug 19, 6:42 PM
    • #6
    • 19th Aug 19, 6:42 PM
    I didn't provide the OR with anything - they never asked for any statements and didn't seem to give a hoot after the interview (maybe my circumstances meant they knew they'd get nowt!).
    • Bankruptski
    • By Bankruptski 22nd Aug 19, 12:17 PM
    • 7 Posts
    • 1 Thanks
    Bankruptski
    • #7
    • 22nd Aug 19, 12:17 PM
    • #7
    • 22nd Aug 19, 12:17 PM
    What were your circumstances, if you don't mind be asking?
    • HookupGeek
    • By HookupGeek 22nd Aug 19, 1:16 PM
    • 1 Posts
    • 0 Thanks
    HookupGeek
    • #8
    • 22nd Aug 19, 1:16 PM
    • #8
    • 22nd Aug 19, 1:16 PM
    And now i have million questions
    • terrence45
    • By terrence45 22nd Aug 19, 1:51 PM
    • 113 Posts
    • 49 Thanks
    terrence45
    • #9
    • 22nd Aug 19, 1:51 PM
    • #9
    • 22nd Aug 19, 1:51 PM
    What were your circumstances, if you don't mind be asking?
    Originally posted by Bankruptski
    At the time unemployed and no assets. I was astonished at how disinterested they were in my case. I was expecting so many questions about individual transactions on my credit card, why I'd consolidated my loans weeks before bankruptcy, why I'd withdrawn cash here and there, that I should cancel the holiday I'd booked in advance... nada. Nothing even mentioned.

    Even after I started working again I had to chase THEM to send me the paperwork to submit a new SOA, as they ignored my first notification. And after submitting it I never heard a word back.
    Last edited by terrence45; 22-08-2019 at 1:54 PM.
    • pcoventry
    • By pcoventry 22nd Aug 19, 8:44 PM
    • 45 Posts
    • 7 Thanks
    pcoventry
    My account was frozen 3 hours after BR granted - it was Monzo they let me keep it I use it day to day whilst still in BR
    • pcoventry
    • By pcoventry 22nd Aug 19, 8:46 PM
    • 45 Posts
    • 7 Thanks
    pcoventry
    https://forums.moneysavingexpert.com/showthread.php?t=5950561 may help

    I'd speak to CS in app, as they will be able to give you a definitive answer, but think you might be in luck

    One word of caution though many banks have a rule along lines of 'you can have an account, but only if its your only account' (the rule was never enforced in my case), Monzo while great don't have branches which makes some things more difficult(like paying in cash), many keep a high street bank account too, which is tricky if the 1 account rule is enforced
    Originally posted by mwarby
    I had a Starling account - I had a 」500 OD and they were not even included in the BR as I was at 」0 - the amount of OD means I didn't have to tell them but I did - and they closed it anyway

    The OR did ask me to break down to the best of my knowledge how I spent a 25K loan I got 6 months before I had to go BR - but nothing after that. I had to go BR as I lost my job due to being on long term sick, which in turn has degenerated my health and I am now disabled.

    4 months to go before I can even start to look at sorting my life out again
    • terrence45
    • By terrence45 22nd Aug 19, 9:17 PM
    • 113 Posts
    • 49 Thanks
    terrence45
    I had a Starling account - I had a 」500 OD and they were not even included in the BR as I was at 」0 - the amount of OD means I didn't have to tell them but I did - and they closed it anyway

    The OR did ask me to break down to the best of my knowledge how I spent a 25K loan I got 6 months before I had to go BR - but nothing after that. I had to go BR as I lost my job due to being on long term sick, which in turn has degenerated my health and I am now disabled.

    4 months to go before I can even start to look at sorting my life out again
    Originally posted by pcoventry

    Chin up, unless sorting your life out means taking out lots of credit or starting a limited company, you can do it NOW!
    • Somerset La La La
    • By Somerset La La La 23rd Aug 19, 8:20 PM
    • 777 Posts
    • 279 Thanks
    Somerset La La La
    I was never asked to provide the OR with any bank statements etc.

    I did SAR the IS a few years later, and I see they obtained lots of statements for Natwest (who I owed quite a bit too) and a few credit cards. From the data sent back, they don't appear to have done much else with the other banks, even though money was owed.

    Interestingly, they also do searches on you with Experian. The Experian search they ran on me revealed my housemates and about 5 pages worth of previous tenants! I guess they then use that as the basis for how to proceed (Along with your SOA etc.) and what they do/don't need to request/query
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • Tillyjack3
    • By Tillyjack3 24th Aug 19, 3:42 PM
    • 5 Posts
    • 0 Thanks
    Tillyjack3
    redundancy
    If you don稚 mind I知 in a similar situation did you get any sort of help. How much did it cost? My only option at the min is IVA which could just have me in the same hole further down the line.
    • mwarby
    • By mwarby 24th Aug 19, 4:01 PM
    • 929 Posts
    • 355 Thanks
    mwarby
    If you don稚 mind I知 in a similar situation did you get any sort of help. How much did it cost? My only option at the min is IVA which could just have me in the same hole further down the line.
    Originally posted by Tillyjack3
    I would start your own thread, explaining your own situation and if possible your incomings and outgoings. The fees for bankruptcy are 」680, but it might be that a DRO, or DMP would be better options (or indeed an IVA)
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