Advice needed please-bankrupcy

[phat256]

regarding the bank account naitonwide does not accept anymore undischarged BR.

 

there is only 2 account now for undiscahrged the co op and Barclays.

 

there is a rumour that the Co op will accept you if it is not one of your creditor however how true that is, i do not know !

 

sugarbabe have you looked at money savings expert , they have a BR board there too .

 

iknwo your feeling sugarbabe i was the same before my BR. it has been few mojnth that i am BR and i do not regret it , life is so much simpler than it was before and a lot less stressfull !

[blue4ever]

Hi Sugarbabe47 WELCOME TO CAG You have come to the right place

Have a read of http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankrupty-administration/149519-personal-stories-bankruptcy.html peoples stories of bankruptcy

and also look at this The Insolvency Service Website

Good Luck Paul

 

i told you on the second post on this tread

 

YOU HAVE COME TO THE RIGHT PLACE

GOOD LUCK ON THE PATH OF INSOLVENCY

HOLD YOUR HEAD UP HIGH YOU HAVE DONE NOTHING WRONG THERE IS NO SHAME IN INSLOLVENCY

 

Good Luck Paul

 

[muffin2020]

Hi sugarbabe

 

The advice you are getting here is good.How do I know?I have been bankrupt

 

As far as the phone is concerned your provider may require a deposit that is all will not cut you off.Yes and even a bankrupt can have a basic bank account.

 

Sugarbabe when it happened to me felt like a new person official receiver dealt with everybody and just made em go away.

 

Gofor it

[Sugarbabe47]

Hi Blue4ever - thanks a ton, still digesting those websites and still confused!!! However it doesn't take away the feeling that I am a failure, even though I can see light at the end of this deep,dark tunnel, I still feel embarrassed,confused,scared. Maybe these feelings will go away once I have been through it all. I just told my daughter tonight and she told me off for not telling her sooner!!!! But she did say that it will make me feel better and draw a line from the mess my ex left me in, complete closure of a really bad time in my life. I hear all this but believing it is a different thing. Like I said I am *old school*.

 

Muffin2020 - Thanks for the encouragement, much appreciated.

[blue4ever]

1.feeling A Failure-------no Your Not

2.feel Embarreassed-----this Will Pass

3.confused And Scared--you Did The Right Thing By Telling Your Daughter.

4 YOU ARE NOT ALONE NOW

 

5.LIGHT AT THE END OF THE TUNNEL--IT WILL GET BRIGHTER

 

CHEERS B4E

[Sugarbabe47]

B4E . Thank you.

[sequenci]

As a single working person could someone please tell me what my allowances are per month

 

These can vary depending on the official reciever but they should be along the lines of.

 

Housekeeping: approx £120-£160 per month

Telephone: £20

Clothing: £20

 

are there any others you need?

[Sugarbabe47]

Sequenci thanks. Yes I am led to believe that I can claim for hairdressing??? Dentist fees and opticians and medication??? How true is this please? Would I be able to claim for *emergencies*? or holidays? (never had one , but thought I would ask anyway!) I have 4 lots of tablets each month to keep me alive!!, ouch...now I feel old for admitting that one!! I have glasses, but haven't been able to afford to get some new ones for over 2 years, even though my eyes are getting worse!!! So I would like to know EXACTLEY what I can claim for. I also have a dog, so vets fees??/ Dogfood???? I know all this sounds as if I am thick, but I want to be sure that I put everything down correctly, this scares me all this paperwork!!

Thanks again for all the help.

Sugar x x

[fermi]

Housekeeping can probably be put at the upper end of Sequenci's estimate.

 

Double the clothing to about £40 and up the telephone to £30 if that is more realistic.

 

Dentists and opticians are often allowed if reasonable and there is no alternative provision available to you, so put them down. So are prescriptions, but if you have a lot you would normally be asked to get a pre-pay certificate (I think).

 

Hairdressing at about £10 per month is normally OK.

 

The OR will often allow an amount for a modest holiday, although that is not guaranteed. Say £30-40 per month.

 

Modest mobile phone costs are also often allowed.

 

Pets if not included in the housekeeping may be allowed up to £20 per month I think.

 

Emergencies are often disallowed, but it may be worth putting down.

 

Make sure that all the essentials go down. Don't skimp on things like house insurance, breakdown cover, and other things like that.

 

There are bound to be others I have forgotten.

 

This link is very involved, but it is well worth a thorough read through. It will give you a better understanding of how the OR will look at your budget, and goes into detail on some of the points I have made above.

 

IPAs Assessment of Real Disposable Income

 

Make sure that you your budget is realistic and don't try to max out any expense just for the sake of it as the OR is entitled to ask for proof. They normally don't but you should be aware that they can.

 

But as I said, don't skimp on anything that is essential. The OR has a duty to make sure that you can meet your reasonable domestic needs, and without the use of credit you are likely to need a bit of slack in your budget.

 

Most people on the run up to BR have been so used to struggling to make ends meet that they naturally underestimate what a reasonable budget should be.

[Sugarbabe47]

Hi Fermi

Thanks for that. You are right about being on a tight budget during this period, I have had to allow family members to buy my dogfood!!! So to be on the safe side I do not want to dis-allow myself something that I may be entitled to. I have had enough of being screwed over, by ex's and my local Authority and I do not want to EVER be in this sad, sad situation again in my life. Last month my washer broke down and I can't afford to get it repaired or even buy a new one, so I am reduced to hand washing - in this day and age!!

 

Thats why I am asking the questions now as I believe I will not be told what my entitlements are, thats how I see it anyway. Much appreciated. Thank you.

[phat256]

try also this statement of affairs calculator , i found it quite usefull drawing in mine

 

Statement of Affairs Calculator

 

just be honest on what you spend , you will only get an IPA if you have a surplus over 99 pounds

 

i was told to put everytign on my income and expenditure even if it seems a bit big, as the OR may allow it or not , they ae a bit of a law unto themselve. i was allowed for example an emergency fund of 10 pounds/month, which i was pelased with that !

[Sugarbabe47]

Thanks Phat...you are a source of very helpful and useful information. How long is it now that you have been B/R??

 

Sugar x

[phat256]

your welcome sugarbabe i am BR since july so about 3 month more or less .

[Sugarbabe47]

Hi ALL

 

Just another question if anyone can help me please!

When the O/R takes my tax off me how do I pay the O/R the extra tax that will be in my wage packet due to nil tax code???

Do I pay into another account for the O/R???

I would appreciate knowing this.

Thanks guys/girls:confused:

[fermi]

The OR will instruct their agents to collect the tax and you will pay it to them. For a regular amount you can even set up a standing order I think.

 

It can take a while for HMRC to apply the nil tax code and to arrange collection. If the tax starts to be included in your wages before payment arrangements have been sorted out, then you would need to put it to one side. If that happens for very long then you would need to contact the OR to remind them.

[phat256]

After your interbview with the OR, and the OR decide that you are paying enough taxes then you will be put ona NIL tax code. the OR will send you a document for you to sign and to agree saying how much tax you are paying and how much your NIl tax code IPA will be , if your IPA consist mainly of your NIl tax code as you have no surplus available.

 

then you will receive confirmation that HMRC has applied the NIL tax code.

 

do not spent that money as it is not yours. keep it as sometimes there is a delay betwen the NIl tax code being applied and the OR taking it away.

 

then the OR will instruct a collection agent to collect the money, by standing order , i think , my OH is still waiting to hear from them to see how and when they will collect it.

 

the NIl tax code will last until the end of the tax year, this mean until 4 april 2009 for this year. then you will be reverting to your normal tax code.

[Sugarbabe47]

Hi all

Just another question. I have managed to open co -op cashminder account - stuff and card to arrive in post in 5 days time. What I would like to know is

1) Do I tell the O/R about this account or leave it unused until I am B/R???And explain this account is for use after B/R?

Thanks a lot

Sugar x

[palomino]

At the point where you are declared bankrupt you must tell the OR about all your bank accounts.

You must also tell the banks in question who will almost certainly freeze your accounts - including your new Co-op account.

 

You should have waited until after the bankruptcy before opening the Co-op account.

 

Mind you, there have been instances where the OR has allowed one existing account to continue to be used by the bankrupt, and this can be unfrozen. In your case you should request this.

[fermi]

It's very very rare for the Co-Op Cashminder to end up frozen, especially if they are aware that you are going BR. While it is normally recommended that you wait until after the BR to open it, for most people it is just fine before.

 

Make sure that it is listed on the forms under the bank account section. You can add that it is a basic account that is needed for your wages/benefits and bills. When/if you have a brief chat with the OR on the court day, it would be a good idea to mention that the account is needed as well (although the will often ask anyway).

 

If you have a basic account (with no credit facilities) like this opened before the bankruptcy it is quite usual for the OR to perfectly happy for you to continue using the account subject to the bank's agreement.

[Sugarbabe47]

Thanks Palomino and Fermi

I told the co op on the phone that I was going B/R next month and they were fine about it:confused: so I assumed it would be ok to leave it until the day I go b/r as I need an account for my wages to be paid into - I do not intend using it till that day..oh...I hope I will be ok, just been reading that most people here seem to have opened one before going b/r..and conflicting advice, some people say yes and some say no!!!!

I do not have any credit facilities on the co op account, no overdraught , nil.

Edited October 7, 2008 by Sugarbabe47
spelling/forgot a sentence

[fermi]

While nothing is ever 100% guaranteed, I must have seen dozens upon dozens upon dozens of people open the Cashminder account prior to BR and in the vast majority of cases it has been just fine.

 

In the few cases where it hasn't, it has been mostly a case of some human error messing things up.

 

The likelihood is that it will be OK. If by error it should be frozen, then the OR will normally phone/fax through ASAP to the bank to confirm that it is OK to unfreeze and use if you ask.

[palomino]

In which case you should be OK.

[Sugarbabe47]

Thanks Palomino.

Got the account details and my new card today

[Sugarbabe47]

Hi all

I have a quick question to ask, if anyone can help please.

I have been a tenant in my home for over 19 years, I assigned it from someone else, as I *swapped* my council house for this one. What I am concerned about now before I go bankrupt in a couple of weeks, is will I definatly lose my tenancy? I am getting conflicting advice on this one, so a firm answer from someone in the know will put my mind at ease. I believe all agreements are terminated on bankrupcy, so this is causing me great concern. I have asked my landlord and they have told me that I will not lose my home. I have NO rent arrears, however I still have around 400 pounds of court costs to repay since I nearly lost my home in 2003, I was left with huge arrears which I have managed/struggled to repay.

Thanks in advance.

Sugar x

[blue4ever]

Hi SUGARBABE47 i am a joint tenant on a council house and i am still joint tenant after B/R i never losted my tenancy through B/R i don`t think you have any thing to worry about, seeing your LANDLORD has told you,you will not lose your house. NO PROBLEM

Hope this helps

All The Best B4E:)

 

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Thank You blue4ever:grin: