Bankruptcy advice and questions

[geministar2007]

ok got my appointment end of the coming week! So any advice of what happens on the day? I have been told the OR will call me that afternoon.

I have been told to take in 3 wage slips, bank statements, and working tax notification. Do i need to photocopy my forms, the clerk said no but i have read online somewhere to photocopy them???

 

I am nervous but feel positive at the same time, i am keen to get the process over and done with and move on with my life!

[Wintry]

I have worked out i have spent around £500 on gambling within 2 years.

 

How will the OR see this?? I know they may impose a BRU/BRO. Just wondered to what levels of gambling they would impose this. And for an amount like this how long this would be for. I believe the min time is a further 2 years?

 

Also as £200 + of it was deposited from a lloyds basic cash card, with no overdraft, therefore i was in credited. Is that looked upon as badly as taking it out of an overdraft or credit card? as obviously one does not actually have the money to spend, it is a debt.

 

£500 seems a small amount compared to some of the BRU/BRO bankruptcy cases i have read on the insolvency site, those peoples gambling debts were in their thousands if not more.

I am far from an addict just like the odd flutter (and have been lucky at times).

 

Anyone had a similar experience?

 

Hi Gemistar.

 

The figures you have quoted will make no difference in bankruptcy with basically no chance of a BRU or BRO, you will be fine (you should still put them down though, but the O/R /examiner would probably laugh)

[fermi]

Lloyds is unlikely to allow you to keep an account open. The occasional person has managed it, but they close the vast majority and refuse new accounts until you are discharged.

 

That applies even to the basic account. And for most other banks as well.

 

The only two realistic options are Barclays and the Co-op.

 

I know quite a few people who have managed to get a basic Barclays or Co-op account once they are BR, despite owing said banks a lot. However, the Co-op seem less inclined to do this lately.

 

Where is your income from? Can you get it paid into the account of someone trusted temporarily?

[fermi]

Definitely nothing to worry about at those levels.

 

Natural to worry though.... Please don't.

[fermi]

Income Payments Agreements and Income Payments Orders

 

HMRC applies nil tax codes for various reasons, and the new tax code will not tell your employer you are bankrupt.

 

I also noticed an examiner for the OR post this on another forum a while back. I hope it's true.

 

A bankrupts employer (being nosey) once requested a full breakdown into why his member of staff was on a nil tax code, and had a 27 page reply with every possible reason this could happen the guide book that explained it and a little note at the end that said

 

"cause we told you to, and will not tell you why"

 

HMRC is a bit of law on to themselves

[geministar2007]

Thank you.

[geministar2007]

my wages are in cash so i'm ok for the mo. Our working tax has been transfered to my partners account.

 

So if i owe to barclays are they likely to let me open an acc with them?

 

What building societies do you recommend.

 

I was speaking to someone who recently went BR and had a silver lloyds acc, they closed it, but granted a basic account, but with no debit card. Everything has to be done in the branch.

[pompeyfaith]

Have you considered a basic account with the post office i know they do an account for having benefits paid in

[amdmlivingstone]

Hi there - Have you tried Abbey - They are a rubbish bank however, they let me open a basic bank account with them just before I enterend into a Trust Deed.

 

I am at the end of my TD now and I am planning on changing banks as soon as my discharge notice this through. The were s short term gap for 3 years.

 

Give them a try. My partner also opened a basic account with NatWest Online Banking. He managed to get a Solo Card. You can apply online for this account.

 

Good luck and keep us posted.

[geministar2007]

many thanks for all your advice Roll on Friday eeeekkk

[geministar2007]

I am aware that a student loan is not wiped when you go BR. However am i to include the debt? I owe around £10000, i have never had any deductions from my earnings as i have never been over the threshold in which a student loan is to be paid back. I think i paid £2 once when i left a previous employer.

 

Thanks again

[amdmlivingstone]

Good luck Geministar, but my advise would be to start opening an account now so that it is ready before you go BR.

 

good luck for Friday and keep us posted.

[geministar2007]

anyone??? I have listed it as at the end of the day it is money i owe even if it can't be erased via BR. I have listed my reasons for listing it in the extra info section. The OR can do with the info as they wish i guess.

 

Any thoughts would be great.

 

Thanks again

[geministar2007]

so am i to guess that the council tax i owe which is now 5months worth will be wiped however my partner will obviously still be liable?? Would he get a reduced rate then for a single persons bill?

 

I am worried as i am going BR Fri that no doubt i will still be hounded by DCA/Baliffs in relation to council tax my partner will then owe. He just isn't bothered, he is made of different stuff to me. But thats the last thing i need. Any ideas??

 

Thanks

[geministar2007]

Hello,

 

I must be a popular forum poster now asking various questions about going BR.

 

Here is another what is life like after you have become BR?

 

When the time comes to be discharged from BR can you obtain credit? How likely is it to obtain? (Not that i want to, but in the sense of a future mortgage mainly).

 

I know that whilst being on a debt management plan and having defaults left right and centre i still managed to get some credit.

 

Would really appreciate comments from those who are not yet discharged and from those who are discharged a rebuilding their financial lives.

 

Thanks

[geministar2007]

thanks but why do i need to start trying now? I was hoping to apply for one online rather than in a branch.

 

My nearest Abby is 14 mile away. Natwest i owe alot to so unsure if they would grant me a solo account.

 

I know someone who had one with nationwide and also halifax when they had gone BR.

 

I was hoping to ask the OR what the best account for me would be. what do you think?

[geministar2007]

also when an online account application states are you a customer of ours. What would i put? As i owe Natwest money and at the mo i'm still a customer the same as with Barclays. Once i've gone BR i presume i am no longer a customer of theirs?

[geministar2007]

also people mention basic bank accounts with a passbook if a BS. However the banks etc seem to list their basic accounts as having the facilitiy for direct debits and standing orders. Halifax has one called easycash. Others list them as cashcard accounts but again have direct debit facilities,

 

I'm confused.......

[amdmlivingstone]

Hi Geministar, my Abbey account is a basic account with no solo/switch facility however, I have my direct debits and standing orders going out and salary coming in. Each bank is different. With you speak with your advisor on Friday, take their advise.

 

Also, with basic accounts there will be no credit checks. Although you will need to stress that you want a basic account with no frill i.e. overdraft etc. They will try and sell this to you, but you must insisit on it being basic. You also do not need to advise them about your situation.

 

Take care.

[geministar2007]

many thanks for you advice i think i may try the halifax.

[phat256]

hi genimin star once you are discharges you BR file will stay on your credit rating for 6 years adn will stay indefinately with the insovency services....

 

i am afraid but it will be quite difficult to get any credit for quite a while and if you apply for a mortgage they will definately ask you " have you ever been declared BR ?" you weill have to answer yes to that and as the lender will check anyway if u have been.

 

however it may be possible with specialist lender but i think they will charge higher interest. i was thinking that myself realting to mortgage later on !

 

But in my opinion once you are BR do u want more credit afterward ? i knwo i do not want any CC, loan overdraft ever .. i learn my lesson too well lol

[phat256]

your partner is unlikely to get rec duced council tax if you are both living together. the arrear will be simply transfer to your partner ....

 

your partner will be hounded throughgt bailiff a etc.. but the council tax will not be able to ask you for payment though... if you are both Br then the council tax will be wiped off for the both of u and as well as all joint debt etc....

[fermi]

Halifax will most likely close the account as soon as they learn of your BR.

 

Sorry to harp on, but the only two realistic options are Barclays and Co-op. While they occasional person has managed to keep a basic account from somewhere else, this is VERY MUCH the exception to the rule and you can't expect it or realistically hope for it.

 

That even applies when bank staff tell you the account will be OK. This applies to the "basic" accounts as much as normal ones. Just because an account is "basic" does not make it safe. I've lost count of the number of times I've heard of people being told this only to have the account closed anyway.

 

Really, the safest way to do things is to open a new account after the BR. That way it will be unaffected. That may be inconvenient for a while until it is set up, but it avoids any nasty surprises if an account is suddenly closed or frozen.

 

Tis up to you what you do, but I was concerned that you may get tripped up here if you are not forewared enough.

[sequenci]

Hello there.

 

You should inform the Official receiver that you have a student loan but you are quite correct that it will not be included.

 

You've done the right thing.

[geministar2007]

should i include on BR form the money i owe my dad? Although he isnt that bothered about it.