considering bankruptcy

[holycrosser]

i'm proposing a personal attempt at arranging payments to my creditors, i will attempt that and see what happens.

 

the other option will be bankruptcy, ive no assets and know what it entails, i did it 8 years ago.

 

 

my question is, i hold a santander current account which all my pay etc will go into and which my debts are being paid. if i go bankrupt can i still use my other current account with natwest who'm i owe nothing to, to pay my wages into?

 

will the administrator let me do that ? so i can ringfence my money in the early days

[dx100uk]

what debts have you?

 

 

dx

[holycrosser]

£15,500

 

ranging from overdraft, payday loans, bad credit loans and credit cards( aqua etc)

 

ive proposed £700 split between all creditors divided into 24 monthly offers, i can afford this and if all interest was frozen and no charges added they'd all be paid in 24 months.

 

the companies are :

 

santander c/a £990 od

aqua credit card £1173

capital one £734

vanquis £488

barclaycard £240

sunny loans £1037

bamboo £2300

mr lender £900...........ive an agreement of £98 over 10 months in place

118 money £1770

ladder loans £2000

avant credit £3554

 

i will be starting to write to all creditors individually, offering £1 pw if they don't accept.

 

just don't want to go through the barrage of phone calls

 

bankruptcy is an option but only if i can use this other natwest c/a after bankruptcy?

[citizenB]

If you have only £15,500 worth of debts, might a Debt Relief Order not be a better option ?

 

The amount of debt required for one of these is under £20,000 now.

[Conniff]

Bankruptcy is not guaranteed. If you have done it before, they can turn down your request.

[Ruleoflaw]

The rules for DRO include: no assets over £1000; no disposable income above £50 per month (ie after, income tax, National insurance, normal household expenses).https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order

[stu007]

i'm proposing a personal attempt at arranging payments to my creditors, i will attempt that and see what happens.

 

the other option will be bankruptcy, ive no assets and know what it entails, i did it 8 years ago.

 

 

my question is, i hold a santander current account which all my pay etc will go into and which my debts are being paid. if i go bankrupt can i still use my other current account with natwest who'm i owe nothing to, to pay my wages into?

 

will the administrator let me do that ? so i can ringfence my money in the early days

 

You need to remember that when the Bankruptcy Order is given by the Court your bank accounts will then be in the hands of the Official Receiver/Trustee/Insolvency Practitioner and any funds in those accounts will be in there hands.

 

1. You would also need to check the Banks policy as they may automatically close a bank account if bankrupt.

2. You would need to ask the Official Receiver/Trustee/Insolvency Practitioner as your bank accounts will be in there hands after the Bankruptcy Order.

3. You will more than likely have to try and open a new bank account after the Bankruptcy Order but as you would then be Bankrupt you would have to declare this when opening a new account and importantly you would have to inform the Official Receiver/Trustee/Insolvency Practitioner of your new bank and account details.