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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

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what debts have you?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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£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?

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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.

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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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

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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.

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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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