| T O P I C R E V I E W |
| t_bird |
Posted - 30 May 2008 : 07:11:58
I am about to file for BR and have a few questions:
What fees need to be paid. IP said something about taking £500 with us but cant rememeber at what stage we have to pay?
We have a secured loan which together with the mortgage leaves us with £1000 equity, just want to be sure that we will be able to ‘buy’ this back and not lose our home?
I have opened a new bank account but will this get frozen…no money in it at the moment. What about joint account and all of our DD? Don’t want to default on anything |
| 5 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 02 June 2008 : 10:01:07
Hi T Bird,
As long as you've made at least a couple of payments on your loans and credit cards, you may as well stop paying them now to save up the court fee. Be aware though, you are likely to get a lot of phone calls from your creditors chasing payment. Just remember, if you are going BR, stick to your guns!!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| WINCHESTER78 |
Posted - 30 May 2008 : 20:58:17
hi..Sure many on here will say they got there money for BR from not paying the monthly instalment on the loan/credit card.Afterall if you CAN afford to pay them each month is BR the best route? |
| t_bird |
Posted - 30 May 2008 : 17:52:59
Thanks. Bank is LLoyds TSB who are also one of our creditors with loans and CCards. Both husband and I are filing for BC and to be honest if we had £100 disposable income at the mo we wouldnt be in this mess. Where are we suposed to find the fee from? Dont want to borrow from friends or family as we'd rather keep it to ourselves. is it worth waiting until next month and not paying CCds and loans then as most have already been paid this month even if it was robbing Peter to apy Paul?
Was feeling psoitive and wanted to go into county court friday now not so sure? How are we supposwed to live until next payday? |
| m and v |
Posted - 30 May 2008 : 17:13:19
Hi tbird - welcome to the forum
With respect to your bank account it is up to the bank at the end of the day!
The OR contacts your bank and will hopefully inform them they have no interest in it.
It's up to the bank then whether they freeze it or not.
Who do you bank with? Some are BR friendly - the co-op definately is!
Speak to the bank - see if BR will be a problem - then you can open another account and sort all your DD's etc out ready for after you are BR.
Vicki x |
| JulianDonnelly |
Posted - 30 May 2008 : 08:49:04
Hi Tbird,
You will need to pay £495 in cash to at the court when you declare yourself Bankrupt.
You will need to supply an up to date valuation and redemption statements from both your mortgage company and secured lender from this the calculation will be made for the beneficial interest in the property.
This will not be required immediately, but the sooner you get this done and supplied to the OR the better.
The Trustee will have three years in which to deal with the interest in the property, however if you supply all of the above and your offer for the purchase of the interest then they will deal with the situation quicker.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
