| T O P I C R E V I E W |
| Nat |
Posted - 19 August 2008 : 13:24:44
Hi
I'm seriously thinking of going BR, I am currently in an IVA which isn't working out and i spoke to my IP yesterday and all they kept pushing me to do was DMP which, as informed by debtline (contacted them yesterday as well) could mean that one of my creditors could make me BR and would more than likely have all the interest starting up again.
Anyway, i wasn't woried about my bank as i don't owe them anything and debtline had said that that shouldn't be a problem. But, reading some of the entries on here i'm not sure that's the case it seems to me that my account would be frozen. Is that for definite?
Also i had a compensation pay out for an accident that i was in. It didn't affect my IVA as it was for an injury and not for loss of earnings. I'm not sure if this would be used in BR?
Any advice very welcome.
Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 19 August 2008 : 23:18:53
Hi nicki
if your're in court next thursday, you would normally be contacted by the OR later that day or on the Friday to arrange your telephone interview which is usually set for the following week, two at the most.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Trolly-Dolly |
Posted - 19 August 2008 : 23:05:59
I think it gets frozen once it has appeared in the paper or when the OR contacts the bank, whichever is sooner.
Be careful though about borrowing ANYTHING. Shame you could not have gone BR on friday. Can you change it?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| nicki |
Posted - 19 August 2008 : 19:52:58
hi im in the same boat.i was in an iva.my mum paid for a solicitor for me and she advised to go bankrupt as she said the iva would fail eventually.ive booked my court day for next thursday but get paid on friday morning.my problem is that im borrowing half the bankruptcy fee off my best friend for that one day but now im worried that my account will be frozen and ill be unable to pay her back.is the account frozen on the bankruptcy day or the official reciever day? how long in between are the 2 interviews? very worried and stressed out.thanks for this site its great to know there are people who know how i feel.xx |
| Nat |
Posted - 19 August 2008 : 17:58:52
Thanks John, i can't say enough how grateful i am for all the info when i think how i was feeling yesterday i feel much better today, not brilliant mind but in a place where i feel that i can get things sorted once and for all.
Thanks again everyone |
| John |
Posted - 19 August 2008 : 17:47:22
Hi Nat
you could use a 3rd party account temporarily if you wish.
You don't need to put it on your SoA as it's not your account but you would have to explain where your income is paid into and how you deal with your DD's at the interview stage.
But it would buy you some time until you had a post bankruptcy account set up and working.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Nat |
Posted - 19 August 2008 : 17:17:15
Do they freeze the account after the OR interview then? I thought that it might be when the court approved the BR??? |
| maizie |
Posted - 19 August 2008 : 17:12:53
Thanks!
Im not quite sure on that one, I think you would still need to declare it on your bankruptcy forms.
I got paid, emptied my account (enough for living expenses etc.), think I had about £6.00 left in there the day before I went bankrupt, removed all my direct debits etc, went bankrupt then went to the Co-operative Bank, opened a bank account (cash minder) which gives you a cash card but you can still use internet banking and direct debits and that won't be frozen because they are aware that Im bankrupt. All my wages and direct debits will now be set up ready for next pay day.
Maizie |
| Nat |
Posted - 19 August 2008 : 17:08:41
Hope it all goes well for you with your OR interview.
Just another thought, a few hundred more to follow i'm sure!! Could i set up to have my incomings and outgoings to go out from another account if someone was prepared to hold the account in their name for me? I'm just trying to think of ways to keep the stress levels down a bit but want to keep everything above board as well, don't want to over complicate things any further
Thanks |
| maizie |
Posted - 19 August 2008 : 17:03:24
No problem... this site has been an amazing help to me. Still got my OR interview to go but the people on this site have kept me going.
Maizie |
| Nat |
Posted - 19 August 2008 : 17:01:17
Hi Maizie
That sounds like a good plan to be going on with for now.
I already feel a bit better knowing that there are people on here who atually know what it's like and the some of the processes. If i had acted yesterday and filled in forms and gone to the court as the advisor on debtline had suggested i could do i would have wasted a whole load of money that i couldn't afford to.
Thanks everyone!!! |
| maizie |
Posted - 19 August 2008 : 16:55:07
I know the feeling! I was in an IVA for just over a year and wish I went bankrupt in the first place!
It may be a while before one of your creditors files for bankruptcy and before that happens (after the IVA has failed) you probably will get lots and lots of calls so my best advice would be to use these next three months to use the money you would have used for your IVA to fund your bankruptcy fees, thats what I did.
Maizie |
| Nat |
Posted - 19 August 2008 : 16:46:52
Hi maizie
That's good to know. It's been bad enough that one of my creditors ( a catalogue) have been contacting me and trying to hit me for charges and interest even though my IVA was approved last May. I haven't heard from them for 2 weeks and although my IP says he's contacted them i really have my doubts. Up until yesterday he's always sounded very vague when i've spoken to him. He soon perked up yesterday when i informed him that it isn't working out and he was dead against BR and was very pushy for a DMP as i can always get another IVA further down the line, all i can think is that the debt will just get higher and higher.
I suppose the only bonus to waiting is that one of my creditors will file a BR order against me which will mean i won't have to pay the fees.
This really is hard and if i had listened to my solicitor 2 years ago this would have all been done and dusted now but i really thought that i could cope and my ex said he'd pay towards the debt, only lasted a couple of months surprise, surprise and then the interest started moounting and here i am now.
Somehow i'll manage to smile if only for my kids sakes!!
Nat |
| maizie |
Posted - 19 August 2008 : 15:31:49
Hi Nat
I don't think your creditors will start contacting you until the three months of your IVA is up. I was in an IVA, failed for three months, then went bankrupt and they only started contacting me again two weeks after the date of termination.
Maizie |
| Nat |
Posted - 19 August 2008 : 15:28:04
Hi john
Thanks again. I didn't expect to have to wait so long to apply for the bankruptcy but what has to be has to be i guess. I've done nothing but think about this for ages!! My outgoings were not calculated properly just wish i'd discovered this site 7 months ago and could probably had saved a bit of stress. I owe a big thanks to my fella who found it yesterday after i finally told him everything about my IVA, he is a little star!!
I suppose the next step is dealing with the fall out of not paying the IVA, i'm guessing that the creditors will start contacting me again.
Thanks again for the info so far, really helpful. |
| John |
Posted - 19 August 2008 : 15:17:00
Hi Nat
the only way to have your IVA fail, if you're sure BR is right for you, is to stop paying.
After 3 missed payments apply to your IP for your Certificate of Termination.
The bank account is about timing.
Get paid today, remove all funds today, go BR tomorrow, get new basic account day 3 to day 10.
Day 11 contact all the DD companies and give them your new bank details and advise your new bank of the same.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
