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| T O P I C R E V I E W |
| xmas baby |
Posted - 28 November 2008 : 16:08:29
Hello,
I have another question....sorry!
If I decided to petition for my own bankruptcy, in order for me to raise the necessary funds to pay for the fees, would I stop all payments to creditors for 2 months and should I stop any loan payments as well as credit card payments? I have standing orders set up for a loan and 1 of my credit cards. Obviously I couldn't cancel the loan standing order so am I right in assuming that I withdraw all available funds from my account so they cannot take any of these payments. Obviously I will need to be prepared for lots of phone calls and letters from the bank and creditors chasing up non payments for the month or so. Is this correct?
Thanks all
xmas baby |
| 3 L A T E S T R E P L I E S (Newest First) |
| daisyw |
Posted - 28 November 2008 : 18:09:37
I am intending on stopping paying my creditors from now and am currently filling in my BR forms online. Just wanted to say that we cancelled standing order for our loan with HSBC,and emptied the bank account so they couldnt take any money out (account was with HSBC also), they still took the money out (even without the SO!)so the account was withdrawn, then put the money back in as there was no overdraft facility on the account, then charged us £145 for the priviledge!! We tried to close the account but were told we couldnt until we paid the charges which we couldnt afford. So if I were you, Id close your account and swap everything to a another which has no connection to any of your creditors. x |
| debtrider |
Posted - 28 November 2008 : 16:55:22
I agree with D&C on this one but I would stop paying my creditors completely. Cancel all SO/DD for loans and credit cards. open a co-op cashminder account and just pay essential bills like utilities/ rent,etc. I don't understand why you can't stop the SO either?
You will get lots of telephones calls and letters unfortunately, but this is all part and parcel of the bankruptcy process. Just write to them all and tell them you are having financial difficulties at the moment and can't pay them anything. Nothing too drastic will happen for some time. I stop paying my creditors for 5 months before going bankrupt and I just had letters and telephone calls, I did not get a CCJ or anything like that.
Debtrider |
| dazed and confused |
Posted - 28 November 2008 : 16:23:01
Hello!
Don't worry about the questions - keep them coming!!!
Yes, most people on here seem to stop payments to Creditors in the run-up to BR to save for the fee. That includes Loans, Overdraft, Credit Cards.
You could offer token payments of say £1.00 to each Creditor during this period where you are not paying them.
Why would you not be able to stop the SO for the Loans and Credit Cards?
If you are to stop paying Creditors, you should really treat all of them equally, so that you cannot get accused of 'preferrential tretament' i.e. offer each of them the same token payment.
Yes you will get phone calls and letters but these may take a few weeks to really start getting annoying.
You don't HAVE to answer the phonecalls.
Yes, taking all available cash out is probably wise - just leave enough money in to cover any eseential bills / rent etc.
It might be worth opening another Bank Account if your current bank are one of your Creditors. You could open a Basic Bank Account online and get all your pay paid into it and bills etc. to come out of this.
You will need £495 cash at the Court for your BR.
Hope this helps!
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