| T O P I C R E V I E W |
| emdaz |
Posted - 14 May 2009 : 19:25:29
Now we have decided to go bankrupt does it matter if we miss payments?
If we are going to go BR should we cancel all direct debits and standing orders etc to our creditors now?
Thanks in advance |
| 4 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 14 May 2009 : 20:44:45
The OR will be fine about cancelling the DDs as they know you need time to save up the BR fees and having a bit of money in your account is no problem.
Do not cancel the utilities or Council Tax as you need to make sure these are paid. If you cancel the utilities you will have problems getting gas/elec/water once you are declared BR and the Council Tax also needs to be paid otherwise they will take you to court.
Only cancel the mortgage if you are intending that the property be repossessed once you are BR otherwise you need to keep paying this as well. |
| emdaz |
Posted - 14 May 2009 : 20:26:15
Sorry also should i cancel the lot, not just mortgage.. ie: utilities, council tax etc..? |
| emdaz |
Posted - 14 May 2009 : 19:54:13
Will this been seen as ok by an OR? As we have some money in our account now... |
| chester2005 |
Posted - 14 May 2009 : 19:39:20
the general recommendation is to stop all DDs and payments and use the money saved to pay for the £510 fees / living expenses / deposit for new property rent etc.
if you owe the bank anything it may be advisable to open another bank account like the COOP cashminder and pay utility bills from that and have wages / benefits paid into it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
