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tim01
Junior Member
178 Posts |
 Posted - 09 June 2008 : 10:01:53
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thanks for all your help so far!
rather than keep pestering you with questions i've been going through other people's posts for the answers i need but i can't seem to find one covering this:
before i petition for bankrupcy is it best to cancel all my direct debit payments (gas, electric, car insurance etc)and therefore have them included in the bankruptcy and then try to set the direct debits up again with my new co-op cashsaver bank account ... or
is there a way to avoid this in bankruptcy so the direct debits can still be paid each month with the co-op account.
also - if i'm only using the co-op account for incoming wages and outgoing bills do you think the official receiver will want to / definitely freeze / stop that account too?
again - thanks for your time.
tim |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 June 2008 : 10:14:35
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Hi Tim,
Remember, it's the banks that automatically freeze accounts (on publication of your BR) and thnm wait to hear from the OR. If the OR has no interest in the account, they can write to the bank to get the account un-frozen.
With regard cancelling your DDR's, there are some potential issues here. If you go BR in this way, it is likely the utility companies will insist on installing pre-pay meters which are expensive and a total pain. Also, your car insurance company may withdraw the facility to pay in instalments and insist on a full lump-sum settlement.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 09 June 2008 : 10:17:56
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I kept on paying all the important stuff - utilities, insurances, and stopped paying the debts - credit cards, loans etc before I went into my IVA.
I have a prepayment meter as I am in a rented property and its pants! If you can maintain your direct debit then I would do it!
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 June 2008 : 10:33:25
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Vicki,
Sage advice as usual :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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should i cancel direct debits?
