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Wishfull11
Starting Member
1 Posts |
 Posted - 31 January 2011 : 13:32:10
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Hi My husband and I will be applying to court at the end of February for Bankruptcy it is
the only way forward for us and after reading many post on your forum do not feel so "alone" at the prospect. What I would like to know is whether to advise our creditors etc of our intent to petition as some are saying they are handing things over to debt collection agencies. Would this stop the letters, calls etc or do we have to actualy wait to go to court. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 31 January 2011 : 13:40:42
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Personally, I wouldn't bother as it won't stop them contacting you by phone or letter.
Don't worry about debt collectors, they are not bailiffs and it's very rare for them to come out in the first year of non payment.
Some people, however, contact all of their creditors by letter or phone to advise them. This is just my opinion.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 31 January 2011 : 15:38:11
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Thanks Viki!! New to this forum so any help is
so appreciated to say the least!! One other
thing that is giving me sleepless nights!! We are
getting conflicting advice about when to open a
new bank account. We will be going for Co-op cash
minder, but some say after being made bankrupt some
before, not sure what to think? Also I am presuming
if you open it prior to Bankruptcy you only leave
enough in there to cover bills etc. Any money in
another account should be taken out in cash?? Help! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 January 2011 : 15:50:03
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Hi wishfull
personally i would recommend opening new bank account 2 months before BR it will give you chance to arrange direct debits.
yes keep only enough to cover bills + BR court fee
Richard |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 31 January 2011 : 16:04:23
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As Richard has said, it's best to open it before hand. They offer a direct debit switching service but that can take weeks, so as soon as you have your details, give your new sort code and account number to your employer, benefits office etc, cancel all d/ds on your old account and set them up yourself on the Co-op account.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 31 January 2011 : 16:06:43
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Hi Richard
Little confused!! If we open the new account before,
surely this has to be declared on SOA? will that
prevent the account being used ie money will be
in there to be used! Or do we only declare any
cash we have after closing down existing account.
Will the OR take all the cash we have or allow
money for months bills etc.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 January 2011 : 16:27:37
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hi wishfull
on the statement of affairs you declare the bank account their is an option to tick the box to say that you wish to continue to use the bank account.
if you tell coop when you open the bank account that you have some financial challenges, they will not close the account when you declare BR.
if you have many thousands in the bank account the OR will want the money
if you have BR fees,a small amount of money for shopping and pending bills the OR will not take this money as you need it.
Richard |
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 31 January 2011 : 16:53:29
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Thanks Richard!!
Many Thousands!! I wish!!! ha ha.
Your forum is a great help and just the support
I think we will need. Applying at the end of
the month and they say only a week or so to wait for
hearing date and then move forwards!!
One last thing do we tell the Co-op we are going
bankrupt or as you said have financial challenges |
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glafy
forum expert
436 Posts |
Posted - 31 January 2011 : 16:54:58
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Hi Wishfull11
I agree with the expert posters on this thread. Open your co-op account asap before your BR. We made sure that all DD's etc were in place as we went BR.
Our creditors were handing our debts over to collection companies & we were still getting those awful letters 6 weeks after BR as it can take the OR this amount of time to contact them all. 8 weeks on and our postlady now has a much lighter post bag  No more threatening letters on the doormat and what a relief it is!
Good Luck & keep us updated
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 31 January 2011 : 20:45:23
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Thank you Glafy and everyone else who replied today!
Feeling very low and "scared" at the moment and it
is good to know you can talk to people who are going
and have gone through this to!! Guess it is all
about the unknown really. We will certainly open
the account before court date, we will not be applying till towards end of Feb. The hard part
is trying to believe it is all not as bad as it seems at the moment!! |
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 01 February 2011 : 11:50:07
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Hi All
Another question! We have a car worth approx 7000 which is
needed for Work for my Hubby and transport is lacking and costly
as we live in a village and I personally do not drive.I know they only normally allow a car up to 2000 but are there circumstances where this can be more or can another member of the family buy out the "equity" in the carfor example. Also is it left upto you to sell the car or do they
come and take it away!!!! So many questions.....javascript:insertsmilie(' ') |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 February 2011 : 12:30:27
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Hi Wishfull,
You can sell the car before the bankruptcy and buy a cheaper one. That way it releases funds for your bankruptcy fees and any essential repairs etc that you may need.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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wishfull
Starting Member
United Kingdom
9 Posts |
Posted - 01 February 2011 : 13:56:19
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Hi Viki
Are you saying that we will not be able to buy
out the equity of the car hence THEY will
sell it on our behalf and give us the money
allowed which I am presuming is approx 2000.
Is this fact or is there any negotiation possible |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 February 2011 : 16:27:06
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Hi wishfull,
You can, but it would be better for you to sell it before hand so that you don't need anyone to pay any money across to the OR, unless a family member/friend is willing to do that for you. If so, then that's completely your choice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Topic |
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Should we advise creditors of bankruptcy ?
