Hi I am going to declare myself BR within the next couple weeks.I have not defaulted on any debt as yet, but I have reached the point where I can't beg or borrow any more from my friends or family. My question is, do I stop my direct debts and standing orders to my creditors to raise the funds to become BR. At least at the moment there are no default charges involved or debt collection agents involved. Thank you
Hi David - welcome to the forum I think all of us who have gone BR have stopped paying creditors in the run up to our court dates to fund BR. Keep paying anything like insurances or utility bills if you can - some become funny about monthly DD's afterwards or you may get a prepayment meter. Have you checked out your other options? Is BR the only route for you?
Well you will have to fund the £495 you require to pay into Court from somewhere, and if you have decided that bankruptcy is the best option, the sooner that can be saved up and paid the better - so stopping paying creditors would seem a sensible way to do this if there is no alternative for you.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
There are no hard and fast rules - you should advise the OR of your current levels of expenditure and they will determine whether they are reasonable or not.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
stop paying creditors to fund BR?
Posted - 15 June 2008 : 01:07:09
