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Richard.hd
Starting Member
1 Posts |
 Posted - 20 June 2012 : 22:13:29
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| I am considering bankruptcy as I owe nearly £15,000 over 2 credit cards as I couldn't work for nearly 7 months due to illness. I am now working on a temp contract which is due to end 13 July and started may 21. I am going into further education this September for 2 years to gain a degree to allow me to once again return to my previous role as a health and safety manager bu not sure how this will effect my student loan. Obviously the student loan will be paid back once back in full time employment. Will bankruptcy affect my student loan for my second year? I have no assets, no car and no home of my own as I am currently living with my girlfriend. We have a joint bank account so I can buy shopping which she puts money in to. |
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 01:11:04
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Hi Richard, and welcome.
Will you be living with your girlfriend whilst in full time education?
It might be worth having seperate bank accounts to make life a bit simpler if you do go down the bankruptcy route.
Have you sought any advice from your local CAB?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 June 2012 : 06:32:41
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I would certainly have seperate accounts - if you don't then her credit rating will be bad as well by association with you.
The Co-op come highly recommended.
I'd have a chat with an expert - speak to one of the experts on here, their details can be found under the expert link on the left hand side of the page.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 09:20:58
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There are lots of other banks as well apart from the Co op you can use.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 June 2012 : 09:47:15
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There's also a lot you can't use such as HSBC and First Direct.
The Co-op are known to be very BR friendly.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 09:49:20
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Just saying...there are lots more than the co op.
There might not be a co op near the OP.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 June 2012 : 09:55:22
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You don't need to be near a Co-op to use a Cashminder account. It can be opened over the phone and money can be paid in at the Post Office.
I will always recommend the Co-op based on my experience and the fact that they are the most BR friendly of all the banks.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 10:02:07
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Ive had quite a few accounts remain open and remain easy to use post BR.
Infact, off the top of my head, there's only one account that was 'closed down', and that was a savings account, and all that happened then, was they transferred the balance into the current account.
Like has been said before by Niobe, its good to talk face to face.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 June 2012 : 10:06:18
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If the accounts were open before your credit rating was shot then it can be possible to use them (I use a pre-BR Nationwide account) but it's very hard to open an account post BR which is why I recommend the Co-op.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 June 2012 : 10:10:11
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HSBC and First Direct will close down accounts of people who are insolvent regardless of whether they are a creditor or not. They regularly trawl the register.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 10:12:32
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I think most people are advised to open accounts before going BR.
I went through that ordeal, and found out after that I could continue using the accounts I already had.
Went through the ordeal of trying to open a new business account, with the same bank I got the new current account with before BR.
All was going swimmingly well until the very last stage (after over an hours application time), when they wouldnt give me the account.
All because I had told them why I was opening the current account with them in the first place.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 10:13:43
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Maybe a 'sticky' with good an bad accounts from personal experience may be a good idea?
Personal and business, and the restrictions placed on them?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 June 2012 : 10:25:22
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But don't forget, even if an account is open prior to BR some banks will close the account once they are notified by the OR even if they aren't a creditor.
The problem with having a list of banks is they change their rules regularly. For example when I went BR I opened a Nationwide basic account. A few months later they stopped offering the account to undischarged bankrupts.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 21 June 2012 : 10:37:18
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I appreciate that things change.
It was just an idea to try and help people.
At the CAB, and through one of their financial advisors, and one of their preferred insolvency practioners for an IVA, I was advised to go to Barclays.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Topic |
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I am considering bankruptcy as I owe nearly £15,00
