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AMH
Junior Member
185 Posts |
 Posted - 06 August 2008 : 12:38:51
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I have spoken to a debt management comapany about an iva and they told me that because I only have two creditors and one of them holds 65% of my debts the iva would fail at the meeting and said that an iva is not an option for me.
My total debts are arounnd £42000 and I do not have any asssets
Looks like my only option is to go Bankrupt as I am robbong peter to pay paul and cannot continue any longer.
I have many questions to ask, but one that is bothering me at the moment is that. I counter sign cheques at my place of work. Will i have to inform them that i am going to go br? Because of the cheque counter signing? Or will i still be able to do this even tho i am BR?
Many thanks in advance.
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John
New Member
United Kingdom
73 Posts |
Posted - 06 August 2008 : 12:49:58
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Hi AMH & welcome to the forum
unless it states in your contract of employment that you must advise your employer if you go BR then you do not need to do so.
However, I would suggest that if and when your BR comes to their attention they may not be too pleased that you have not been open with them in light of the high level of responsibility they have bestowed upon you. Only you will have an insight as to whether or not this may likely impact on your employment.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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AMH
Junior Member
185 Posts |
Posted - 06 August 2008 : 14:19:58
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Thanks John,
I think i will have to tell them. But if they are ok with it... Will i still be able to counter sign While being a BR? under the BR laws?
Thanks again
quote:
Originally posted by John
Hi AMH & welcome to the forum
unless it states in your contract of employment that you must advise your employer if you go BR then you do not need to do so.
However, I would suggest that if and when your BR comes to their attention they may not be too pleased that you have not been open with them in light of the high level of responsibility they have bestowed upon you. Only you will have an insight as to whether or not this may likely impact on your employment.
www.Bankruptcyhelp.org.uk
0800 078 9367
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John
New Member
United Kingdom
73 Posts |
Posted - 06 August 2008 : 14:52:20
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Hi
yes you may remain as a signatory in BR, as you do on your own accounts in BR, if you have one.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Nicola.j
Junior Member
United Kingdom
267 Posts |
Posted - 06 August 2008 : 15:59:54
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Hi AMH
I am filing before the end of this month and I had to tell my employers as I work in finance but they have been fantastic about it. |
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AMH
Junior Member
185 Posts |
Posted - 06 August 2008 : 19:50:52
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Thats good then, I will have to tell them anyway i think as it is only a small company and they will know, when i get a new tax code.
Thanks once again.
quote:
Originally posted by John
Hi
yes you may remain as a signatory in BR, as you do on your own accounts in BR, if you have one.
www.Bankruptcyhelp.org.uk
0800 078 9367
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AMH
Junior Member
185 Posts |
Posted - 06 August 2008 : 19:56:15
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Hi Nicola.J,
I am filling before the end of this month also, just trying to get a few things straight in my head before hand (well trying too).
My boss can be a bit funny about things like this, so i will soon know what is reacion will be.
quote:
Originally posted by Nicola.j
Hi AMH
I am filing before the end of this month and I had to tell my employers as I work in finance but they have been fantastic about it.
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AMH
Junior Member
185 Posts |
Posted - 06 August 2008 : 20:17:55
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I have a Natwest Step account, Which i have just opened as i was going to try and do a IVA but can't now because of the reason i posted above. Natwest are not one of my crediters, so will they close the account once they know i am BR? Its just that i have my wages paid into this account and worried of what will happen.
Many thanks |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 06 August 2008 : 22:22:19
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This depends entirely on the bank. The account will initially be frozen by the OR, then unfrozen when the OR sees that you are not dodgy! During this timeframe, the bank will have read the public notice/recieved OR letter and be deciding what to do with you.
Some banks will say No: End of! Others will allow you keep account but no debit card and others will allow you to continue as normal.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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AMH
Junior Member
185 Posts |
Posted - 07 August 2008 : 07:28:10
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Oh i see, so i'll just have to see when it all goes through of what they will do then. I do get paid weekly so would i be better off having my wages paid as cash untill i know what is happening? Do you know how long they would usally freeze the account for?
Sorry about all the questions.
Many thanks
quote:
Originally posted by drowning-mummy
This depends entirely on the bank. The account will initially be frozen by the OR, then unfrozen when the OR sees that you are not dodgy! During this timeframe, the bank will have read the public notice/recieved OR letter and be deciding what to do with you.
Some banks will say No: End of! Others will allow you keep account but no debit card and others will allow you to continue as normal.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/
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Help please
