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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
 Posted - 19 November 2008 : 14:12:42
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When is the best time to file in the month??...we have the fee's and are now doing the paper work but we are unsure when to file. We have read that bank accounts get frozen which our wages go into. (which is a very new account with NO extras just a normal step account). if this is the case, how are you ment to get paid and things if accounts are frozen. any advice or ideas would be great.
We cant stop tomorrow coming so lets see what it brings. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 14:20:26
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hi M&M
I would say just after payday, then you can remove any additonal monies and the account can be left until the BR is done.
If you have an account that is BR friendly like the Coop then you should be ok and the money in there tech should not be touched by the OR if for DD's but it may be worth only leaving in what you have to.
We did ours 5 days after payday, took all monies out, went BR, opened a Coop account then set up DD's etc in new account and got wages and benefits paid in.
Take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 19 November 2008 : 14:53:48
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Jo I’m glad your here need some advice, right we have a loan on the flat which is about 2 months behind. They have asked us to come in and re write the loan which would make are monthly out goings less. I'm not sure what to do. I know this loan wouldn't be taken into the BR but what would happen if we later default on this and have a short fall to meet. as you can see its nearly at the 3 month mark and if things carry on as they are we could find we cant meet this loan too, in which case we would have to give up the flat which we were going to do next year anyway (out grown it) but hoping to work it so it lands on the summer holidays so as not to unsettle the kids as best we can.
By the end of the week we will be ready to file give or take my last tax return completing (had to let HM custom I was closing down the business today). What I’m kind of asking is what should I do about this loan? Hold off on the BR until I default on the loan? I’m lost and unsure.
We cant stop tomorrow coming so lets see what it brings. |
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 19 November 2008 : 15:10:38
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I'm sorry for your loss Jo. My sister two years older then me died 3 years ago and this time of year is always hard on the family as it would have been her birthday on Xmas eve. Keep your chin up
We cant stop tomorrow coming so lets see what it brings. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 15:14:54
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Hi M&M
Thanks for that i take it you just read my blog.
Im taking advice on your loan question so i will get back to you asap as i dont want to give the wrong info.
I do miss her but hey i must look forward and be positive, you lot keep me going.
Thanks again and bare with me ;-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 16:04:26
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Hi M&M
If the flat is in negative equity the OR will have no interest.
As the loan is secured on the flat it would seem an irrelevance if they re write the loan or not and irrelevant as to the timing of the bankruptcy in relation to re writing, or not, of that loan.
A word of warning: I have not seen one myself but some lenders are trying to get borrowers to sign agreements which state that in the event of BR and any subsequent shortfall, the BR agrees to remain liable beyond BR.
If they do re write the loan then you must be sure of the details of the new agreement before signing.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Mr and Mrs
Starting Member
United Kingdom
30 Posts |
Posted - 20 November 2008 : 10:00:03
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thanks jo.
We cant stop tomorrow coming so lets see what it brings. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 November 2008 : 15:02:00
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Great advice as usual Jo!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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When is the best time to file.
