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amyc
Junior Member
113 Posts |
 Posted - 20 December 2009 : 17:20:59
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| well we recieved our termination letter today so just a case of saving up the funds and booking the date. still extremely worried about being in the overdraft when bakruptcy is finalised. probably the worse time of year to be saving up to go bankrupt. whats the worst that could happen because of being in overdraft when made bankrupt. will they be more leniant if i try and pay a litrle bit of it off up until bankruptcy. we are going to be using co op cashminder account as soon as we change our wages, we will probabaly be in overdraft by about £700 when we go to court, any help greatly appreciated as always xx |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 December 2009 : 17:36:06
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It's probably best that you don't try and pay the OD off as it could be viewed as preferring the bank over your other creditors.
Try not to worry about being in the OD. The worst that could happen (and I'm not saying it definitely will) is that you could get a BRU, which would mean that although you would be discharged after 12 months, but you would be subject to the restrictions of BR for length of the BRU.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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debtinfo
forum expert
2826 Posts |
Posted - 20 December 2009 : 17:43:59
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| unless you have a £10,000 overdraft i dont think you have anything to worry about, especially if you normaly use it |
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barrel
Starting Member
7 Posts |
Posted - 20 December 2009 : 18:57:54
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| Don't worry about anything, I was 5000 on one and 2500 on another. If you are down you are down, noone wants to be in that position. |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 20 December 2009 : 20:34:31
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AmyC,
I would concur with barrel.
We were 4.5k into the OD when we went BR, and not a mention from the OR.
They realise you have to survive somehow.
Gd Luck.
quote:
Originally posted by barrel
Don't worry about anything, I was 5000 on one and 2500 on another. If you are down you are down, noone wants to be in that position.
Treat EVERY Penny as a prisoner. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 20 December 2009 : 20:53:10
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the chances of getting a BRU for using an overdraft prior to BR for general living expenses etc. are slim to none
unless you are reckless with your borrowing or excessive the OR will likely not bat an eyelid
try not to worry
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Jane.l
Average Member
511 Posts |
Posted - 21 December 2009 : 07:34:01
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I know it is easier said than done, but I really would not worry about this, we used all our £1000 overdraft to pay the bankruptcy fees and the OR has never said anything about it, compared to our overall debt, it was peanuts  |
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amyc
Junior Member
113 Posts |
Posted - 21 December 2009 : 15:08:25
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| I think the main worry is we were not using over draft up until last few months but because we are short on living expenses whilst trying to save for the fees we are slowly using over draft. £800 will probably be nothing in their eyes to our existing debt. How long to you have to pay towards bankruptcy for. Is it 1 year or 3 years. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 December 2009 : 15:59:32
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If you get an IPA it will last for 36 months from the date of the first payment.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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amyc
Junior Member
113 Posts |
Posted - 21 December 2009 : 16:14:10
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| So personally skippy you dont think we have anything to worry about by being in the over draft. I dont want to be failed by being in it in case they thing we have been wreck less. Because we really have not. We are thinking of waiting until march to go bank rupt in order to save up for the fees. Sorry if I am waffling but got so many things going round in my head. X |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 December 2009 : 17:10:09
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Hi Amy,
I am sure that you won't have a problem once the powers that be see what tight allowances you had in your IVA and that you had no option.
You have not been reckless.
Bear in mind though that if you are going to be waiting until March, you will get creditor hassle again.
The glimmer gets brighter all the time
Jan
xx |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 December 2009 : 17:35:51
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Like Jan says no-one is going to think you have been reckless. If the OR asks you why you used the overdraft, you can explain the circumstances to them.
Please try not to worry x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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amyc
Junior Member
113 Posts |
Posted - 23 December 2009 : 17:21:58
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| its a case of either going bankrupt in march or using £250 from overdraft to help for bankruptcy in february. i really would prefer to go bankrupt in february because if we leave it any later we will get debt collectors calling. do you think this would be acceptable to use the money? xx |
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amyc
Junior Member
113 Posts |
Posted - 23 December 2009 : 17:50:17
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| just really worried that if we keep using OD that we will not be able to go bankrupt. is using an overdrfat something that they can decline bankruptcy for? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 23 December 2009 : 19:23:42
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No, they can't decline BR for that.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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amyc
Junior Member
113 Posts |
Posted - 23 December 2009 : 20:06:06
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| Thank you skippy. You must all be getting sick and tired of listening to me rant and rave. I do really appreciate everyones advice. X |
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Topic |
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termination letter
