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 As self employed I would need a bank account to receive payments from clients.
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Starting Member

United Kingdom
3 Posts

Posted - 21 January 2014 :  07:56:56  Show Profile  Reply with Quote
I have been thinking & reading about declaring myself bankrupt for a long while now, as I dont have any way to repay debts I owe. Example of debts are Water Rates, National Insurance, HMRC. Council Tax debt too but Ive had an arrangement with them for 2 years, & havent defaulted on that. I have 2 credit card debts outstanding from years ago, not able to make payments. Im self-employed and due to less work coming in for the last 3 years, Im really struggling. Im on WFTC just been told theyve overpaid me, & I will have to repay from April. As said Im really struggling. Whats also really worrying me is as Im self-employed/get occasional work, without a bank account (I understand if I declare bankrupt I cant have a bank account) then, how will clients pay me? I have a trading name (Im a sole trader, not registered as a limited company, its a community arts organisation I hire freelance artistes to work with me as & when needed). Clients pay me via cheque or BACS into account in my trading name. How will I be able to receive work payments (as irregular as they are!) without an account? I deliver workshops for schools, museums etc these kind of places, and I am aware theyre not happy to pay individuals, always want an organisation name. If you can advise me on this Id be grateful. Feel as if I cant think straight at the moment, really worried about not being able to pay debts and after bankruptcy, struggling due to not having a business account/account in organisation name. Also, Im a Housing Asscociation tenant I am behind with my rent was taken to court, Possession granted to Association but they were fine to accept an arrangement regarding repayment of rent owed, & I have been sticking to this. But if Im declared bankrupt Im afraid theyll become angry at rent debt being written off, and I will lose my home. Anyway - any advice you can offer would be really appreciated. Thank you.


United Kingdom
4590 Posts

Posted - 21 January 2014 :  08:04:39  Show Profile  Reply with Quote
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The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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