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| T O P I C R E V I E W |
| LuciferLee |
Posted - 02 September 2009 : 11:55:18
hi all,
2 weeks ago i declared myself bankrupt, there are a few "grey" areas which the OR said they need to look into etc and all in all will be about 3-4 months until i get an "outcome"
now to be honest i know bugger all about all this, do i definatly lose my bank account ? if so what are my options?
the OR was talkin about, based on my "grey" areas , of havin an eextended Bankruptcy time, as opposed to 12 months etc he might look at 4 yrs or so,,, can anything be done about this ?
i feel like im in the middle of the ocean not knwin which way to go or look for ...
so any advice or anything wud be greatly appreciated as i am 100% novice |
| 5 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 03 September 2009 : 09:50:16
If there aren't any receipts for the money that was withdrawn from the credit cards then the OR can't account for it then this could result in a BRO especially if you don't want to disclose the destination of the funds. For all the OR knows you have withdrawn the money and have it sitting in a draw at home. I'm sure this isn't the case and I can understand if you don't want to disclose to the OR exactly what you did with it but you need to look at it from there point of view.
The OR can't send you to prison or put you in front of a judge unless they find any evidence of fraud or something more serious in your finances so there is no need to worry about being dragged through the courts to force you to disclose where the money went.
A BRO really isn't anything to worry about. Your credit file is shot for the next 6 yrs any way so provided your BRO is for 5 yrs or less it won't really make any difference to your situation unless you were thinking about starting your own business.
As you are on benefits you won't get an IPA unless you get a job within your 12 months of BR and then you have more than £100 disposable income. |
| LuciferLee |
Posted - 03 September 2009 : 09:24:50
the problem i have is there has been some large sums of cash taken from credit cards, ( all my debts are across 5 credit cards ) , cut a long story short ( for now ) last year i had some big life upsets which led me to be diagnosed with depression and seein a counsellor, in turn i got mixed up and involved in things that in normal circumstances i wud not have done, but i did and i had to pay the consequences, literally, hence large sums of money needed asap to pay off situation i got myself in !!! my problem, and the OR's problem is thses withdrawals have no trace, as in i dont have a receipt etc to show where its gone, the OR implied that " i cud easlit have this money under my bed" now without goin into detail on here for all to see, its so not like that but im 100% not in a position to disclose the destination of where the funds had to go , if you get ym jist??? now im assuming this leaves me in a slightly awkward position as far as the OR is concenred, and hence the OR was lookin at heavier "punishment " ???? |
| gettingoutofdebt |
Posted - 03 September 2009 : 09:08:23
You could call NatWest and see what they say. They may have a basic account and transfer you to this account or they may close the account. If you are in the red with the bank then this amount would be written off in the BR and it is highly unlikely they would allow you to have another account at the moment.
If they close the account then call the Co-op and ask to open a Cashminder account. This account has a Visa debit card and you can set up DDs, STOs. Like all basic accounts it doesn't have a cheque book or overdraft facility. Let them know you are BR and there shouldn't be any problems with opening the account.
There isn't much you can do about the possible BRO other than to be completely honest with the OR about your past financial circumstances.
A BRO isn't something worth worrying about as there is really nothing you can do about it but there is more information at http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf |
| LuciferLee |
Posted - 03 September 2009 : 08:32:02
Thanks Jan,
so are you saying there is a chance my current bank account may still be available to me, i am in overdraft in the account, is it worht callin NatWest and sayin ive gone Bankrupt and see what they offer, or not as the case may be ?
Is there anything at all i can do about the potential outcome regarding the extended period of Bankruptcy and the other thing you mentioned, im currently unemployed also from losiung job few weeks ago, so im claiming benefits
If Natwest do not want to know etc then are the other Banks etc that are available offer debit cards, DD's etc ? ie normal facilities ?
thanks again
Lee |
| Niobe |
Posted - 02 September 2009 : 12:15:49
Hi,
You should have opened a new bank account with a bank who is not one of your creditors, you can do it now and Co-op come highly recommended. You need to check that the bank you currently use isn't likely to be frozen.
It is possible that you will get a BRO which will mean that and bankruptcy restrictions last longer than the normal 12 months.
You may also find that you get an IPA as well, depending upon what your disposable income is after you have paid your priority bills. This will last for 3 years.
The glimmer gets brighter all the time
Jan
xx |
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