I have taken the decision after consulting a couple of IP's, and there really is only one option....BR. Have decided on the 1st week in March and have spent the last week PLANNING! (If I took as much interest in my finances before, maybe I wouldnt be in this mess). Its a horrible job, but for the first time in my life, I can say on a daily basis, what cash I have in the bank...and god it is liberating! (lol even though theres not much there!) Have phoned my local court and theres a 1 week wait so no need to do anything just yet. I have opened my Co-op account in preparation. Just a quick quest...I get paid at the end of the month. Can I put all my wages into my new account say on the 1st March and then go BR the week after? Or is it best to keep it as cash at home until BR day and then put it in there? Also Ive been scrimping and saving a couple of hundred pounds to gvive me buffer in my new account, will I be penalised for having bit more in the new account than I normally would? Thank you
There is no problem having the wages paid into the new account and then declaring BR a week later. In some cases the account may be frozen for up to 5 days so you should make sure you have some cash available in case it does get frozen.
Some ORs will ask how much you have in the account and if it is more than you need for the month's food, etc. then will take the excess to pay to your creditors.
Gulp...March it is for me
Posted - 06 February 2010 : 15:03:49
