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SUZ.
Junior Member
United Kingdom
183 Posts |
 Posted - 04 May 2008 : 00:40:16
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| Has anyone got any idea?? My business landlord has threatned to make me bankrupt and i am worried about my bank account as i have my childrens tax credit and family allowance paid in weekly, would it be ok for my husband to open a seperate bank account in his name for me to use and have my benifits paid into? as it would only be me that the landlord could make bankrupt, would this be wrong in the eyes of the O R, I am worried about how long it takes for my account to be frozen?! |
Edited by - SUZ. on 05 May 2008 13:28:18 |
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missey
Junior Member
184 Posts |
Posted - 04 May 2008 : 11:58:13
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i would apply for a post office card account- this way all your benefits will be safe. These are different to other accounts because you can't pay anything in or out- nly your benefits are paid in and you have to go to the post office to draw it out. I have the co-op for everything else and post ffice for my CTC and Child Benefit. Call up child benefit and tell them you want to open an post office account and they will send you the invite- you take this to the post office and you should have the account in a couple of weeks.
Your account would be frozen the day you are declared bankrupt |
Edited by - missey on 04 May 2008 11:59:07 |
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SUZ.
Junior Member
United Kingdom
183 Posts |
Posted - 04 May 2008 : 13:04:11
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| Thankyou missey! maybe that is my best option!! would i be able to open an account before anythin happens or am i best waiting?? dont know what to do for the best?? |
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missey
Junior Member
184 Posts |
Posted - 04 May 2008 : 15:32:20
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| I'm sure the others will agree but i would wait- all our accounts even our cashcard accounts were closed the day we were made bankrupt- any account you open after you have declared bankruptcy is ok- obviously not ones with credit facilities |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 May 2008 : 17:14:52
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Hi Suz,
Welcome to the forum,
If you have an account with no overdraft then the OR may let you keep this for your benefits to be paid into, however it will be down to the bank as to whether they freeze the account or not, if they do you should be able to open a cashminder account with the Co-Op
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 May 2008 : 21:07:21
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Hi Suz
How much do you owe your landlord - & what level of arrears do you have.
Also what tye of business are you in -
last Q for now are you Trading As or carrying on business as a Ltd Co?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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SUZ.
Junior Member
United Kingdom
183 Posts |
Posted - 04 May 2008 : 21:28:45
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Hello paul,
The money my business landlord wants is the 20 months that is left on the lease, which is £540.00 a month. which will total to over £10,000. the arrears on the rent is only £100.00,
The business is a little shop (grocery and off licence)
Not really sure what you meant as trading as or carrying on, but i gave the keys back to the landlord on the 10th April 08, so i am not trading anymore, i have sent forms into inland revenue to deregister. as my youngest child became ill in january and i have spent lots of time in hospital with him, i have had no choice really in giving up the business, i did try and keep it going after we came out of hospital but i could not afford to keep funding the shop as the business was not taking enough to pay the overheads, so i decided right or wrong to give up the shop and look after my child! but the worry of what is going to happen is awfull! i have other debts from the business too! and my bank account has a £700.00 overdraft. dont know what to do!! really worried! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 May 2008 : 22:42:31
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Suz
technically the landlord is due the unpaid rent of 100 and any shortfall until he re lets the property.
Do you have other debts including business rates etc? or is it just the rent.
Incidentally the COOP cashminder account is excellent - give them a call on 0845 602 7057
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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SUZ.
Junior Member
United Kingdom
183 Posts |
Posted - 04 May 2008 : 22:56:32
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| Yes i have business rates of £770.00 and vat of £2,000 i have a wholesalers bill of £2,500 and then my own debts credit card for £1,600 and a loan for £5,000 i took out in 07 to help finance the business, also i increased it £3,000 this year in march to try and help financially and keep the shop going, but i could not carry on physically or mentally it was all getting too much as my child now needs regular hospital visits and lots of care. i feel like i am in a real mess and dont no where to start...i just can not afford to pay the landlord off as i am only in reciept of childrens tax credit and family allowance. i have paid £500.00 to the vat. |
Edited by - SUZ. on 04 May 2008 22:59:31 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 May 2008 : 23:01:48
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Hi Suz
you really need to get some formal advice before you pay any other creditor any monies.
Suggest you speak with an Insolvency Practitioner in the first place to review your position.
They will give you impartial advice regarding Debt Management, bankruptcy or an IVA.
You may want to look at Melanie's details ( she is an expert here and on the IVA site) perhaps you could give her a call on Tuesday if you are free.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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SUZ.
Junior Member
United Kingdom
183 Posts |
Posted - 05 May 2008 : 23:29:50
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| Thank you for your reply!! |
Edited by - SUZ. on 05 May 2008 23:30:46 |
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Topic |
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bank account advice???
