Bankruptcy and Bank accts

[n_b]

me again As you know Hubby thinking of going BR.. he already has a basic bank acct with abbey, and cashminder acct with coop ( coop never came through fast enough to get his wages paid into) , what will happen will they be frozen when he is declared BR and closed or will nothing happen... also does anyone know how much he would have to pay he is currently paying £360 into a DMP , will this stay the same in BR or will he pay more ??

any advice greatly appreciated .[:D]

[n_b]

oh and another thing would it look bad if he stopped DMP for 2 months to get the Petiton Fee . Otherwise no way of us getting it together... no understanding parents on either side . [V]

[ivoriva]

Hi NB, if the accounts have zero balances they dont normally get frozen but ultimately it would be upto your Official Receiver. So as long as you have one that has no balance you should be ok, and he may even let you keep others open.

You only pay a percentage of the disposable income in BR. I think its normally between 50-70% depending on how much disposable income there is. If there is less than a certain amount, then there is no need to pay any of it.

You can stop your DMP at anytime. I dont think it would look bad as long as the money gained was used for the fee's, or towards essential living costs (food, rent, utilities, etc). However, you should be prepared for a rocky few weeks with your creditors..

[Skippy]

When you are made BR your bank account becomes the property of the official receiver. If you have no credit with the bank they will often decide that they have no interest in the account, and then it is down to your bank as to whether they allow you to keep the account.

Regarding the payments in BR, I have found that I am better off than I was in my IVA. The allowances are more generous and you don't pay all your surplus income into the IPA. I have posted more information in my blog.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[n_b]

Thanks Skippy, his account has no spare money in just money for food shopping should we declare that as income or put nil ??
Also should he check with abbey to see if he can keep the acct if he is made BR.

what will happen with the gas / electric/ water phone etc they are all in hubbies name but i pay elec /gas will we have to go on payment meters,and cancel the contracts etc what about the sky I pay for it , but in hubbies name ... also I am looking at going into a DMP will take about 4 years to clear debts in full, if hubby goes bankrupt with 84k of debt will he still be able to have money for food etc because I will only have £140 left out of my wages at the end of a month.

I know I am rambling but if any one can answer..oh yes his car is on HP worth £4000 owes £2300 but needs it for work will he be able to keep it .

Thanks NB x[:)]

[coco]

Hi N-B

I can answer your question regarding the car from my experience, my car is on HP when i petitioned my BR in March, the value of the car was 4500 the outstanding HP was 3800, i was informed by the official reciever as the car was on HP they cannot make a claim as it does not belong to either myself or the OR but the finance company (it also depends on whether the finance company will allow you to keep the car check the agreement regarding BR), however she did make it clear that they are not obliged to allow my payments to continue as part of the expenditure, but as i needed the car for work she allowed it but again i think the could be down to the descretiion of the OR. My finance company allowed me to keep the car providing i am not late or miss any payments or they will repossess the car.

Hope this helps slightly.



(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[n_b]

Hi Coco, Thanks for that, does that mean though once you have paid for the car they can come and take it ? as it will be an asset then if you haven't been discharged.

[coco]

Hi N_B.

I am saving as much as i can to get my car finished early, but saying that after i have been discharged so i am making sure that i dont close the account prior to that. I am may be corrected but after you have been discharged then no claim can be made on the car.

(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk