Shock horror is there anything we can do ?

[Gina.gu]

Hi, grant thornton and northern rock rejected all the proposals. My supervisor said they were being rejected no matter what was offered.

My supervisor says the original proposals now stand plus arrears so 1046 a month we don't have.

So I need to know since my iva compant has set aside an amount for bankruptcy if the iva fails how do I get them to make me bankrupt rather than us having to do the forms and go to court as I think I won't have to go to court if the supervisor petitions for my bankruptcy?

Also if I am discharged after say 12 months can I then have savings or will I have to pay any savings to the receiver if we are making payments from my wages for the 3 yrs it has been suggested they can?

Thanks for any help

[kallis3]

I'm sorry to hear that Gina, they are the ones who will lose out if you go bankrupt.

If your company has the money set aside then they should be able to petition for you but you do need to clear that with them. Not sure about the forms but I would have thought that you would have had to go to court. I do stand to be corrected on that though.

You should be discharged in 12 months maximum. You may have an income payment agreement for three years as your DI will be over £20 a month and you will be able to have savings if you can make them from your allowances, the same as you can in an IVA.

[Gina.gu]

Thank you I am not too upset as I was even prepared to have no car but it was rejected. I will ask my supervisor tomorrow then as we cannot miss any payments as we used the 3 months when I was on maternity leave. The payment is due the end of feb so I guess the process will be quick as I am sure they will have to petition soon in this case. I thought I saw something saying you can be declared bankrupt whether you attend court or not if your supervisor petitions or a creditor?
Maybe someone can answer that for me later? Thanks for all

[kallis3]

I'm not sure on that one Gina so hopefully either Skippy, Julie or one of the professionals can help.

Let us now what your supervisor says tomorrow.

[Broke of London]

Hi Gina..a silly decision from your creditors. They are the ones who'll lose out. Julie and Skippy both have blogs about BR which may help you get a feel for the process.

[Gina.gu]

Ok thank you . I will have a look tonight. I just feel relieved it is over in a way. Just worried about the process. Would rather the supervisor petitions with the money set aside and avoid court if I can. I also know I need to open a post office account for child benefit etc as barclays are on my creditors list .need another card prepaid account for wages so know all that. I just don't know anything else. So the blogs will be good and any pointers regarding the process

[kallis3]

Can you open a Co-op account rather than use a prepaid card?

Sign up to the sister site:

http://www.bankruptcyhelp.org.uk/bankru ... topics.asp

There are experts on bankruptcy on there who can help as well.

[Gina.gu]

Tried that and they said no as the co op is on my husbands account. Maybe nationwide will let me keep my account? Hope so but its a long shot. Its a basic account with a visa debit. Can't overdraw on it

[andrea1968]

God Gina must feel like banging your head off a brick wall-what are these companies thinking?
Good luck for the future and nobody can say you didnt try.

[Gina.gu]

Well andrea I have developed a dry sense of humour even the senior meetings person for my iva company couldn't believe her ears. Tried everything. Didn't work. Not seeing myself get stressed again like in the beginning as it effected my children. Think I would rather get it over with in the next week or two. Cut off point is here I guess. They didn't want my money for some reason. Or they think we have a secret stash...in which case they are in for a shock. Oh well got myself a wholesale card, will come in handy lol!

[kallis3]

I think that as you already have the account you will be ok. I have that account and not had a problem with it.

[Gina.gu]

Ok that's great news. Hope I get to keep mine too am not sure how it works as I know you have to give all your cards to the receiver so I have been told to transfer my wages into a prepaid card so I have an income until the receiver says if you can have it or not? Or will I have to hand over the prepaid mastercard account card too? Confusing me

[kallis3]

The receiver is normally ok with a normal bank account - if it is your regular account they usually say that they have no interest in it. Log onto the BR site, they will advise you better than me as I don't know all the ins and outs of bankruptcy.

I know Skippy is around so hopefully she can help.

[Gina.gu]

Ok thank you

[Skippy]

Hi Gina, I'm sorry, I don't know how the OR views prepaid cards.

You may be ok to keep your Nationwide account. I'm using my pre BR account and don't seem to have any problems, but I don't know whether anything has changed.