BR Questions......Please Help!!!

[kilohurtz]

I have decided to go BR after considering other options but have a few questions.

1: I am going to be moving house in the next few weeks, shall I petition for BR now at my current address or shall I wait until I have moved into my new address which will be more rent and then file for BR immediately.

2: A few months while I have been considering my options I opened two bank accounts. One with Lloyds and the other with the Co-Op. I only asked for basic accounts with both and as of yet neither account has been used. I do not owe any monies to either Lloyds or the Co-Op but I noticed on my Virgin credit card paying in slip that its says Co-Operative Bank - MBNA? Does this mean I will not be able to use my Co-Op account?

3: I am worried that although I have 2 accounts setup is it likely that the banks will shut my accounts down once I have filed for BR even though I dont owe them monies?

4: I am at the stage now where I am still so scared at the whole process but last night I paid all my credit cards again and in one month the minimum payment has shot up from £280 to £430 a month on one credit card even though only £300 was spent on the card during the last month? This has now put me in a negative, there is no way im going to be able to do the same next month.

5: Do the courts notify my lanlord or letting agents of my BR once it has been approved and will I get chucked out of my rented home?

6: I travel alot for my work and need to pay out for fuel, this is currently done using credit cards. Will the courts allow me to keep some money for me to do this. With out doing this I would lose my job for sure and our company do not use company credit cards?

Thanks

[MelanieGiles]

Hi kilohurtz and welcome to the forum

1 It makes no real difference whether you petition now or after you have moved, as you will need to provide both addresses in any case. You do need to be aware that a new landlord may credit check you, so if the bankruptcy shows up on this it may affect your ability to get a tenancy agreement.

2 I am sure that the Co-op will allow you to retain a basic bank account post-bankruptcy, but it may be better to check this with them directly before you petition.

3 Unlikely - but again down to individual banking decisions. Why do you need to keep two accounts open?

4 If you are insolvent, I cannot see how you are affording to pay your credit card payments. You should take care not to be incurring any further credit at this stage.

5 The Official Receiver is supposed to notify your landlord, but it seems that these days this is done rarely.

6 You will need to budget for your future fuel usage as you will not be allowed to have credit cards during the period of the bankruptcy.

[kilohurtz]

Hi Melanie

Thank you for answering my questions. Could I ask a couple more please.

1: The reason I have waited to file for BR until after I have moved is because I am worried that if I did it now, I would not be able to get anywhere to live because I am not BR and it would show up on my credit check.

2: With regards to my banks I opened two new accounts up but only need one, I wanted to leave options open incase one bank decided they did not want me as a member because of the BR.

3: With regards to how am I affording to pay my debts, for over 24 months I have done everything to make sure my debts got paid, but in doing this I have no money to live on, I have not defaulted on anything but I am juggling everything around and totally living off my credit cards. I am too scared to not pay them even though it is crippling me totally every month.

Thanks