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A few questions re bankruptcy

I'm considering going to court on Monday to petition for bankruptcy. I have approx £50000 of personal debt split among 4 debtors. I'm on jobseekers allowance but do some part time teaching & concierge work on an irregular basis, both jobs pay small hourly rate.

I have a current account & flex saver account with HSBC with £0 balance on both. How quickly would the current account be frozen if the bankruptcy is accepted? What happens if a payment is made to the account, say for salary, after the account is frozen? Would I still get that money if I asked for it to be resent to a new account?

Do I have to declare an O2 prepaid visa card to the court?

Why would the current account be frozen only for them to give me a basic account (my cc does not have any special facilities except online banking, direct debits, debit card).

I've had more letters this week from debtors informing me to expect house calls at any time. Should I call them to tell them my plan? Or should I risk waiting. I'm a lodger and am worried they might show up & take stuff that's not mine.

Thank you for your help.

Reply to
Stephen2
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You really need individual advice before you do something as drastic as declaring yourself bankrupt. It might well be the best option for you - I have no idea - but you should make sure that you've carefully considered all of the other options first. Your adviser should be able to answer all of your questions, and help you decide what the effect of bankruptcy will be on your own individual circumstances.

The Financial Services Authority publishes a list of organisations that can give free, impartial debt advice. See:

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elp_you.html#debt_help The Insolvency Service also publishes information (including a .pdf called "What will happen to my bank account"):
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Do your creditors know that you are in financial difficulties? (That is, have you told them that the problem is that you *can't* pay, rather than that you *won't* pay).

Are you paying something to your creditors each month, even if it's nowhere near the full amount?

Reply to
Mouse

This is not advice, Do Your Own Research BUT... My experience is that there is a LOT more BARK than BITE amongst the Debt Collection Hounds :-) Plenty of letters will arrive saying "WARNING final notice .. impending Court Action" etc. I have seen loads of these and not one visit. A fair few annoying phone calls (change phone number?) but almost nothing that can't be stonewalled out by ignoring it. .. Amongst 8 "alleged" credit card debts totalling maybe about 40000 quid I have had TWO try to take me to Court to get a CCJ. The rest have just passed the claim around Debt Collection Agencies, maybe selling it on. .. NEITHER of the CCJ attempts has succeeded as far as I am aware. In both cases I referred in my defence to the Consumer Credit Act 1974 and the lender's obligation to furnish a Signed True Copy of the Original Agreement. At this point each case was put on hold "stayed" and does not appear to have made any more progress despite ongoing noises from the claimants. I was once sent a crappy photocopy of an agreement but just ignored it as it was beneath ridicule. The quality was so bad it could never have been evidence.

If you own a house they MAY try to attach a claim to it, but I think this takes time. I am not so lucky (sold my house, still have money deficit) so they would have to make me Bankrupt if they could. But not until each and every one of them had proved their alleged accounts were true with the right documents, which they seem to have difficulty finding.

It's up to you, but do you want to jump, or take a chance they may not be able to push you?

AU1

Reply to
AU1:vm

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