Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

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By Nicky
#3175 If you feel better waiting before you ask, then do it that way. Basically, you are just being honest with them. Just explain things got messed up this month and you have left yourself short. They may even suggest increasing your overdraft to cover it. But yes, wait until your name is off the account if thats how you prefer to do it. :wink:
By DCG
#3176 Thanks a lot Nicky,

I'm sure you will be relieved to here that I'm off to pick up my Daughter from Playgroup now!

Thanks again

D
By DCG
#3190 Well I've spoken to FCL who cleared up a few questions I had, and am trying to get everything ready.

When my bank account is frozen, will existing direct debits automatically be cancelled, or do I just contact companies after the event and inform them I will be paying from another account?
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By Nicky
#3192 The Direct Debits will be cancelled. So such things as rent/mortgage, council tax e.t.c. will need to be set up in a new account that bears no relation to your existing creditors. If you are talking about your existing creditors, that will be the time you write to them with a token payment explaining what you are doing regarding making arrangements. If you are going into a debt management plan, then just explain that they will be hearing from them regarding payment proposals, or if you are going bankrupt, just explain that instead.