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| william210968 |
Posted - 26 February 2010 : 05:50:21
Hi!
I have unsecured debts of £19000 and I am applying for bankruptcy. I have been made redundant 3 months ago
and never missed a payment
My worries
First: I took one credit card when I was on benefits. I am afraid I lied that I worked. I used it to transfer a balance from my other credit card and paid this card 3 times already, once with cash and twice with balance transfer, but I still owe them £600
Second: I used credit card when my husband lost his job and we both went on benefits
Will be I punished for that by OR?
I will be very greatfull if somebody can give any advice Just I do not want to get in worse trouble
Lady from CAB said that bankruptcy would the best option for me because I am single mum with two small kids and there is very small chance that I would be able to find work soon, but I have some second thoughts may be I should do something else
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| 3 L A T E S T R E P L I E S (Newest First) |
| william210968 |
Posted - 01 March 2010 : 19:05:52
quote:
Originally posted by gettingoutofdebt
You won't be punished by the OR for using the credit card when on benefits. I doubt if the OR will look into the fact you lied when applying for the card. They only normally ask for the date you took the card and the outstanding balance.
If you don't have any assets and aren't likely to find work in the near future then BR is probably the best option.
The other options are an IVA, but you would need to have at least £100 DI (Disposable Income) each month, or a DMP (Debt Management Plan) where you pay a small amount each month to the creditors until your debt is paid off. With being on benefits it is going to take a very long time (probably 20yrs+) to pay off the £19k.
Thank you very much for answering |
| william210968 |
Posted - 01 March 2010 : 19:04:21
quote:
Originally posted by gettingoutofdebt
You won't be punished by the OR for using the credit card when on benefits. I doubt if the OR will look into the fact you lied when applying for the card. They only normally ask for the date you took the card and the outstanding balance.
If you don't have any assets and aren't likely to find work in the near future then BR is probably the best option.
The other options are an IVA, but you would need to have at least £100 DI (Disposable Income) each month, or a DMP (Debt Management Plan) where you pay a small amount each month to the creditors until your debt is paid off. With being on benefits it is going to take a very long time (probably 20yrs+) to pay off the £19k.
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| gettingoutofdebt |
Posted - 26 February 2010 : 06:52:12
You won't be punished by the OR for using the credit card when on benefits. I doubt if the OR will look into the fact you lied when applying for the card. They only normally ask for the date you took the card and the outstanding balance.
If you don't have any assets and aren't likely to find work in the near future then BR is probably the best option.
The other options are an IVA, but you would need to have at least £100 DI (Disposable Income) each month, or a DMP (Debt Management Plan) where you pay a small amount each month to the creditors until your debt is paid off. With being on benefits it is going to take a very long time (probably 20yrs+) to pay off the £19k. |
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