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| T O P I C R E V I E W |
| cpharo |
Posted - 17 November 2009 : 17:06:41
Hi,
I am applying for bankruptcy in January but I am worried that I am going to get into trouble with the OR, my debts are all unsecured and consist of catolugues, credit cards, door step loan, 3 overdrafts. Will I get into trouble for taking out further credit when I was already in debt. I have not had any new credit for a year and I now have a basic only bank account.
Also can I include a housing benefit overpayment in my bankruptcy
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| 4 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 19 November 2009 : 18:57:57
Hi,
You won't get into trouble for taking more credit when you were in debt (I had 3 consolidation loans!) but you will get into trouble for taking out credit that you knew you couldn't pay.
With me I changed jobs with an increase each time but rather than paying off my loans I took out new ones due to different circumstances.
The worst that can happen is a BRO, which will extend the BR restrictions (not being a director of a company, having to tell creditors that you are BR if you want more than £500 credit, etc.) for up to 16 years but you can't be sent to prison and won't get in trouble with the court unless you are found to have deliberately lied to the OR.
Be honest with the OR and your reasons for debt and you will be very surprised at how understanding the OR and their staff are with your situation. |
| averagejoegoesbankrupt |
Posted - 18 November 2009 : 21:48:31
quote:
Originally posted by cpharo
Hi,
I am applying for bankruptcy in January but I am worried that I am going to get into trouble with the OR, my debts are all unsecured and consist of catolugues, credit cards, door step loan, 3 overdrafts. Will I get into trouble for taking out further credit when I was already in debt. I have not had any new credit for a year and I now have a basic only bank account.
Also can I include a housing benefit overpayment in my bankruptcy
Good luck with it. This is all pretty new to me too - I went bankrupt just yesterday. Seeing as you have time to plan I will offer only one simple piece of advice - get the bankruptcy fee together now and hide it away. I almost left it until it was too late to get my fee together and it brought far too much stress considering how a little bit of forethought would have avoided all that stress. It's ironic that it costs so much to go bankrupt as someone contemplating bankruptcy is pretty much down to spare change! So get the fee hidden away now.
All the best,
Average Joe
http://averagejoegoesbankrupt.blogspot.com |
| chester2005 |
Posted - 17 November 2009 : 23:59:30
if you are not going BR until january that should give you a reasonable amount of time to get all your "ducks in a row" timing and planning can make the difference between things going like clockwork and unexpected things popping up causing potential problems.
the forum experts are glad to advise and initially it's free , sometimes it's worth the bother of the e-mail or phone call to the likes of Paul Johns at Reviva or Mel at Jones Giles (both professional forum experts)to satisfy curiosity or put your mind at ease over something bugging you.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| Richard P |
Posted - 17 November 2009 : 17:17:05
Hi cpharo
Welcome to the forum
sorry to read your situation.
Most of us have been through similar circumstances, getting into debt, obtaining credit to cover the first debt then taking out more credit to try and stop ourselves falling further. The OR understands this cycle.
You should not take out more credit once you have resigned yourself to BR as you have obtained credit knowing that it will not be repaid. A year ago i take it that you still felt that you could avoid BR.... PS if you are taking time to answer this question the answer is YES...
It is not mine to enquire about personal circumstances but i take it that you have read the threads on here about , homes, cars, pensions, savings policys creditors etc. lots of research needs to be done before applying for BR.
If you are not certain do not leave anything to chance post another set of questions or email one of the experts with all of your circumstances, they with their experience and knoweledge may have another option other than BR
good luck on the path ahead
regards Richard |
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