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migmash
Starting Member
United Kingdom
25 Posts |
 Posted - 21 July 2009 : 19:26:35
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| Does length matter! Hopefully last question 'til D-Day tomorrow! When it states on the SOA = when did you first have difficulty paying your debts, is it favoured, or frowned upon, if the debts have been slowly accumulating, (as in) keep taking loans/more cards to service each other, or quite recent and "wow" it's come as a surprise?! We ask only because some of our c/cards have been almost at limit for literally years, and have even borrowed all available Equity in our home just to keep feeding, what seems like a voracious SHARK AAAa a a ghhh.??! Thanks Folks, nearly there. ;-) |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 21 July 2009 : 19:51:23
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I don't think it really matters. You're situation sounds similar to mine. By the time I declared BR I had 4 credit cards (all maxed out) and had taken 2 consolidation loans. After each loan I had paid the cards off but then needed to use the cards again to pay for food, bills, etc so the amount on the cards built up again.
I just put down when I struggled to make the minimum payments on my cards as well as the loan repayments. For me this was 3 months before declaring BR and was the time that I (finally) realised I was in trouble and looked into a solution.
Good luck tomorrow |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2009 : 20:14:18
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Please bear in mind that each case is looked at on its own merits.
But generally the closer to the bankruptcy the debt was taken out the more likely a BRO is.
The reason is also important. For instance it will be frowned upon more if you took extra credit out for a holiday than if it was to keep up with your repayments or consolidation.
Above all just try and explain what has happened in your case |
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Hopefully last question D-Day tomorrow!
