| T O P I C R E V I E W |
| paddyuk |
Posted - 17 June 2008 : 12:34:18
What will the OR do if i was to get a small loan to pay for BR/small car. my car is on HP at the moment and about to be taken away but i may be able to get a small loan to purchase a cheap car (unsecured)
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| 15 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 18 June 2008 : 00:25:01
If you know that you are insolvent, you should not borrow any more money for any reason Paddy.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| paddyuk |
Posted - 17 June 2008 : 21:30:48
so it might be better for me to use what ive got then but just go a bit more overdrawn on a bank account i have or something?
i dont think i can purchase a car though by going even more overdrawn, think the OR might pick up on this. I might have to pay for my BR this way though if cant save. I dont want to wait much longer before declaring BR.
thanks for all the advice, i really appreicate it honestly, i feel better checking the forum everyday and reading some of the stuff its easing my stress and i suffer from panic attacks as it is but this has cut things down.
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| m and v |
Posted - 17 June 2008 : 21:01:30
Everyone does it Tess - I bet nearly all people going BR have exhausted all their credit cards, had loans, robbed peter to pay paul.
I had nearly £50 of debt on cards and across two consolidation loans, and a failed IVA and I don't have a BRU/BRO.
I would put money on you being fine (if I had any!! lol)
Vicki x |
| tess121068 |
Posted - 17 June 2008 : 20:41:02
That whats bothering me Vicki.
I know I didn't take on knew debt but did exhaust what I had even though I knew i was going bankrupt.
Tess |
| m and v |
Posted - 17 June 2008 : 20:34:11
I don't think they like it very much! Bless her - if only she had been on this forum!
I suppose small loans are better than large ones for thousands but it's still been taken knowing you are going BR and that's the naughty bit.
Vicki x |
| tess121068 |
Posted - 17 June 2008 : 20:28:48
Me too Vicki
I know the ladyin front of me at court had taken out a loan to pay for BR and hadn't made any payments but don't know how this is being dealt with by OR.
Tess |
| m and v |
Posted - 17 June 2008 : 20:23:53
Hi Paddy - I know people use up all their credit before going BR and stop paying creditors to get the money together. They don't seem to get a BRU/BRO.
I personally wouldn't risk getting new credit - unless you are going to wait and not go BR for a few months. Can you wait a bit longer?
The BRU/BRO bit means the restrictions under BR are held over you for a longer period - it's the fraud prosecution bit that would scare the wotsits out of me!
Vicki x |
| paddyuk |
Posted - 17 June 2008 : 18:19:14
nope i cant lend any money off anyone, everyones biting the pillow so to speak.
ive heard some people get what they can before going bankrupt to help pay for the bankruptcy. does the OR mostly give them BRO/BRU's ? |
| m and v |
Posted - 17 June 2008 : 18:13:31
I would have thought it's still classed as using credit - especially if just before going BR. Can you borrow the money from someone or your partner get the car, rather than putting more debt in your name?
Vicki x |
| paddyuk |
Posted - 17 June 2008 : 17:54:24
someones told me that i could use my cheque guarantee card in a cheque cashing shop rather then applying for new credit this would look better on the OR ? |
| JulianDonnelly |
Posted - 17 June 2008 : 13:11:19
Hi Paddy,
As long as you have made a few since taking the loans out, you'll be fine!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| paddyuk |
Posted - 17 June 2008 : 13:05:29
im scared i might get done for fraud now, ive missed a few payments off companies etc :( |
| JulianDonnelly |
Posted - 17 June 2008 : 12:47:32
Hi Paddyuk,
As long as you've made a few payments on the loan prior to BR, you should be fine. Bear in mind that you should not give any creditors preferrential treatment, so if you pay this loan, then you'd have to pay everyone else.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| paddyuk |
Posted - 17 June 2008 : 12:45:12
what if payed the loan then for like a few months? before BR.
i think im going to end up with a BRO/BRU anyway just dont want the fraud prosecuting me.
Im just thinking its going to take me a while to save up for the bankruptcy and small car and this seems a possible solution ? |
| JulianDonnelly |
Posted - 17 June 2008 : 12:37:56
Hi Paddyuk,
If you get a loan just prior to BR, it will of course be written off. The OR can decide that you had no intention of paying the loan back, which in the worst case, could end up in a fraud prosecution (or more likely, a BRO/BRU).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
