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| Chris80 |
Posted - 10 September 2008 : 13:32:03
Hi, I am in alot of debt I ran up unsecured debts over the last five years due to gambling, living outside my means and moving out of home. in january 2007 i started an iva but the payments that they came up with were still in my opinion to high and just left me short every month.
During this time i have managed to run up new debts due to gambling and the cost of living and havnt paid my iva for nearly a year.
will i be in serious trouble for this and whats my best course of action, please help!!
ps i am now getting help with the gambling problem. |
| 2 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 10 September 2008 : 13:56:45
Hi Chris
I would contact your IP and request a Certificate of Termination as your IVA has failed.
You will need this if you should wish to declare your own bankruptcy.
If the creditors are hounding you bankruptcy is probably the best way forward. If they're not I would do nothing for now until they are.
If you do eventually declare bankruptcy the gambling will count against you and you will likely get a BRU/BRO.
A Bankruptcy Restriction Undertaking or BAnkruptcy Restriction Order will mean the restrictions of bankruptcy will apply to you for the full period of the BRU/BRO and not the usual 12 months.
BRU's/BRO's can last up to a maximum of 15 years.
The restrictions are that you cannot be a director of a limited company, a barrister, a solicitor with your own practise (but you can be an employed solicitor), an estate agent with your own agency (but you can be employed by an agency) , an MP or a church warden
Also you are not allowed to attempt to obtain more than £500 in credit without disclosing to the potential lender that you are an undischarged bankrupt.
Pretty much that's it.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Suzanne |
Posted - 10 September 2008 : 13:54:47
Hi Chris80, and welcome to the forum
Depending on the amounts involved you will probably be subject to a BRU/BRO for obtaining credit with knowledge of insolvency and with no reasonable means of repayment.
The fact that you are getting help with the gambling problem will help, but is unlikely to get you off the hook completely.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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