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| T O P I C R E V I E W |
| dazed and confused |
Posted - 12 October 2008 : 20:39:14
Dear Forum
I am concerned that I may get a BRU / BRO. I am currently in a DMP but will be going BR soon.
The 3 things which I am most worried about are:
1. Back in April / May time, which was when I first fully realised my debts were out of control and I was really struggling to make all the minimum payments, and before BR was on my mind I must add, I transferred £1,250 onto my Egg Credit Card (there was a good interest rate offer on with Egg) to try and pay off some of my overdraft with HSBC as I was getting stung quite badly on the overdraft every month. I then transferred most of that money again onto a new RBS Basic Account and this money has since gone - some of it on living costs, some on car repairs, and the rest I don't know???
2. On advice from various companies etc. I only paid my Creditors token payments of £1 each for 3 months whilst I sought advice and tried to make up my mind what to do (I am very slow to come to a decision!!!) - I was originally going to go for an IVA, then I thought BR, and eventually entered into a DMP (it's a long story!!!) - anyway, during these 3 months I bought a plane ticket to Canada for £500, which I have subsequently lost due to Zoom Airlines going bump.
3. Some of the I & E in my DMP is incorrect, as set by the DMP provider, which leaves me with a surplus of DI after paying £407.55 into the DMP. Should I correct these I & E to be true to what I really spend before going BR?
Will I get into trouble for the above?
Thanks in advance... |
| 4 L A T E S T R E P L I E S (Newest First) |
| dazed and confused |
Posted - 12 October 2008 : 23:29:11
Hi C!
I am good cheers. Hope you are well too.
Thanks for your message and reassurance! I am sure a lot of people have strange movements and transfers of money in the months leading up to a BR / DMP / IVA.
Yeah the flight was an error. I was in a bit of a panic at the time and had the money and just bought it for my year away. I did not even know at the time about all the implications.
I will be speaking to my DMP provider about adjusting my I & E's.
Goodnight C! |
| BankruptC |
Posted - 12 October 2008 : 22:27:11
Hi Rich,
I did something similar to what you did in your first point and it has not been flagged up as being a problem by the OR.
As eamonn said, the OR may comment unfavourably about the plane ticket, but I doubt there's much they can or will do about it now.
I agree you should change your I&E. If not, they could well try to impose the same expenses in BR, saying you must've been managing before (I've heard of this happening before).
Hope you're well.
C. x |
| dazed and confused |
Posted - 12 October 2008 : 21:12:00
Hi Eamonn
Thanks for your reply!
1. No I didn't pay off the Overdraft. Soon after doing the balance transfer I then opened a new Basic Bank Account amd transferred about £1,000 of the £1,250 into the new Bank Account. At that time I thought I was going to enter into an IVA and thought I would keep that money as a contingency fund and to live off.
2. The plane ticket was bought at a time when I was still not really thinking about BR and was thinking about IVA / DMP. My head was a bit all over the place at that point and looking back it was a foolish thing to do.
3. Yes I agree - I think I should definitely adjust all my I & E in the DMP now that I am certain I am going to have to go BR.
Thanks again! |
| eamonn |
Posted - 12 October 2008 : 20:50:27
hi dazed
in your point 1 did you actually pay off your overdraft if so it was basically a consolidation loan and most people seem to have those,so i would not worry to much about that
in your point 2 the or may not be happy that you spent £500 on a plane ticket but he may not think the amount is enough to worry to much about, i suppose it depends on the or
point 3 i would correct all your i&e on your soa as this may help in the or's opinion of your intensions(if he found your i&e'swere incorrect he may think some of the other thing's were more important ) i hope this helps |
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