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| xmas baby |
Posted - 28 November 2008 : 12:09:31
Would the OR look very sternly at a high spending (£8,000) over the last 6 months on credit cards, mainly due to gambling I am ashamed to say. I have overall debts of £45,000. If I declared myself bankrupt I would almost certainly be looking at a BRU/BRO I imagine. At the time I was with my partner, who actually helped me out with rent payments, etc and I was able to pay over the minimum monthly payments on my cards. Sadly, however, we have now split up and I cannot cover the repayments on the cards and loan now. Not sure what I can do, but I need to do something very soon as I can''t continue like this.
Any advice would be appreciated. Thanks
xmas baby |
| 14 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 29 November 2008 : 13:20:40
xmas baby,
sorry that should read £8000 recent debt. |
| pix1 |
Posted - 29 November 2008 : 13:19:23
xmas baby,
I am assuming you are gambling over the internet or a telephone account with one or more bookmakers. there will be a record of it if this is true and the card payments from your bank account/s will show up should the OR investigate. I think the OR will look at the ratio of debt attributable to gambling to total debt. You mention £800 of recent debt, mainly down to gambling and a total debt of £45000. i would advise as follows;
1) Try to give up gambling - at least for the time being and mkae sure your spouse, if this applies, supports you.
2) For the period of the past two years, try to find out exactly how much has really been gambled and what your net loss is.
3) Close any online accounts BEFORE you petition bankruptcy.
4) Do not gamble during your undischarged bankruptcy, particularly not online or telephone!
If you decide to go BR there is a Section 11.3 on the petition form which states;
"Have you lost any money through betting or gambling during the last two years? You need to answer 'Yes' or 'No'. It then says "If yes, how much have you lost?" and you need to put in the amount.
Obviously the lower the better but my guess is that if someone says 'No' and the OR finds out they have been putting thousands into Ladbrokes or William Hill they will be in trouble and facing a bru/bro. If they are honest and put the correct, or approximately correct figure down, they will be judged less harshly. Important: when you get your telephone interview the examiner will go through the petition line by line and you will get a chance to say something positive about any gambling losses, e.g. that they are sorry about it and that it is, luckily, not too much of their total debt (hopefully it isn't).
In my own case I put down £1550 for gambling losses. This was out of a total debt of between £35 and £70k (exact amount not fully known as waiting for a mortgage shortfall to be added in). I was worried I might bet a bru for this but got discharged without one.
Good luck.
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| movin on |
Posted - 28 November 2008 : 23:22:16
Hi Keith
Most of us on here hav and are in exactly the same position as you at one time or another. There is soooooo much support on this site and we are like a 'family' on my lowest days i have come here and been given that uplifting experience that we all need through the process. On the other side i too have given support and advice where i can. I am by no means an expert but i can explain my situation.
Take care
Jenny
xx
Onwards and Upwards is the way im going :-0)
xx |
| Needafriend |
Posted - 28 November 2008 : 18:05:09
Here here, well said Daisy :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| daisyw |
Posted - 28 November 2008 : 18:01:03
I cant advise coz we are going through the same process as you, just wanted to let you know you are not alone and it takes bravery to admit to yourself that you cannot carry on as you are and that you deserve a break and the chance of living normally and without stress. 2009 is going to be the new start. All the best. x |
| Needafriend |
Posted - 28 November 2008 : 17:13:34
Hey Keith
Rome wasn't built in a day, so take your time and get things clear for you.
It will all come good in the end i promise ;-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| xmas baby |
Posted - 28 November 2008 : 16:33:02
Hi Dazed,
Thanks for your words of encouragement. All the advice and support everyone has given has been overwhelming. I can't wait to add more positive ones on here once things fall into place. I want to start sounding positive about the future rather than full of despair and worry. With luck I will get there one way or another.
Cheers again
xmas baby |
| dazed and confused |
Posted - 28 November 2008 : 16:13:40
Hello Keith!
Hope you are ok?
Having read your post, my heart goes out to you and I can fully relate to what you are saying. I was in exactly the same position as you are in now a few months ago. When I first started to face up to my debt problems my head was all over the place, in fairness it still is a bit but I feel loads better now that I have made a decision and have a date for my BR.
I was initially looking at an IVA also and contacted many companies and almost went for it but I didn't feel I could commit to the payments for 5 years either. Like you said, I was changing my mind day to day, week to week, even hour by hour!!!
I fully understand that you just want to get it sorted one way or another, and I understand how you will feel scared and unsure about things. These past few months have probably been the worst in my life - but I feel that when I come out the other side I will feel better and stronger for the experience and will never let myself get into this mess again. Freedom!!!
I agree with you about the IVA - that was my fear too - that a few months or even years into it that it fails and then you're back at square one.
I can understand your concerns about work etc. - that really worried me too and that was one of the main reasons I tried to avoid BR - I work for a Local Authority in quite a 'public' role and was so scared of people finding out, or losing my job etc. I finally plucked up the courage a couple of weeks back to have an open and honest chat with my Boss and came clean about everything and my plan to go BR and they were fine with it - really understanding and non-judgemental. Everyone deserves a second chance.
I have just cancelled my DMP and have taken on the Services of Paul Johns from Reviva UK to help me through my BR case and to be honest I just want to get it all done now, come what may.
I too am slightly worried about how the OR will see my case, and my spending etc. but one way or another I will be free and be able to 'live' again!
Try not to be too hard on yourself.
As Jo says above, take care, keep posting on here and you will get all the help and support you need, and do what is best for you.
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| xmas baby |
Posted - 28 November 2008 : 15:48:08
What can I say... but thank you again for your kind words of support. You are right when you say that I am vearing towards bankruptcy at the moment. The thought of accounting for my actions to the OR petrifies me, but at least I will be doing something about it with the view to ending the current nightmare. At the moment, I can hardly afford to eat and only have one small meal a day (sorry don't mean to sound pitiful). So anything to help get things back to some sort of normal living is better than the present state. At least with bankruptcy, the repayments can be altered should your circumstances change, which I am sure mine will over the next few years. I am trying to keep strong and level headed and it is thanks to everyones support here that I haven't topped myself by now.
Thanks again to everyone
xmas baby |
| Needafriend |
Posted - 28 November 2008 : 15:08:43
Keith
Its my pleasure as always to be there and help where i can.
I do think that and remember this is only my opinion that you may be better taking the bankruptcy route, so what if you get a BRU, so what if its a few years, so what if the OR says you had been reckless, at the end of the day you only have one chance in life and now is your chance to take control and make a better future and a debtfree one at that.
At least if you do get a payments order they are easier to manage, you can inform the OR of any changes in circumstance and get the payments adjusted and again its for a MAX 3 years.
I think you know which road you want to take, but i do know how you feel about your job and also maybe the stigma that people feel when they hear the word BANKRUPTCY but, let me tell you that is so 1600's there is no stigma now, just someone who has held up there hands and said I CANT DO IT ANYMORE, HELP ME.
You are getting that help and support, we will all be here for you. I dont know if you have spoken to John or Paul but i will be here for you when ever you need me.
Dont be scared, its not that scary, infact i know and there is many on here that will agree it was a bit nerve racking but the first step was making that choice and then the rest just fell into place.
You take care and what ever you decide, it has to be right for you. :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| xmas baby |
Posted - 28 November 2008 : 13:46:11
Thanks for your advice and support, Jo. I can't believe how helpful everyone is on this site and yes, you are right, I am beating myself up about being in this mess I've created as I am the only one to blame, but I have learned my lesson the hard way and just want the stress and worry to end and start a new life without credit. I am even starting to think that even if I lose my job by being bankrupt, it would be easier to cope with than the stress I am going through at the moment. I don't want to throw 22 years of working for the same company down the drain, but if that's what it takes to start again, so be it.
Thanks again for all your help Jo. You're a star!
xmas baby |
| Needafriend |
Posted - 28 November 2008 : 13:26:25
hi Keith
I doubt very much that the OR would consider your spending as fraud, but as you are aware they will more than likely place a BRU on you, which when you think of it, that is not that bad.
I know that you have to make that choice, but you need to try and get a plan in your head.
I wish i could help and guide you more, but i cant.
You know we dont judge you, you are judging yourself at the moment, you know you should not have done what you did but thats the past, you must move to a brighter future and you are the only one that can decide which road to take.
Make sure you get all info on all the options and always remember we are here for you :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| xmas baby |
Posted - 28 November 2008 : 13:19:01
Hello Debtrider,
Thanks for your reply to my posting. I am currently seeking advice from several companies as to which option would be best for me, an IVA or bankruptcy. I am drifting from one to the other at the moment and although I have learnt a lot in the past few weeks, the more I delve into the options, the more unsure I become. I just want to get it sorted one way or the other, but I am truly scared which direction to take and the outcomes. I know I have to do something though. The only problem with an IVA would be keeping to the payments over such a long period of time as I live in rented accomodation and have to pay a lot to travel to work and inevitably these costs will rise year on year. I just don't want to commit to something only to find it falters 2 or 3 years down the line and I'm back to square one again. Worried about bankruptcy in case the OR sees my reckless spending as fraud too.
Help!! |
| debtrider |
Posted - 28 November 2008 : 12:51:06
Hello xmas baby
We are not here to judge anyone on this forum. We have all made mistakes and got into debt for various reason and circumstances.
I OR might not be too happy about accumulating so much debt in such a short space of time due to gambling, but the worst you should get would be a BRO/BRU.
Do you need to go bankrupt?
Have you had any expert advice?
Hope one the experts can help you with some advice
All the best
debtrider
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