| T O P I C R E V I E W |
| m88 |
Posted - 07 May 2009 : 14:23:38
i am already paying agreed amounts with cc firms ,but have one card i havent used with 500 pound limit ,do i have to declare this ,and if not if i use it in the future will this be frowned upon |
| 6 L A T E S T R E P L I E S (Newest First) |
| m88 |
Posted - 08 May 2009 : 06:14:45
thank-you
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| John |
Posted - 07 May 2009 : 19:51:35
Hi
I'm afraid you haven't as you must disclose your possession of this card and give it up as to use it at all will extend your debt in bankruptcy which is not permitted unless the application was also made in bankruptcy.
Look at the same situ if you had a £25,000 credit line on this card currently unused and you were decalring bankruptcy for a sum of £20K.
I'm sure that logic tells you that to be permitted to retain the card in that circumstance would be somewhat bizarre.
Unfortunately the principle applies whatever the credit line amount, or the extent of your debts.
John White
England Jackman & Spacey |
| m88 |
Posted - 07 May 2009 : 16:23:37
The reason i am going bankrupt is my business couldnt survive and have got debts through that, not through credit card debts alone ,and not planning on using card ,but if i am allowed up to 500 pounds credit without telling someone im BR might as well have it on this card just in case of an emergency ,i can assure you ive lost house and everything so wont be going into debt again in a hurry,but nice to know ive got 500 pounds if something drastic happens.
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| gettingoutofdebt |
Posted - 07 May 2009 : 15:54:26
Ok, if there is no credit on the card then you should still be able to use and not declare it on the BR forms. If you use it for more than £500 you will need to declare your status to the company.
I must admit to being a bit perplexed as to why someone who is declaring themselves BR would want to use a credit card in the near future. Isn't credit card debt one of the reasons you are declaring BR?
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| m88 |
Posted - 07 May 2009 : 15:01:59
thanks for reply,but if i dont have any debt with this company and allowed up to 500 credit before i tell anyone im BR why do i have to declare it ,its not a DEBT
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| gettingoutofdebt |
Posted - 07 May 2009 : 14:32:30
You will need to declare all of your credit cards and should stop using them. It will definitely be frowned upon if you use the card after declaring yourself BR and don't declare it during your BR. |
