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indy2005
Junior Member
458 Posts |
 Posted - 22 May 2008 : 19:20:55
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Hi,
I ran up gambling debts in 2006. We transferred a car to my wife in June 2006 worh about 5K. Wife sold it to her sister and used it for living expenses.
The car was bought on my Visa. One of which is now on a list to the creditors. I am panicking now, as I just assumed all my debts were due to gambling and so thats what I put on the SOA.
I am worried now they will see "CarCraft 6K" on the Visa statement 2-2.5 years ago and wonder where the car is and why I have tried to hide a car. The car is long gone, and so is the money. It was all pretty innocent at the time, but now I feel like a criminal.
Thanks
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 19:28:19
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Hi Indy
Don't panic - I am sure the OR only looks back at the last 12 months.
In all the bumph I got before my OR interview they just wanted the last years statements.
Have you had your interview yet?
Vicki x |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 19:34:22
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Not even got a date yet, but mind is working overtime.
I feel like a criminal, when I was just an idiot. I mean, why not sell the car and pay the credit card off! The reason it came about is that my wifes dad died and so we got access to another car for nothing. So we flogged the other car and lived off it as we were strapped.
The reason we transferred to my wife was because I was an ex-gambler and she dealt with everything at that time. I would have sold it and gambled it most likely in the same day.
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 19:43:00
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Trust me - I have done some really stupid things with money when we were up to our ears in debt!
You will find the OR just wants to know how the debt built up, they like to see it accumulated over years rather than the last few months.
You'll get your day in court and the OR interview over with and sigh the biggest sigh of relief. I did - it has been worth the hassle.
Hang in there - try not to panic - glad I can help!!
Vicki x |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 19:43:10
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Hi,
Can I ask, wouldnt they want to go back at least until the debts were incurred? If they get 12 months of my statements they will only see payments in from my debt management plan, no activity out at all since June 2006.
Regards
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 19:53:48
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I don't think they do - an expert may tell you different, but I didn't have to provide more than 12 months.
My examiner asked lots of questions about how the debt built up. i talked about how I had two debt consolidation loans, was able to mention a few large purchases but the bulk of my debt was mounting interest on the credit cards, using them to draw cash and pay other bills and using them for day to day living expenses.
Vicki x |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 20:15:21
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I was advised by an IP not to mention gambling, just to say I wasted it. I should have taken their advice because it doesnt sound like they would have gone back far enough to find out.
They didnt say lie to the trustee, just to say you wasted it (which is the truth).
Not wanting to lie, I just put spreadbetting on my SOA, and now feel I could have opened myself up to a 15 year BRO! Sometimes honesty is not the best policy. Why didnt I take their advice!! |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 20:45:09
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If you look at other posts there have been a few whose debts are down to gambling.
Look at it this way... you don't gamble now, you have taken steps to petition for your own BR - not been forced by a creditor, you have looked to make a fresh start - the OR has got to take that into account as well!
Vicki x |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 21:01:43
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I hope so.
My debts were accrued over a matter of months and 55K in one month. But that was 2 years ago. Happy days (not). Can't believe what happened to me in those few months. I had never so much put a bet on the grand national, but them someone gave me a tip on some shares. I made 8K in a week and then got greedy. Unfortunately my Grandpa died and left me 30K. I couldnt have received money at a worse time. Of course as that stared dissapearing it was too late....out came the credit cards. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 21:11:18
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Two years ago is better than two months ago surely!
Debt is so easy to get and so hard to shift!
I hope i never see another credit card, loan agreement or any other debt again. I feel I have wasted years on debt and as I hit the big 40 in September I intend to get sorted!
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 22 May 2008 : 22:17:30
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I am shocked that a fellow professional tried to lead you to be untruthful on your statement of affairs, and well done to you for presenting the right picture - however gloomy it might seem presently.
Spreadbetting is becoming more and more dangerous, as relatively inexperienced people are tempted to dabble with the commodity markets - and with on-line sites making it so easy to take your money it is even more so.
Indy, you really have to stop beating yourself up about what has happened. Nothing can be changed now but at least you have taken the responsible attitude to own up to your debts and deal with them. Life moves on, and is far more important than dwelling on things which have gone wrong. There is one think I am absolutely certain about - you will not be here again with the same problems!
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 |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 22:34:49
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Thanks,
While it was my fault, I wasnt particularly of sound mind, and I hate the fact that a credit card company lets you put 15K into a spreadbetting account without question.
Should I just forget about the car unless asked? I can just hear the question "so tell me about this car you bought in 2006"...er...I forgot about it. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 23 May 2008 : 00:00:41
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I would tell them about it - and then the decision is out of your hands and in theirs. Skeletons in the cupboard often have a nasty habit of becoming alive again - and I can tell that you are not the sort of person who wants to be constantly looking over your shoulder.
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 |
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indy2005
Junior Member
458 Posts |
Posted - 23 May 2008 : 00:55:35
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Thanks,
What if they "put it aside". I will have to stump up 5k!? I transferred to my wife as she was giving me the use of her late dads car, and she let me part exchange her Rover when I bought it (so it was more hers than mine...I paid the rest on Visa).
She sold it and then used the cash for (dont laugh) a boob job.
So I guess I had more than a beneficial interest  in these assets.
She wanted to cheer herself up after all the misery I had caused |
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Topic |
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Car
