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donter1
Starting Member
United Kingdom
3 Posts |
 Posted - 08 February 2010 : 23:25:08
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Hi,
This is my 1st post. I am about to declare myself bancrupt and I was after some advice.
This is my story in brief:
I seperated/divorced in 2005. I have 2 children from my marriage and I have 2 more children with my current partner. I have struggled financially from day one with my current partner and I/we somehow managed to run up about 25k of unsecured debts between 2005- 2008 which I was repaying with a DMP run by CCCS. I have since borrowed more money on another credit card and run up another £11k of debt on it. I've informed CCCS they are cancelling my DMP.
I have not been myself for a long time and very unhappy and moody most of the time, I love my partner and children very much but I find it so difficult to enjoy life day to day, stress, money worries etc. Over the last year I have also turned to gambling and have lost about £3-4k courtesy of my credit card which is now alsmost maxed.
The credit card has mainly been used for rent, food and petrol, but I eventualy got into a situation where you draw cash out on your card to make the minimum payments to it.
I currently live in a rented flat with my partner and 2 children. Jointly we have no big assetts except car worth 2-3K, but I have a charge on the former marital home which my ex has not yet paid me. Its worth approx £40k. I've asked her and her partner to settle for 27K but they can't. I've now advised them I intend to file for bancruptcy.
So I'm gambling, in debt and not a very nice person to be around. I am probably going to contact GA as I know I loose control and perspective of the value of money when gambling, I end up chasing my lossses and it effects me in a very negative way. I know I'm in a mess and its just mad when you read this. I would like a fresh start and to be able to enjoy my life again.
Bancruptcy seems to be an option. I could try and hide the gambling/deny it to the OR but I risk a longer bankruptcy order. I'm sure they will identify/link regular cash withdrawls as one of the signs of a gambler.
So the OR will look at my case and will probably make the following conclusions:- in debt, had DMP but broke agrrement by borrowing more knowing couldn't afford, monthly income less than monthly expendituer + gambled- not very clever.
1.Can anyone advise me what the OR will actually do with regard to the charge I have on the former marital home?
2.Should I declare the gambling? will the OR be able to spot gambling patterns when going through statements?
3.How do you think the OR will review my case- what would be the likely period of the bancruptcy?
Thanks for Reading |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 February 2010 : 06:39:08
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Hi,
1. This will be classed as an asset and the OR will want to release the full amount that you are owed. If your ex cannot pay the amount then the OR will take steps (i.e. take her to court if need be) in order to retrieve this amount. Is she can't pay this amount then she may be forced to declare BR as well. If you are owed £40k and currently have £36k then this amount could clear your BR if it is retrieved by the OR.
2. Absolutely, you need to be 100% honest with the OR. They delve very deeply into your finances so would probably find out any way.
3. The normal period is 12 months however because a part of your debt is due to gambling you may get a BRU, which will extend the BR restrictions for a few more years. It's impossible to say whether you definitely will get a BRU and, if so, for how long as this is completely up to the OR. If you mention that you haven't gambled for several months or are seeking help with the gambling (i.e. showing the OR you are actively taking steps to stop gambling) then you may not get a BRU. |
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ONK
Junior Member
135 Posts |
Posted - 09 February 2010 : 08:06:29
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| go to speak to and expert and contact Paul from Reviva uk , i reccomend him highly. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 February 2010 : 21:59:18
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Hi Donter well done for having the courage to raise all of your issues, my cybher support is with you
good luck on the path ahead
regards Richard |
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donter1
Starting Member
United Kingdom
3 Posts |
Posted - 11 February 2010 : 07:10:37
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Hi,many thanks for your advise. The consent order agreed in the divorce states my x partner has until the children finish their full time tertiary eductaion- which could include university, this means it could be another 5-6 years before she has to pay me the charge on the property. Do you think if I was made bancrupt the OR would be still take her to court and possibly make her bancrupt befor the children complete thier full time education?
Thanks
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