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confused01
Starting Member
United Kingdom
11 Posts |
 Posted - 05 April 2011 : 15:54:10
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| I am really starting to worry that if we go down the bankruptcy route we will be asked what we took loans out for or credit cards. I honestly have no idea. We haven't used a credit card or had any form of credit since June 2009 as we have been in an IVA and before that well it was mainly paying for food, topping up our income etc and some of it was taken out about 8 years ago when my husband lost his job twice, two lots of maternity leave. What are they expecting me to know? This part is really scaring me and putting me off going down this route. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 April 2011 : 16:08:13
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Hi confused,
the only thing the OR would take interest in is anything taken out in the last 3 years, anything over that is regarded as stale in bankruptcy terms, so 8 years ago I wouldn't worry too much about it. You've already said it was to top income up, and day to day living expenses due to unemployment between jobs, that is pretty much the main reason a lot of people become insolvent.
Just try to make sure you have any statements for the past year for any accounts, although I doknow from people I interviewed that a common thing was to destroy them, as they were just reminders of the situation they were in, so again don't worry too much if you haven't got them.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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confused01
Starting Member
United Kingdom
11 Posts |
Posted - 05 April 2011 : 16:29:13
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| Thank you very much. Do you mean bank statements for the last year 2010/2011 as we don't have statements for anything else as we have been in an IVA? We got a sofa from DFS at the end of 2008, will we get in trouble for that? What can you get in trouble for and what will they do to you? If you have spent money when you probably shouldn't have cos you were burying your head in the sand are they going to do something to you. We took our heads out of the sand and faced up to the trouble we were in, in June 2009, 4 months after my daughter was born and haven't used credit since. I am just worried I am going to end up in prison or something awful happening to me for spending money when I shouldn't have done. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 April 2011 : 17:22:33
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Hi confused01,
Please don't worry, unless you've committed fraud or a crime, which you haven't, then you won't go to jail for being in debt.
It sounds like you did exactly what we all do and use credit to live on, just be honest and put on your forms what you remember.
We're all here for you on the forum for support.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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ddonna
New Member
89 Posts |
Posted - 05 April 2011 : 21:39:34
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Hi i was in a similar situation and honestly i worried myself sick as we used credit cards ,catalogue's loans etc to just help us get by.That was the only way we could manage.I have now been BR since Nov 2010 and i know exactly how you are feeling as i was the same,had simlar questions and worries (ASK VIKI W!!!)Your not the first and certainly wont be the last to use credit to get by,sometimes we have no choice !
Just try to stay positive as nothing is as bad as it seems ...before i declared myself BR i could never see a light at the end of the tunnel but now things are getting better and im a different person.
Whatever you choose to do good luck x
quote:
Originally posted by confused01
I am really starting to worry that if we go down the bankruptcy route we will be asked what we took loans out for or credit cards. I honestly have no idea. We haven't used a credit card or had any form of credit since June 2009 as we have been in an IVA and before that well it was mainly paying for food, topping up our income etc and some of it was taken out about 8 years ago when my husband lost his job twice, two lots of maternity leave. What are they expecting me to know? This part is really scaring me and putting me off going down this route.
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Edited by - ddonna on 05 April 2011 21:49:18 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 05 April 2011 : 21:50:49
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good posting DDonna
great to read that you are still around and things are getting better
Good Luck Richard,
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 April 2011 : 23:51:20
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Hi confused,
from what you've said you won't go to prison, being in debt isn't a crime, you've done exactly the same as others, used it to get by in difficult situations, the OR(or examiner who interviews you) won't raise any eyebrows over it!
If you can't remember just be honest and say so, you will get credit for doing something in 2009 when you stopped using credit, so please don't worry, it does seem daunting, but after the OR telephone interview you'll wonder what all the worry was for!
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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glafy
forum expert
436 Posts |
Posted - 06 April 2011 : 06:55:26
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Hi confused.
Great posts from all the others. You have done exactly the same as so many others before you. You have been trying to survive when in debt, that is all. Explain all this to the OR, they are only human and will understand.
Good Luck with everything and keep posting any questions, worries etc, the experts are here to help.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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confused01
Starting Member
United Kingdom
11 Posts |
Posted - 06 April 2011 : 07:43:22
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| thank you all so much, i don't know what i would do without this site. Another question. We have found a house to rent and have all of the forms to put forward to the estate agent ready. I am having a conversation with my boss today regarding my resignationand being signed off with depression, depending on how that goes and if I am going to be without a job our plan is to submit the forms to the estate agent. We have to pay £240 to see if we will be accepted. Our idea is that if we do get accepted we go through with the bankruptcy and move out before hand. The house would be ready mid May for us to move in. This would mean by then we would have missed two iva payments and one mortgage payment. We would then move in on my husbands pay day and pay the rent payment and not the mortgage and then we would fail 3 iva payments 2 weeks later by beginning of June and our plan is to then file for bankruptcy. Is this too soon to expect to get something from our iva company to say we have failed? Our other option is that my boss offers me something i should try and we don't do anything apart from concentrate on me getting better and keep up with all payments. The third option is I still don't have a job and we fail to get the rental house so we continue to pay the mortgage and go bankrupt here. Does this sound about right? if we are going to move out i don't want to let this house go as the estate agent is quite hopefully about the iva and understanding plus the house is near my son's school and would be perfect. |
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ddonna
New Member
89 Posts |
Posted - 06 April 2011 : 10:19:59
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Thanks Richard,things are going well i submitted another I&E and hopefully i will get my ED before June !!!quote:
Originally posted by Richard P
good posting DDonna
great to read that you are still around and things are getting better
Good Luck Richard,
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Can't remember
