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Trolly-Dolly
Average Member
591 Posts |
 Posted - 17 August 2008 : 10:36:50
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Morning,
This seems to be cropping up a fair bit lately.
We have not spent on 'credit' since May, but that is also the month that we stopped paying creditors. Going BR in 9 days. All debt accrued in 2 years.
Chances or a BRU?
Ta!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 17 August 2008 : 10:56:38
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Hi DM
yet again it's one of those questions difficult to give a straight answer to.
All depends on how recent, how much, spent on what etc.
If the spending was on yourself and not essentials then providing it was not too high I think 3 mths from the spend to BR would be ok.
I say this as if you took out new credit and did not make at least 3 months payments before defaulting this could be considered fraudulent.
That said, a £5K loan taken out with 3 payments made prior to BR would still be frowned upon due the amount and the timespan.Over 6 months from spend to Br in this case may be ok.
If it's small or medium spending and it's essential and less than 3 months from spend to BR this still may be ok.
Based purely on your post and as I believe your most recent spend to have been on general living expenses (essentials), I would still say BRU is unlikely.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 17 August 2008 : 22:23:52
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Hi John,
Thanks for response.
In approx April we purchased a laptop (we had no PC and I need one for work). We got it for £399 from Freemans (I have had an account for about 2 years but the balance was £0).
It was at this time that I also got a new credit card (egg) with a balance of £1250. I needed this card just to live, evrything on it is shopping, petrol, bills or cash (the cash was then paid into bank-statements match up) to cover DD's.
The following month when the egg was maxed I sat in despair, no more credit. I then decided that I needed to do soemthing and that is when I found the IVA site. I thought I should pay the above 2 back as they were so recent and then enter an IVA with the remaining debt. However I soon found out that this was not allowed. Then that we could not afford an IVA, hence why we are now asking for BR.
I know the OR will frown, but I dont know what else I was supposed to do. keep living on credit and rack up more debts? Or nip it in the bud now at joint debts of £24,000?
Now what are my chances of a BRU?
Oh help!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 August 2008 : 10:53:29
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Hi DM
as you say, what else were you supposed to do.
It's 4 months ago and all on essentials.
I'm sure you'll be fine.
I hope you enjoy tomorrow.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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What is classed as recent spending?
