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Almost there
Junior Member
United Kingdom
288 Posts |
 Posted - 10 January 2009 : 12:02:09
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I am planning on BR later this month and am now very worried. My friend's son has just done it and had his interview yesterday, he was asked if he drew cash payments out of credit cards, bought any TV's or white goods in the last year and where did he think all the money went, he has not used credit for over a year now so he will be OK and there is no problem, as for me I am really worried now and shall probably worry all weekend, I have done all of those things that the OR asked my friend's son in the last year, and more, so I am thinking now I will be prosecuted. I have bought a washing machine (last one was 14 years old), a TV, new gas fire amongst other things, I have also drawn money from my credit cards, I have had to do it to live. I am dreading the interagation now, how on earth do I explain all the spendings, most of which have been in the last year, will they look on it as reckless? I can't eat or sleep now and these visions of prison keep coming back to haunt me.
Sandie
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 January 2009 : 16:20:01
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Hi Sandie,
The first thing to do is not to panic. There are three equally important aspects to a succesful BR:
1. Paperwork
2. Your story
3. Timing
The OR knows only too well that just about everyone will exhaust all available credit before throwing in the towel and declaring yourself BR.
How recently were you using credit and how much did you spend? The worst case scenario would be to delay your BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2009 : 16:36:12
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I really believe that explaining at length what has happened and how will make a huge difference.
If you have - for example - suffered bereavements , job losses, etc etc - then it is perfectly normal to be depressed and down. During periods like these people turn to different kinds of support.
Some people turn to alcohol, gambling, travel, new relationships, move house and some people spend.
provided that your paperwork reflects acurately what has happened and how thenit will help the OF understand your situation before making any judgements.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Almost there
Junior Member
United Kingdom
288 Posts |
Posted - 10 January 2009 : 16:58:46
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| Thank you for your replies. I really don't want to delay BR, I have had enough and want to get on with it. I don't want to live like this any longer. Yes I have had the bereavement etc. and I would probably put that down to the excessive spending. No excuse I know but how will the OR view this? H/She is going to take a dim view. In answer to you question Julian, I was spending on the credit cards up until Xmas, My debts, which I thought were about £30,000 are actually over £40,000, I probably spent about £20,000 last year. but there was no other money available to me. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 January 2009 : 17:07:52
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Hi Sandie,
I know you've had a tough time and want to put things behind you as soon as possible, but I think that BR is premature at present and going BR know will probably result in a BRU/BRO. I'm not advocating delaying things long term, but I believe a delay of 1-3 months would be in order to put your ducks in a row and get your BR structured correctly. For example, spending up until Christmas and then immediately going BR doesn't look good. However, putting a bit of distance between the spending and the BR (and making one or two token payments back) would make things look a lot better.
If you are unsure how to proceed, please feel free to give me a call personally on the helpline and I'd be delighted to help you.
As someone who has gone through BR, I appreciate that once the decision is made, you just want to get on with it. However, experience tells me that you need to have the BR structured correctly in order to avoid some nasty pitfalls.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
Edited by - JulianDonnelly on 11 January 2009 15:08:15 |
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les2258
Starting Member
18 Posts |
Posted - 10 January 2009 : 19:21:53
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Hi Sandie
I am in the same situation as you, I spend right up till christmas on cards, I know how you feel wanting to get it over and done with but I have taken the advice of the experts and decided to wait a couple of months. I'm going to offer the creditors token payments to try buy a bit of time. I guess like me you are scared of the bailifs and debt collecters calling and it's your choice when to go BR but please don't be too hasty.
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leahk
Junior Member
117 Posts |
Posted - 21 January 2009 : 15:56:39
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I know this is not the most recent of postings to answer but the person in question sounds like its me to a T!
I was planning to file BR middle of next month but after reading this maybe I should wait. I too was spending right up to Christmas. 
I don't think I really acknowledged the amount of debt I'm in until recently and as soon as I did I gathered as much advice as I could. Every single advisor said to declare BR was my only option, so typically of me I wanted to get it sorted like yesterday!
I have struggled with payments for months now - going without essentials for the family to cover payments etc but when I made the decision I stopped paying the CC bills.
Should I pay at least a nominal amount to each company until I'm ready to proceed? I don't want anyone to think I'm trying to avoid my debts but the realization hit me like a sledgehammer and as I said before once the decision was made I wanted it done asap.
Any advice would be greatly appreciated. At the moment I am one mixed-up momma
x
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 25 January 2009 : 14:52:41
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Hi Leahk,
Making at least token payments to your creditors before you go BR is generally a good idea. The creditors will recognise that you are making every effort and so are likely to give you an easier time (phone calls, letters etc).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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I am worried now
