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sott1967
New Member
United Kingdom
67 Posts |
 Posted - 14 February 2009 : 11:16:13
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Hi all,
I am going to declare bankrupt soon, can someone tell me how important it is to have made 3 payments on credit cards before doing this, i have done on two cards and a bank loan but on one card i have only made 1 payment and the oyher (halifax) none at all and if you know my story you will know a lot (about 80%)of my 35k debt is down to my stupid gambling addiction and very recent as well (last 2 months) just wondering how important it will be.
Thanks
Scott |
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John
New Member
United Kingdom
73 Posts |
Posted - 14 February 2009 : 11:21:36
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Hi
technically you can be charged with fraud which is whole different ball game than the BRU/BRO you will no doubt face due to the gambling. The decision to prosecute is not necessarily the OR's.
The Halifax, once notified of your bankruptcy, could instigate proceedings if they so wished.
I would strongly recommend you make payments before BR.
timendi causa est nescire
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 14 February 2009 : 11:31:50
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Thanks John,
Wow thats scary, how many payments do you think i should try and make to avoid any fraud case.
Scott |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 14 February 2009 : 11:39:50
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i getting really worried now just how common is it for halifax etc to issue procedings my debt to them is 10k. I got a bit confused though i have actually had the card with them over 1 year and have always made payments however i had not used the card for last 4 months until recently when used it to gamble and lost the 10k
any advice would be greatly appreciated as my gambling days are well and truly done now iam attending GA and receiving counselling.
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John
New Member
United Kingdom
73 Posts |
Posted - 14 February 2009 : 11:47:00
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Hi
I'm afraid I have no insight as to the likelihood of the Halifax internal policies regarding prosecution.
If the card is old, was previously maintained correctly, then £10K used in a very short space of time, this is a different picture to one where new borrowings have been taken out then no repayments made which is what I read into your previous post.
I doubt the fraud side would raise it's head in that scenario but it will certainly add to your BRU/BRO woes on top of the gambling.
That said if the terms of a BRU/BRO do not phase you in any way then no problem.
timendi causa est nescire
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 14 February 2009 : 12:32:59
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John,
As usual very helpful thank you.
Am i right in thinking on the new cards i would need to have made 3 payments to avoid any prosecutions ??
Thanks
scott |
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coxy
New Member
United Kingdom
63 Posts |
Posted - 14 February 2009 : 13:18:51
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HI SCOTT
I reckon the counselling prior to declaring br will go in your favour,Suppose a lot depends on how sympathetic your OR is to your circumstances.
I Have just been asked to provide statements for last 2 years concerning gambling on the internet my total losses were £800 i didnt think it was that big a deal, i know people who have lost more on the lottery in the last 2 years, suppose the difference is they have not gone br. |
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John
New Member
United Kingdom
73 Posts |
Posted - 14 February 2009 : 14:00:33
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Hi Scott
yes, with a new card you would need to make 3 payments and have reason to suggest that it was not your intention to later declare bankruptcy when you first applied for the cards.
timendi causa est nescire
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 14 February 2009 : 14:52:41
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John,
do you mean to avoid prosecution i would need 3 payments and a reason dont quite follow you sorry ?? |
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pix1
Average Member
689 Posts |
Posted - 14 February 2009 : 15:27:41
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I will stick my neck out and say that you would be unlikely to be charged with fraud even if you do not make any payments on a newly acquired credit card. Chances are it would simply be another possible reason - alongside the gambling losses - that you might be in line for a BRO/BRU. It may depend on the credit limits on the cards. Can you hold out for say 3 months and make token payments on the cards?
By the way, please search the IS website for BRU's and BRO's. See this link;
http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htm
Just put in a random name like Smith or Jones and see what comes up for gambling and fraud. |
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pix1
Average Member
689 Posts |
Posted - 14 February 2009 : 15:34:57
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If you have any money left over from the personal injury claim could you use this to make a couple of payments on the credit cards?
By the way, make sure you list the personal injury payout because it might well surface in the future and the OR would take a dim view.
AS to BRU/BRO please note that the OR looks more favourably on people who are completely upfront than anyone who keeps back information. Obviously you will be upfront and I am just saying this so that you can get the best outcome possible.
Remember, Bankruptcy stays on your crdit file for 6 years and so your ability to gain credit could be impaired for up to 6 years. Possibly more but I hope that is not generally the case.
Therefore, if you did get a bru/bro and it was for say 2 to 5 years it may not really affect you too much. It is more likely to be longer than 6 years if the OR does not get the full picture.
One last thing: in terms of whether or not you could be charged with fraud this would also depend on if you filled out all the application forms correctly. If so, then being charged will be that much more unlikely.
Good luck. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 February 2009 : 14:10:35
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I agree with Pix1 - I think it's unlikely that you would be charged with fraud if you didn't make any payments, especially at the moment when people's circumstances are changing daily.
That is just my opinion though.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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3 payments
