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rob111
Starting Member
11 Posts |
 Posted - 12 March 2009 : 18:05:56
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| i am looking at bankruptcy but i obtained credit cards by saying i was working when i was not. if i decide to finally go bankrupt will the reciever find out and is this fraud |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 March 2009 : 20:24:31
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Hi
the OR will find out as you must disclose the dates you last worked, the date you began your current employ and the dates you acquired each of your credit cards.
It may rebound on you, it may not. It will depend entirely on the judgement of the examiner looking into your case and how much borrowing is involved.
Technically, acquiring credit with no means to pay is fraud but it is very rare for the lender to pursue any action against you. The OR would not do so but may decide that a Bankruptcy Restriction Order is appropriate which extends the term under which you must live within the restrictions of bankruptcy.
John White
England Jackman & Spacey |
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rob111
Starting Member
11 Posts |
Posted - 12 March 2009 : 20:31:36
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thank you, deep down i did realise this. the amount is in excess of £30,000 which includes finance on a motorcycle which was repossesed and an overdrawn bank account. would you advise bankruptcy. i live at a different address now but i need to get this over with and stop worrying and get on with my life. also i have not worked for the past 15 years because of disability.
thanks for taking the time to answer. |
Edited by - rob111 on 12 March 2009 20:33:16 |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 March 2009 : 20:48:49
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Hi
as you live on a relatively low income through benefits due to your disability I see no other way for you to draw a line under your debts than to petition for bankruptcy.
If you acquire a BRU it will only last for a few extra years than the standard 1 year. In any case it will mean you cannot hold certain public office or be a director of a limited company or be a solicitor and estate agent or a licensee and you cannot borrow more than £500 unless you inform the lender that you are under a BRU.
If none of these points affect you then you've nothing to lose unless you have assets such as equity in your own property or a valuable car etc.
John White
England Jackman & Spacey |
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rob111
Starting Member
11 Posts |
Posted - 12 March 2009 : 20:54:20
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thanks, i have no assets. i was just worried about the credit card part of this.
i will bite the bullet and do it as soon as i can raise the fees.
also could i go to cab for them to help me with the forms, they look like a nightmare to fill in. |
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rob111
Starting Member
11 Posts |
Posted - 12 March 2009 : 21:02:15
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| is there a likelyhood of a custodial sentence because of the credit cards ? |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 March 2009 : 21:12:22
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Hi
I'm sure you should dismiss any thoughts of custodial sentences. In my view we'd need to be talking in much larger numbers for that.
The forms are really not that difficult but then I deal with them every working day.
I do believe that this forum will, a step at a time, be able to give you all the assistance you need to complete them.
If you stick with it on here your understanding of the bankruptcy process will in time probably exceed that of the individual you are likely to speak to at the CAB.
John White
England Jackman & Spacey |
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rob111
Starting Member
11 Posts |
Posted - 12 March 2009 : 21:17:36
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this is an amazing forum, so willing to help.
it will take me a few months to save the fees as i have to pay my ex wife some money she lent me. i have to pay her back because we are good solid friends still.
i will certainly stay looking at the forum and when i am ready, pick your brains again.
the other thing is i have no exact amounts because some were forwaded to creditors. but i do have old letters they sent me. |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 March 2009 : 22:14:12
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Hi
the monies you are planning to repay to your wife are what is known as preferential.
Within the Statement of Affairs which you must complete before appearing in court it asks if at any time in the last 2 years you have repaid a debt knowing that this act would benefit that creditor over other creditors prior to bankruptcy - preferential treatment.
If the OR is made aware of this he has the power, and will use it if they can, to recover these repaid monies from the recepient creditor.
Regarding your creditors - an approximation of each debt level is acceptable, it's more important to ensure that all debts are listed in some way, the finer detail can be determined later.
John White
England Jackman & Spacey |
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rob111
Starting Member
11 Posts |
Posted - 13 March 2009 : 09:43:03
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i printed out a form from experian to get a credit report. but i have to give them my present address. i am worried that experian will pass on the address i am living at now to debt recovery firms.
do they actually do this, i am not ready to go bankrupt just yet so is it better for me to wait and send the form when i am ready.
sorry for so many questions. |
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John
New Member
United Kingdom
73 Posts |
Posted - 13 March 2009 : 11:57:15
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Hi
there may well be exchange of information between the credit reference agencies and the creditors so I would wait until nearer the time.
John White
England Jackman & Spacey |
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rob111
Starting Member
11 Posts |
Posted - 13 March 2009 : 11:58:32
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| thank you |
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rob111
Starting Member
11 Posts |
Posted - 18 March 2009 : 16:07:32
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just one more thing, i sold my motorbike 3 weeks ago. i only got £450, what happens with that because the guy i sold it to has not picked it up.
if i kept it would the or take it off me, i think the book value is around £800 but it's not in good condition. |
Edited by - rob111 on 18 March 2009 17:44:28 |
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xmas baby
Average Member
537 Posts |
Posted - 18 March 2009 : 16:13:29
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Hello Rob,
I too found the form a bit scary at first, but after asking for lots of help on this forum I managed to fill them all out. Not sure how I would have coped without everyone's help on here. I'm sure you'll get through this with no problems. If I can do it, anyone can.
Good luck
xmas baby |
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rob111
Starting Member
11 Posts |
Posted - 23 March 2009 : 06:55:16
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| update to my last question. the buyer does not want my motorbike so i still have it. is there any way that i could keep this after declaring br. it's worth less than £1000 |
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Topic |
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i am looking at bankruptcy
