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sirmyser
Junior Member
United Kingdom
171 Posts |
 Posted - 31 March 2008 : 19:15:34
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| Three and a half years ago I was a single professional male earning 30k plus a year and was totally credit worthy. Long story short, I lost my father, my fiancee left for someone else and I lost my job (everyone did, factory closure). I made the idiotic move to sell my house and 'live a little' using the remaining equity from the house plus my redundancy money, about 50k, convincing myself that I would settle any outstanding unsecured loans credit cards later on. However, I became dependant on alcohol and also started the downward spiral of online gambling. Over the next few years and two more 'failed attempts' of a relationship with my ex (who helped me spend what I had left)! I was left not only skint but with full custody of my son. This was obviously a big wake up call (i had always been the main parent anyhow) so I cleaned up my act with the help of my mother who lives in Spain but has a house here. I am fit and well and my son is happy now, but when my mother and I added up all of my debts (cards/loans) they added up to the best part of 100k! Because I had lived here, there and everywhere not registering or not being there long enough to register I no longer have any contact with any of them. My mother has a house in the UK where my son and I have lived for a year, I work part time on minmum wage (£90 pw) as a single parent. I want to complete my recovery by dealing with these debts but am unsure how to proceed, as my mother and I don't want a 'torrent'of calls/letters/visits at the house where I live, and that my mother owns. This would also upset my son. I have been offered somwhere else to live, should I wait before doing anything? I don't want to break any laws, or upset anyone. I really cannot get on with my life until this is sorted. Sorry for the long story. This seems an excellent forum I do hope you can help me. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 31 March 2008 : 23:05:25
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| Sounds to me as if the £495 paid towards an application for bankruptcy would be money well spent. You will need to provide full details of your circumstances, and addresses at which you have resided to the Official Receiver, but this seems to be the best way to make a fresh start for you and your son without the burnen of unaffordable debts hanging over you. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 March 2008 : 23:25:35
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Well done for comming such a long way in such a short time - and taking responsibility for your son.
Certainy seems that Br is the right course of action for you - you may wel get a reduced fee due to your financial position ( up to 160 reduction)
If the debts are dealt with then there is no worry about people visiting because it has all been dealt with legitimately and your debts will be written off.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
Edited by - Reviva UK on 02 April 2008 07:56:16 |
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sirmyser
Junior Member
United Kingdom
171 Posts |
Posted - 31 March 2008 : 23:35:48
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| Thank you both very much. There seems to be 10 times the amount of posts here this month than last month, I take it an increasing amount of people have found themselves in similar predicaments? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 01 April 2008 : 08:39:29
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Hi Sirmyser,
We have seen great growth on the site this month which is due to experts like Paul, Melanie and Brett posting on the site and answering questions of those is difficulty.
This has encouraged more and more people to post questions on the forum.
One thing you need to be aware of is the Bankruptcy Restriction Order or Undertaking that has been the subject of a few topics last week.
Bankruptcy now carries with it an automatic discharge period of 12 months, however if the Official Receiver investigates your case and feels that your conduct in the way you incurred your debts has been dishonest or blameworthy, they will report these facts to the court and ask for a BRO to be made.
A BRO/BRU will hold you under certain restrictions for a period longer than twelve months.
The timescale will depend on the offence, however as you have a history of Gambling and Alcohol addiction you should be aware of this.
All the Best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 April 2008 : 10:12:59
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| Not sure where alcohol addiction comes into things! What impact has alcohol addiction had on cases you have dealt with Julian? It is not a bankruptcy offence to have been or to continue to be an alcoholic. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 01 April 2008 : 10:25:33
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Hi Melanie,
It would depend on the level of debt incurred by the Alcohol problem, it is not a BR offence to be an Alcoholic, but if the conduct in their spending habits reflects badly, due to the Alcohol problem, then this could be grounds for a BRO/BRU.
Alcohol and gambling are both addictions and from what I have seen dealt with in a similar fashion.
The OR likes to see what program the debtor has been through for their recovery.
As with all cases it is dependent on the examiner and OR looking into the case, but I have heard of BRO's being given in
Gambling, Alcohol & Drug related cases and thought I should make Sirmyser aware of this!
All the best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 April 2008 : 23:33:51
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Just to clarify that you are making the point about irresponsible borrowing, rather than what those borrowings were spent on?
Irresponsible borrowing, regardless as to the nature of the expenditure incurred, may well be grounds for a BRU or BRO - but alchohol abuse is not, and a history of alcohol addiction referred to in your first post would simply not be solid grounds for a restriction. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 April 2008 : 09:05:03
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Morning Melanie,
Yes I was making the point regarding irresponsible borrowing, however where there is a history of gambling etc the examiner tends to take a deeper look into the spending habits of the Bankrupt and although alcoholism or gambling is not an offence the addiction itself can and invariably does lead to irresponsible borrowing.
I do however accept that different examiners view things very differently.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 April 2008 : 16:31:07
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Hi Sirmyser, I can't add anything to what the Melanie, Julian and Paul have already said, but I just wanted to congratulate you on turning your life around and wish you and your son all the luck in the world for the future.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of. |
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Road(s) to recovery
