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mitsu8
Junior Member
272 Posts |
 Posted - 14 June 2009 : 23:14:07
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| hi been on a debt management which has failed and now going br.while in debt management my wages dropped and been struggling.i had a marbles card that i have had to use to get by and this has 4000 on it using for shopping and car repairs/tax and some tax owed to inland revenue.i will be br in few weeks and worried about interview with using this card .i ahave also made the minimum payment for last 2 mths.any advice please |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 June 2009 : 08:31:19
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The OR will definitely question the fact that you took out a credit card when on a DMP. When you are on a DMP you normally have to give 100% of your DI to your creditors so the OR will want to know how you planned to pay the credit card debt. If the OR believes that you didn't have any intention of paying the debt or took out the card when you knew you were going to declare BR then they may impose a BRU.
It may also depend on what you did when your wages dropped. Did you contact the DMP company/creditors and try to negotiate a lower monthly repayment?
It's not really worth worrying about the card as there is nothing you can do about it now but just make sure that you have all of the details about your financial situation at the time i.e. what you used the card for, why you had to use it, whether you contacted the DMP company/creditors to see if you could take a payment break for a month, etc. |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 15 June 2009 : 13:18:34
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HI
Couldnt you continue the DMP at a lower rate and incorporate the credit card.
Depending on your level of debt the OR will definitely see the credit card as wreckless spending and may attach a BRU/O onto you.
If you could continue the DMP for another 6 months or even go with another dmp provider for 6 months who charge a lower rate such as Brightoak, andnot use any credit cards, this may look favourable.
Best of luck
Stu J Byron |
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mitsu8
Junior Member
272 Posts |
Posted - 15 June 2009 : 18:00:35
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| hi thanks for replies.i did already have the card which i had for years,it just had no balance on it.i know it doesnt look good but when you have no money at all i had no option but to use it.i should of cut the card up a long time ago |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 15 June 2009 : 18:38:19
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Hi I understand wher you are coming from, but the faact that you are in a DMP states that you are struggling and to use a card, after agreeing not too isnt good.
Couldnt you do a DMP for say £100 a month with another company for 6 moonths this would look more favourable.
Or do you not have any disposable income left
Stu J Byron |
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mitsu8
Junior Member
272 Posts |
Posted - 15 June 2009 : 18:45:55
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| hi no we have no disposable income now.i was only on debt management 2 mths but just cant afford it.i need to start again and br is my only option.wife is on jobseekers and my money gone down by over half.i didnt want to use the card but will take what they give me.all i know is never again will i have or want credit.how long could a bru/o last anyway thanks |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 15 June 2009 : 19:13:50
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Hi
How much do you have saved for the fees for BR, and how much of the debt is your wifes and yours.
I would , if it was me, ask a bankruptcy specialist to help with the petition so that they can assess and use professional judgement regarding the credit card, in an effort to stop a BRU/O
BRU/Os can last upto 15 years.
Paul Johns from reviva uk is a good gentleman and an honest and ethical company that would be able to help you, he posts on this forum, another person that you wish to contact is David Mond, im not sure if he does Bankruptcy assitance but he provided me with sound advice prior to my bankruptcy, he posts on the IVA.Co.uk site. A third person who is excellent is Viki Warbrooke she posts on the IVA.co.uk site too, not sure if she posts on here too.
If the debt is mostly your wifes and not in joint names and it is less than 15k then a Debt Relief Order may be appropriate.
Post back some more details, and google Reviva UK for Paul Johns and ClearDebt for David Mond. Or Vincent Bond for Viki
Best of Luck
Stu J Byron |
Edited by - sjbyron on 15 June 2009 19:51:29 |
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hi been on a debt management which has failed
