We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Been very stupid - will I go to jail?
Options
Comments
-
Terrified77 wrote: »What will happen to me if I take this course of action? What questions will the bankruptcy people ask me? Will I end up going to jail for fraud? I'm so scared.
Hi, terrified - and a very warm welcome to 'Bankruptcy and Living With It'.
You have been given some very good advice, but I can fully understand your worries, so let me add my twopenceworth:
After reading your post, I would quite honestly doubt whether the Official Receiver would class your 'loan' as fraudulent - ill advised, maybe, but intentionally fraudulent - no.
In my opinion, the worst case scenario, if you decide to choose bankruptcy, is that you could (not will) receive a BRO (Bankruptcy Restriction Order) which will increase your 'Bankruptcy Period' from the normal 12 months, to up to five years, before you are discharged from the restrictions that bankruptcy places on you.
We are, none of us, perfect, and most of us, here, have made mistakes with money - but that's all they are - mistakes.
It is, after all, only money that we are talking about - your life is worth a lot more than just money.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
The choice to take 110% was yours.. so you can't blame them. I see where the loan comes from now. If you bought it jointly he is jointly responsible for the debt also.
How was his character? Did you know him well? Some people are right tits leaving their responsibilities. If it is a joint mortgage it needs to be amended because he is respondible just as you are... it is his house as well as yours.0 -
Hi you have already received some very good advice and I am sure you will get much more advice but I just wanted to say hi and welcome.
Please continue to come here, take the advice, use this thread to take control of things and also make some virtual friends so you don't feel so alone with this. The people on here are amazing and if you stick around you will find that out for yourself.
Good luck with everything, try not to focus on the mistakes try to focus on learning from them and putting them right. As you take control of this your confidence and self esteem will grow because as you sort this you will realsie you are capable of anything if you get the right advice, support and keep coming on here for the motivation and support.
Good luck again x0 -
Well done for taking your first steps! I only took mine this week and everyone here has been amazing!
Finally plucked up the courage to call National Debtline yesterday and they were fantastic. They advised br (I knew they would) and now am starting to collect everything I need to complete the forms.
Make the call! You really will feel better and more in control.
Best of luck....let us know how it goes.0 -
Hi,I don't have much practical advice to give but plenty of best wishes.I do hope youre feeling less terrified now.You've received some great advice
lost my way but now I'm back ! roll on 2013
spc member 72
0 -
Welcome Terrified:hello:,
Just to say that all the support shows that everyone understands your situation and worries.
As So Sad Angel has said she was similarly distressed the other day and spoke to CCCS for 1½ hours... (adding kind and understanding on top of their non-judgemental attributes) and found the experience very positive.
There is absolutely no reason why your situation won't be understood, you can trust they have heard and helped people in more serious situations than your own, as people have mentioned already.
All the Best 0 -
Hello again Terrified, hope you are feeling calmer? I doubt the loan/financial adviser thing would be seen as outright fraud, reckless maybe and as rog2 says- you could ( not saying you will ) get a BRU/BRO. However, people who are panicking do do this sort of thing. In November last year when it began to dawn on me I was in financial meltdown- I STILL tried lending more.
I had ideas I was going to restructure, get a second job, go on a debt plan, do a secured loan etc. It was only when every "respectable" lender on the high street knocked me back and I was virtually grovelling to "The One Stop Money Shop" to lend to me at about 40% I finally woke up and smelled the coffee.
I worried this would be seen as fraud ( I still do a bit )- but to me at the time it seemed like a viable option of sorting every thing out- borrow more, get over the rough patch- pay it back via my magical second job that would sort all my problems out.
People often make silly decisions- especially when they panic. Its easy to look back in hindsight and see that, but at the time it seems like the right thing to do- even when its not.
Regarding hiding the money- I think this would be seen as more serious than the actual borrowing/spending of it-I think hiding it would look bad ( to the extent of a BRU/BRO- not thinking of prison here).
Give National Debtline a ring- they offer immediate advice- CCCS need to make an appointment, which is fine but if youre going out of your head worrying you need advice now. Dont worry if you get upset- they will have heard every story under the sun- I was a blubbering wreck when the CCCS woman told me bankruptcy was my most realistic option- and she was really nice.
Good luck0 -
Hi there Terrified77.
Firstly i wanted to say welcome to the board. I have only been on here since monday this week and all i can say is that you will get fantastic advice and a non-judgmental approach from all on here.
non of the 'why did you do this and what was that for crap' which to be honest is not going to help you in the situation and make you feel any worse than you probably do already. i am in a very very similar situation to yourself, me and my ex GF split a year ago at which time i found masses of unpaid debts and arrears which now total £140000 including joint mortgage and secured loans as well as unsecured loans and credit cards.
The first port of call as everyone has recommended is to give one of the numerous free charities a call either CAB, CCCS - you can fill out an online form for them to check your income and expenditure and see how it shapes up, with the CCCS you will then get a taylored debt remedy for your situation.
I see the same poeple are giving you advice that helped me so you are in good hands.
Good luck and dont worry.
Dave XX
BSC MEMBER NO. 125:D
BR - 16th June 2008 AD - 16th June 2009:DIs it nice to be important or MORE important to be nice.:D0 -
its a worry but at the end of the day they cant get blood from a stone.yes you have been stupid but the blame isnt all yours. the ex has a part in this and also the lenders for making it all to easy.your not the first or the last to get into this position hun and dont even think about prison ect its not going to happen there was no fraud involved .you just have to get thick skinned about it pay what you can, as long as something is getting paid there is not alot they can do.,seek advice from the proper people who can help get a payment plan together.and for gods sake its not worth losing your life over go to the doctors and get some help your deppressed good luck0
-
Hi Terrified77
I went BR last year and before I booked the appointment I felt just like you, not knowing which way to turn and not been able to focus, but thanks to the guys on here and with a little bit of planning I got through it, well I'm still on the path but I can just see the light and 6 months and so many days it I will be walking on sunshine...
The impression I get from reading your post is that you don't know what to do / focus on.
This is only my thoughts and what I did -
1. Contact the free advice lines
2. Then I got A4 File with dividers and put all my loan agreements / Credit Cards / Mortgage info into each divider.
3. Also started a new spreadsheet for all my debt so I could see it quickly and easily.
4. I bought a cheap note book and wrote down all my questions or things I needed to do.
I think sometimes (for me anyway) it makes it much clearer in my head to have it all in order, plus it really helped later on.
Anyway whatever you choose we are all here to help and support you, so please don't feel alone and down...
Keep smiling and hugs
Sleeplessnights xx 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards