Rob Peter to pay Paul?

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Jburn
Jburn Posts: 8 Forumite
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in Bankruptcy & living with it
Hello, I think I am going to apply for personal bankruptcy soon. I am not quite ready to do that yet. If I transfer balance from one credit card to another in order to cover the minimum payment, will I get myself into more trouble?
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  • sourcrates
    sourcrates Posts: 28,940 Ambassador
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    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Jburn
    Jburn Posts: 8 Forumite
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    It would be nice if I can have an answer to my question :)
    sourcrates wrote: »
    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
  • StopIt
    StopIt Posts: 1,470 Forumite
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    sourcrates wrote: »
    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
    Quite simple possibility:


    They want to continue spending a bit more on the CC before going bankrupt.


    Otherwise yes, you're literally shuffling the deck chairs on the titanic.


    And no, I wouldn't be doing this, if that's the plan.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • Jburn
    Jburn Posts: 8 Forumite
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    I thought the forum is a source of valuable information and the members are non-judgmental and friendly.

    I still think this forum is a source of valuable information ....
  • Wookey
    Wookey Posts: 812 Forumite
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    Jburn wrote: »
    Hello, I think I am going to apply for personal bankruptcy soon. I am not quite ready to do that yet. If I transfer balance from one credit card to another in order to cover the minimum payment, will I get myself into more trouble?

    If you are at the point of being bankrupt why put of the inevitable? Maybe put up an SOA and let people take a look at what you owe and what you have coming in and see if there are better alternatives to bankruptcy, there is a good chance that your current debts could be frozen allowing you to actually clear them instead of going thru years of pain to rebuild your finances.
    Norn Iron Club member No 353
  • Jacobs
    Jacobs Posts: 54 Forumite
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    Because the OP is taking the !!!! and clearly wants to try to work the system to gain from it.

    There is a word for that.
  • luvchocolate
    luvchocolate Posts: 3,261 Forumite
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    No one on here will encourage you to do something which maybe seen as dishonest.
    We always say be honest and upfront with the O.R.
  • pauledowa
    pauledowa Posts: 19 Forumite
    edited 1 June 2017 at 9:34PM
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    Hello, I think I am going to apply for personal bankruptcy soon. I am not quite ready to do that yet. If I transfer balance from one credit card to another in order to cover the minimum payment, will I get myself into more trouble?

    The simple answer is "Yes" since doing so will not improve your situation in any way. In fact, taking on any debt that you know you will not repay is technically a fraud. In many EU countries using a credit card while insolvent would land you a (suspended) custodial sentence. In the UK, such offences are generally not prosecuted, so likely the worst outcome for you is a Bankruptcy Restrictions Order (BRO).

    If you simply want to delay your bankruptcy in order to take care of some things, my advice would be to basically ignore the credit cards. Do not use them, pay back as much or as little as you can afford.

    You will get more useful replies if you explain your situation in more detail. Paying one credit card with another is very unlikely to be the optimal solution to your problems.
  • Jburn
    Jburn Posts: 8 Forumite
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    Thank you very much for the precise, factual, objective and helpful reply. This is very useful and I really appreciate it.

    The fact is that I am struggling to service the debt and things are getting more and more difficult. Yes I want to delay the process for a month or so to take care of some stuffs.
    pauledowa wrote: »
    The simple answer is "Yes" since doing so will not improve your situation in any way. In fact, taking on any debt that you know you will not repay is technically a fraud. In many EU countries using a credit card while insolvent would land you a (suspended) custodial sentence. In the UK, such offences are generally not prosecuted, so likely the worst outcome for you is a Bankruptcy Restrictions Order (BRO).

    If you simply want to delay your bankruptcy in order to take care of some things, my advice would be to basically ignore the credit cards. Do not use them, pay back as much or as little as you can afford.

    You will get more useful replies if you explain your situation in more detail. Paying one credit card with another is very unlikely to be the optimal solution to your problems.
  • Strummer22
    Strummer22 Posts: 606 Forumite
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    I think if you're going to file for bankruptcy, you don't actually need to pay Paul at all. You don't have the money to pay your credit card - so just don't pay. The missed payment will be a minor consideration compared to going bankrupt. It won't mean that you have to bring bankruptcy forward. At worst you'll have a peeved letter from the credit card provider but if your bankruptcy is eventually successful then that's the least of their worries too!
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