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  • FIRST POST
    • Jburn
    • By Jburn 1st Jun 17, 12:30 PM
    • 7Posts
    • 0Thanks
    Jburn
    Rob Peter to pay Paul?
    • #1
    • 1st Jun 17, 12:30 PM
    Rob Peter to pay Paul? 1st Jun 17 at 12:30 PM
    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?
Page 1
    • sourcrates
    • By sourcrates 1st Jun 17, 12:42 PM
    • 12,477 Posts
    • 11,867 Thanks
    sourcrates
    • #2
    • 1st Jun 17, 12:42 PM
    • #2
    • 1st Jun 17, 12:42 PM
    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Jburn
    • By Jburn 1st Jun 17, 2:47 PM
    • 7 Posts
    • 0 Thanks
    Jburn
    • #3
    • 1st Jun 17, 2:47 PM
    • #3
    • 1st Jun 17, 2:47 PM
    It would be nice if I can have an answer to my question

    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
    Originally posted by sourcrates
    • StopIt
    • By StopIt 1st Jun 17, 3:05 PM
    • 1,400 Posts
    • 1,186 Thanks
    StopIt
    • #4
    • 1st Jun 17, 3:05 PM
    • #4
    • 1st Jun 17, 3:05 PM
    What's the point if you intend to go bankrupt ?

    No sense in prolonging the enevitable is there.
    Originally posted by sourcrates
    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.
    • Jburn
    • By Jburn 1st Jun 17, 3:29 PM
    • 7 Posts
    • 0 Thanks
    Jburn
    • #5
    • 1st Jun 17, 3:29 PM
    • #5
    • 1st Jun 17, 3:29 PM
    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
    • By Wookey 1st Jun 17, 4:03 PM
    • 804 Posts
    • 404 Thanks
    Wookey
    • #6
    • 1st Jun 17, 4:03 PM
    • #6
    • 1st Jun 17, 4:03 PM
    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?
    Originally posted by Jburn
    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
    • By Jacobs 1st Jun 17, 7:01 PM
    • 37 Posts
    • 23 Thanks
    Jacobs
    • #7
    • 1st Jun 17, 7:01 PM
    • #7
    • 1st Jun 17, 7:01 PM
    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
    • By luvchocolate 1st Jun 17, 9:18 PM
    • 1,481 Posts
    • 1,332 Thanks
    luvchocolate
    • #8
    • 1st Jun 17, 9:18 PM
    • #8
    • 1st Jun 17, 9:18 PM
    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
    • By pauledowa 1st Jun 17, 9:29 PM
    • 17 Posts
    • 14 Thanks
    pauledowa
    • #9
    • 1st Jun 17, 9:29 PM
    • #9
    • 1st Jun 17, 9:29 PM
    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.
    Last edited by pauledowa; 01-06-2017 at 9:34 PM.
    • Jburn
    • By Jburn 2nd Jun 17, 9:50 AM
    • 7 Posts
    • 0 Thanks
    Jburn
    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.

    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.
    Originally posted by pauledowa
    • Stu_N_
    • By Stu_N_ 2nd Jun 17, 12:43 PM
    • 195 Posts
    • 112 Thanks
    Stu_N_
    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!
    • Johnsmith2016
    • By Johnsmith2016 19th Jun 17, 12:15 AM
    • 433 Posts
    • 224 Thanks
    Johnsmith2016
    If your going to file for bsncruptcy then stop paying anything non essential straight away. In light of this the transfers you speak of are pointless which has been alluded to, not because anyone is being judgmental but because it's the truth . Good luck
  • National Debtline
    Hi Jburn

    I would agree with the advice above, knowingly taking out credit you cannot afford to repay prior to going bankrupt could well lead to a bankruptcy restriction order. And if you have made the decision to go bankrupt there is not point continuing to pay your credit cards. You would be better to use that money to get together the bankruptcy fee.

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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