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  • FIRST POST
    • sleeplessmess
    • By sleeplessmess 9th Oct 17, 11:49 PM
    • 5Posts
    • 1Thanks
    sleeplessmess
    Suspicious transfers before bankruptcy?
    • #1
    • 9th Oct 17, 11:49 PM
    Suspicious transfers before bankruptcy? 9th Oct 17 at 11:49 PM
    Long time lurker, first time poster!

    Hi all,

    I'm considering bankruptcy in the near future. (currently 36 weeks pregnant so not just yet!)

    I've made some terrible shameful mistakes combined with severe mental health issues and hopefully one day soon will have the courage to post about the mess of my entire situation but for now I have a question.

    I have an HSBC current account. I was homeless from November 2016 to May 2017. In March 2017 I lost my bank card and without an address for new bank card, plus HSBC being one of my major creditors I was too afraid to speak to anyone and just transferred money out of that account via automated telephone banking to friends for them to withdraw the money for me.
    This went on until just this past week when I've finally opened a basic account with Lloyds.

    How will this effect my application for bankruptcy when the time comes? Will it look like I'm giving money away? It's going to look ridiculous to the OR isn't it?
    I guess I can only hope that as there are no other cash withdrawals at cash points during that time that my explanation will be believed? I had my card details saved to the website I bought contact lenses from so used it in that way too.

    This is only one small part of the mess I've got myself into but hopefully any advice on this issue might help me sleep tonight.

    Thanks for being kind in advance!
Page 1
    • StopIt
    • By StopIt 10th Oct 17, 7:59 AM
    • 1,103 Posts
    • 971 Thanks
    StopIt
    • #2
    • 10th Oct 17, 7:59 AM
    • #2
    • 10th Oct 17, 7:59 AM
    It's going to be something to explain to the OR, yes, but as long as you're open and honest, I don't see it being much of an issue, unless if the amounts were very significant.
    • debt doctor
    • By debt doctor 10th Oct 17, 8:52 AM
    • 4,138 Posts
    • 5,806 Thanks
    debt doctor
    • #3
    • 10th Oct 17, 8:52 AM
    • #3
    • 10th Oct 17, 8:52 AM
    It's going to be something to explain to the OR, yes, but as long as you're open and honest, I don't see it being much of an issue, unless if the amounts were very significant.
    Originally posted by StopIt
    Hi, It is exactly as described here. Also, if they are willing, you have witnesses.
    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • sleeplessmess
    • By sleeplessmess 10th Oct 17, 7:29 PM
    • 5 Posts
    • 1 Thanks
    sleeplessmess
    • #4
    • 10th Oct 17, 7:29 PM
    • #4
    • 10th Oct 17, 7:29 PM
    Thanks for the reply
    I'm already considering giving up on bankruptcy because of all this and hoping for an IVA now!

    Keeping positive!
    • debt doctor
    • By debt doctor 10th Oct 17, 9:25 PM
    • 4,138 Posts
    • 5,806 Thanks
    debt doctor
    • #5
    • 10th Oct 17, 9:25 PM
    • #5
    • 10th Oct 17, 9:25 PM
    Thanks for the reply
    I'm already considering giving up on bankruptcy because of all this and hoping for an IVA now!

    Keeping positive!
    Originally posted by sleeplessmess
    Hi, unless you have substantial assets to protect or are in a profession where you can't go bankrupt an IVA could be a costly choice.
    The things you described are not an issue in bankruptcy.


    What do you think an IVA can give you?
    DD
    Last edited by debt doctor; 10-10-2017 at 9:33 PM.
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • StopIt
    • By StopIt 11th Oct 17, 7:47 AM
    • 1,103 Posts
    • 971 Thanks
    StopIt
    • #6
    • 11th Oct 17, 7:47 AM
    • #6
    • 11th Oct 17, 7:47 AM
    An IVA is only beneficial if you are a homeowner, or other asset holder.


    An IVA has the same impact as a bankruptcy in your credit files, and counts as a form of insolvency. Also, it requires payments for 6 years, can fail, putting your debts back where they were before the IVA started.


    Without a full SOA, we cannot assist further.
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