Posted on behalf of helpme80 - bankrupt or lose my savings, please help

helpme80

sorry thier called no consumer credit counselling service and it is free. So if i went wasting my savings today, and then i went bankrubt i cant see how they could get the money back if i dont have it, All can you get in big trouble?

Merry_Gentry

helpme80 wrote: »

sorry thier called no consumer credit counselling service and it is free. So if i went wasting my savings today, and then i went bankrubt i cant see how they could get the money back if i dont have it, All can you get in big trouble?

If you know you are unable to pay back all of your debts, go on a spending spree to get rid of your savings and then go bankrupt,then yes you WILL get into big trouble.

helpme80

Anyone think its a good idea to hire a financial advisor?

DON79

don't hire anyone you have to pay for when you can get all the free advice you need from ccccs or national debtline and also on here. Or if you would prefer face to face help, then Citizens Advice Bureau is a good place to start too.

As regards it being the only money you would ever have, what did you plan on doing with it? Because if it is just going to sit in the bank for the rest of your life, I don't see it being of much benefit to you to keep it and yet be miserable in debt when it could help you to get out of your debt? What are you keeping it for?

nearlyrich

This is a board for support for people who are in the process of going bankrupt, not for looking for ways around the law. If you have assets they have to be taken into account in establishing your true financial position.

helpme80

OK well thanks to everyone for your help and advice.

maxmycardagain

if you just stopped paying everyone eventually you would have a couple of CCJ's and £25K in the bank

you would offera derisory monthly amount to each CCJ (your on benefits) and just leave it forever till you shake off this mortal coil...

I wouldnt bother with going BR

maxmycardagain

nearlyrich wrote: »

This is a board for support for people who are in the process of going bankrupt, not for looking for ways around the law. If you have assets they have to be taken into account in establishing your true financial position.

and this is the most blatant example of anything like that is it?

dannyboyracer, haddit, itydnuk .........think back.....

JCS1

Seek advice, but it may that a full and final DMP/IVA using the savings might be a way to sort everything out,

maxmycardagain

JCS1 wrote: »

Seek advice, but it may that a full and final DMP/IVA using the savings might be a way to sort everything out,

if i had £55K of savings and £25K of debt i may be looking at clearing it all, but the other way round leaves £25K of debt and no pot to pee in, in the recession hit times we live in cash is king, bird in the hand, etc,etc...