HELP please... questions!!

freeme2009

Thanks for your replies! So do you think its best to be up front about it and declare on the last page of the BR forms, or whether I should wait and see how far back the OR goes?

lisamummytoarchieplusbump

i think it may be best to be honest as you dont want the OR finding out then bringing it up and 10k is not something you really forget about is it. the OR may think youve hid it form them and start checking

lisa

freeme2009

Thats why I wondered how far back the OR goes into your statements, as this was over a year ago he might not even come across it. I'm confused, some people say 12 months statements, others 2 years and some 5 years??

fiveyearplan

I would be honest about it. You did use the money for general living expenses and weren't extravagent - even the holiday wasn't extravagent as you probably needed it! Anyway be sure you mention at the time you spent it you never dreamed you'd be in a position to declare bankruptcy!

freeme2009

Oh god no! I was a high flying, work hard, play hard city type! Didn't even know people in my situation could go bankrupt until the lady at CAB told me, thought it was only people with houses or businesses that could!
The main thing I'm concerned about is if the OR starts investigating the source of the money, wanting info from my gran etc. not sure if they delve this deeply?? As for the money itself its long gone!

fiveyearplan

Their main concern is if you 'got rid' of the money just to avoid paying it to your creditors but as you say you had no idea you'd be going BR and you did need to spend it due to you not working and your husband's accident.

I know what you mean - I was appalled when the lady at CCCS said I was insolvent - what? Moi? insolvent, no - you must be kidding. It never occurred to me that I was insolvent either!

freeme2009

Haha! That's exactly what I thought! I've been thinking all year since I finished my last job, it will be ok, I'll be back in work soon, then each credit card sent me letters each month saying "Congratulations we have increased your credit limit by blah blah" and my attitude was, ok I'll spend just a bit more and me or the hubby will be back in work soon and we'll pay it back. Unfortunately hubbys injuries are so bad doesn't look like he'll be working anytime soon, has to have an operation and unfortunately won't be physically able to look after our baby so I can't go back to work either. So after the lady told me I am insolvent and BR is my only option I've just started to face up to things now. What a shock to the system!! Amazing how things can turn around....

haleygrey

if its any help, i never thought i would be considering going BR either. I always thought it was for Businesses and hig flyers! I didnt realise i could be considered 'insolvent' until I spoke to National Debtline and the nice man said how long it would take me to pay everything back on token payments! quelle horreur!!

startagain_2

Can I join in the "me too" thread here.
I just kept thinking that one day my promotion would come through, or that I would get a decent pay rise (not 1%) and so on.
It was only when I realised that I was paying minimum payments but not the rent or the food!
The payments were barely covering the interest...... sunk!
I am not sure what I would have done if I hadn't contacted CCCS and been steered towards BR, thankfully before I had defaulted on anything.
There has been virtually no hassling from creditors.
A bit of a shock for them on Monday.
SA