Shall I do it and screw all the Payday loan companies!!

Bromarc

Guys,

I am going to be honest and some of you might not like it buy hey its a tough world out there and we need to survive.

I am going to go bankrupt in the next month and wanted to take some more loans out before I do from these Payday loan companies, I am thinking if I am going to go out I might as well in style.
If I did this would it affect my chances of going bankrupt and would further action be taken out on me??

I need your advice.

Many Thanks
Bromarc

mysterio_2

Indeed further action would be taken once bankrupt....your taking on loans with no way of paying back the cash that "could" be classed as fraud by the insolvency service

you'd get a whole lot of grief from the receiver....let alone a BRO/BRU and possibly your discharge suspended

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch13-24/Chapter13/part12/part_12.htm

Bromarc

But how do they know I am going to go bankrupt, for example I could have taken them out and intended to pay them back and then suddenly lose my job and decide to file for bankrupcy??

Merry_Gentry

Bromarc, it's simply not worth it. The grilling you would receive from the OR, the depth he would look into your finances, the almost definite BRO which could affect you for up to FIFTEEN years........

It just isn't worth it. Going BR can make a positive difference to your life. Please, don't do it.

mysterio_2

Bromarc wrote: »

But how do they know I am going to go bankrupt, for example I could have taken them out and intended to pay them back and then suddenly lose my job and decide to file for bankrupcy??

The OR goes through your finances with a fine tooth comb...they WILL find you out eventually...plus the legality of it

Not worth it....IMHO

Bromarc

Ok guys thank you for the advice I think I will give it a miss because I dont want it to affect my chances.:-)

fiveyearplan

I went BR with over £100k of debt the vast majority of that being business debt. Soon after my BR I did think I wished it was consumer debt then at least I'd have something to show for it. My OR would have skinned me alive though so am glad I didn't do anything untoward. I really wouldn't advise anyone to take out loans like you were suggesting. It isn't worth the trouble.

MercMan

I did hear that the Police can be called in by the OR if they suspect fraud. Not worth doing jail time for it in my view.

Merry_Gentry

Bromarc wrote: »

Ok guys thank you for the advice I think I will give it a miss because I dont want it to affect my chances.:-)

Thank you for taking the advice in the spirit it was intended.

Dodger61

Bromarc,
It takes a strong person to say thanks for the advice on a controversial subject without taking offence. You will do fine going BR.

fatou256

i will say to you be carefull with them . my other half took a small loan with them 2 month before our BR order as we needed it t buy food etc .... i am sorry but we had no choice council tax arear and bailiff were on our back. His OR said not much as she understood the situation we were in at the time but the harassement we had from them was awful. it continued until last month even though we were both BR and they were aware about it but didn't care ! i said to you be careful they are ruthless and don't care about the law.