Urgent advice needed

Innocent_Guy

never-in-doubt wrote: »

Ok, so few questions for you;

1. Do you want to split-up? If so then you have to make the choice to pay it back, grass her or do a runner (hide);

2. If you want to make it work then being honest will do a couple of things; 1st if you let slip to a lender then they can pursue legal action against the wife for fraud or 2nd you going to be in debt for many years

3. Do you need credit? If not then hiding wouldn't be a bad thing but remember you wouldn't be able to swap mortgage or anything for 6 years!

You've a lot to think over and decide but personally, if it was my wife that done it i'd be looking to see whether she needed help (you do know that spending like that is an illness and has been recognised as addiction like gambling/drugs?)

Honestly, I hope you get it sorted but don't be too hard on the Mrs, it may be an addiction....

I know this is a question for the bancrupcy thread however am sure someone here will know. If you go bankrupt do all of your bank accounts get closed? I would assume that only if you were writing off an O/D they would close it. Does anyone know?

never-in-doubt

Innocent_Guy wrote: »

I know this is a question for the bancrupcy thread however am sure someone here will know. If you go bankrupt do all of your bank accounts get closed? I would assume that only if you were writing off an O/D they would close it. Does anyone know?

Yes you lose everything and then you may open a basic account only. Part of bankruptcy states no credit at all within the prescribed period....

Innocent_Guy

never-in-doubt wrote: »

Yes you lose everything and then you may open a basic account only. Part of bankruptcy states no credit at all within the prescribed period....

It must deffo be a hard choice then because I know that I use so many credit products for everyday life

* Debt card with CG
* Mobile phone
* Used to pay car insurance monthly
* Overdraft

vet8

Innocent_Guy wrote: »

If i am correct walking away is not an option if you are a homeowner as I assume the debt would be secured against the house - Nobody wants to loose there house!!

I think I heard that CC companies are now starting to take some sort of hold over debtor's houses. Even though it is an unsecured debt they are making claims against people's possessions, houses usually to get their money back that way.

Presumably someone more knowledgeable will be along to confirm this or not.

never-in-doubt

Innocent_Guy wrote: »

It must deffo be a hard choice then because I know that I use so many credit products for everyday life

* Debt card with CG
* Mobile phone
* Used to pay car insurance monthly
* Overdraft

* Debt card with CG - You can still open a basic account with visa debit
* Mobile phone - PAYG
* Used to pay car insurance monthly - Not a problem when bankrupt. doesnt affect insurance
* Overdraft - ahh sorry you lose that! also no chq book!

You wouldn't need an o/d cos you'd be debt free! Taking the pish big style is when you pay the 500 odd quid to go bankrupt with an account you're adding to the creditors, i.e. pay with a barclaycard that you kept 500 odd quid on! Dodgy but hey, bankruptcy only lasts upto a year in most cases, not the standard 6. However, the CRA's will still report it for 6yrs don't forget!

never-in-doubt

vet8 wrote: »

I think I heard that CC companies are now starting to take some sort of hold over debtor's houses. Even though it is an unsecured debt they are making claims against people's possessions, houses usually to get their money back that way.

Presumably someone more knowledgeable will be along to confirm this or not.

Yes you're right but that is why you go b/r or get an IVA at an early stage..... you're speaking specifically about charging orders. See here: http://www.thisismoney.co.uk/dealing-with-debt/article.html?in_article_id=456909&in_page_id=62

Quote from site:
Charging orders were first introduced in 1980, but their use has dramatically increased in recent years: there has been a tenfold increase in since 2000 and a 100% increase over the past two years.

Innocent_Guy

never-in-doubt wrote: »

* Debt card with CG - You can still open a basic account with visa debit
* Mobile phone - PAYG
* Used to pay car insurance monthly - Not a problem when bankrupt. doesnt affect insurance
* Overdraft - ahh sorry you lose that! also no chq book!

You wouldn't need an o/d cos you'd be debt free! Taking the pish big style is when you pay the 500 odd quid to go bankrupt with an account you're adding to the creditors, i.e. pay with a barclaycard that you kept 500 odd quid on! Dodgy but hey, bankruptcy only lasts upto a year in most cases, not the standard 6. However, the CRA's will still report it for 6yrs don't forget!

Taking the pish big style is when you pay the 500 odd quid to go bankrupt with an account you're adding to the creditors, i.e. pay with a barclaycard that you kept 500 odd quid on!

I love that part........... :rotfl: :rotfl: :rotfl:

rupert_murdoch

Never in doubt I think you could be right, judging by her behaviour I would describe it as being in denial, and I can't believe the elaborate lengths she has been to to hide all of this from me. I've had to tell my daughters as they realised I'd become a bit stressed. Anyway need to sort this soon as there is nothing in bank and overdraft at limit! Thanks for looking.

never-in-doubt

rupert_murdoch wrote: »

Never in doubt I think you could be right, judging by her behaviour I would describe it as being in denial, and I can't believe the elaborate lengths she has been to to hide all of this from me. I've had to tell my daughters as they realised I'd become a bit stressed. Anyway need to sort this soon as there is nothing in bank and overdraft at limit! Thanks for looking.

Best of luck, just go easy on her cos hiding this is worse than hiding an affair! She deserves a chance and at the end of the day you and the girls would have benefitted somehow.....

I'd seek help asap but whatever you do do not say it was your wife on record! Some companies can and will take action against her for fraud, which is what it boils down to.

never-in-doubt

Innocent_Guy wrote: »

I love that part........... :rotfl: :rotfl: :rotfl:

I know brilliant isn't it.... sorry barclays, shove your 20 grand and by the way, thanks for paying for me to go bust as well.... haha :rotfl: