Considering bankruptcy

s1h

Wise words

maxmycardagain

s1h wrote: »

cheers, what do people on here think of the opinion some have that it is a cheats way out.

for some

just as some on benefits are cheats too

and some multi-billionare financiers

maxmycardagain

5 year BRU (extension of banking restrictions, NOT bankruptcy)

Unfit Conduct Mr P**** on 25 June 2007 obtained a loan of £15,000 from Natwest bank (which resulted in a total debt of £20,395 taking into account interest) with no reasonable prospect of being able to repay it in that at the time of the he had a monthly income of £1,233 and, total monthly expenditure of £1,396 resulting in a monthly deficit of £163. He had assets totalling £4,402, not including the proceeds of the loan, and HMRC had obtained an unsatisfied judgement against him on 11 Janaury 2007 for £36,842. He also states that he owed three friends a total of £9,090. From the loan proceeds, between 29 June 2007 and 19 july 2007 Mr P**** paid three friends a total of £9,090 in repayment of loans they had made to him to the detriment of his general body of non-associated creditors. In addition, Mr P**** spent £3,000- £4,000 on a holiday to Dubai in June 2007, at a time when he was both cash-flow and balance-sheet insolvent, to the detriment of his general body of creditors. He spent the remaining balance on general living expenses.

fiveyearplan

s1h wrote: »

Should I get onto opening an account with the co-op or barclays sooner rather than later.

I opened mine sooner.

s1h

fiveyearplan wrote: »

I opened mine sooner.

It wouldnt be closed down with the rest of them then?

insolvencyman

Could be - you need to speak to the bank about this. Although some banks have accounts which you can operate which an undischarged bankrupt the machinery of the bank will sometimes put a stop on the account automatically when it received notice of bankruptcy - have a discussion with the bank specifically to stop this happening.

dottydora

SLH, I am going bankrupt on Wed. after years of being in debt. (I have to say by being stupid and failing to recognise it). For the last two years I have periodically taken advice from National Debtline and commerical debt management companies and recently an insolvency practitioner. For those 2 years I have tried my hardest to make acceptable ofers of payments to my creditors however in doing so have become more in debt by being totally unrealistic on what a family of 5 need to live off. We have spent many an evening with candles as we have run out of electric (on meter) in an attempt to pay the likes of HSBC as we have felt so guilty at being behind etc. We ended up taking out further loans from family or expensive payday loans and when last week 3 days before my 40th birthday my car which is on hp broke down and needed new engine it was really the straw that broke the camels back and I had to accept after resisting for a long time, that we were insolvent! To get to the point, I have read this forum for hours at a time for many late nights to get a feel for BR and I have spoken again to national debtline and an insolvency practitioner - all of whom, have not been judgmental and have been exceptionally kind. I recommend you go and see an insolvency practitioner - most of them offer a free initial visit, and they will tell you how to fill in the forms and what to put on them and how to distribute your pay. Mine even offered to come to court with me (free). In answer to your question about 'cheating' if you have the means to pay towards your debt then I guess people could consider it cheating but if like me you would have to work full time and part time nights and raise 3 kids and be paying for the next 20 years to clear the debt then I dont consider it cheating, however, it doesn't stop me feeling a complete failure and desperately disappointed in myself! Take care and good luck. J.

fiveyearplan

s1h wrote: »

It wouldnt be closed down with the rest of them then?

Be sure to tell the OR you opened this account in anticipation of BR and that it has no credit facilities - unless you are going BR in Brighton, you should be fine.

fiveyearplan

julieamorris wrote: »

SLH, I am going bankrupt on Wed. after years of being in debt. (I have to say by being stupid and failing to recognise it). For the last two years I have periodically taken advice from National Debtline and commerical debt management companies and recently an insolvency practitioner. For those 2 years I have tried my hardest to make acceptable ofers of payments to my creditors however in doing so have become more in debt by being totally unrealistic on what a family of 5 need to live off. We have spent many an evening with candles as we have run out of electric (on meter) in an attempt to pay the likes of HSBC as we have felt so guilty at being behind etc. We ended up taking out further loans from family or expensive payday loans and when last week 3 days before my 40th birthday my car which is on hp broke down and needed new engine it was really the straw that broke the camels back and I had to accept after resisting for a long time, that we were insolvent! To get to the point, I have read this forum for hours at a time for many late nights to get a feel for BR and I have spoken again to national debtline and an insolvency practitioner - all of whom, have not been judgmental and have been exceptionally kind. I recommend you go and see an insolvency practitioner - most of them offer a free initial visit, and they will tell you how to fill in the forms and what to put on them and how to distribute your pay. Mine even offered to come to court with me (free). In answer to your question about 'cheating' if you have the means to pay towards your debt then I guess people could consider it cheating but if like me you would have to work full time and part time nights and raise 3 kids and be paying for the next 20 years to clear the debt then I dont consider it cheating, however, it doesn't stop me feeling a complete failure and desperately disappointed in myself! Take care and good luck. J.

Hi Julie and welcome! As they say - life begins at 40! You are taking the right steps to get control over your finances and your life - WELL DONE YOU!

It might be best if you start your own thread so your posts don't get lost in someone else's. Post up your SOA so we can have a look.

Best of luck to you! - Don't feel a failure!