Last minute blitz before sequestration

Neiljung_2

I am applying for LILA sequestration very soon. Now, an obvious temptation would be to have a wee last minute spend on the credit card cos it's never getting paid back anyway...nothing too extravagant bearing in mind that although I have 30k debt I also have 13k available credit...was thinking just a wee holiday costing say 1k...is this a good idea though and how well would this go down with MBNA and the AiB? I know it's important to keep the AiB onside as they could possibly ask me for a contribution during the 12 months...presumably they deal with dozens of sequestrations a month though so what are the chances of my 1k transaction flagging up...advice pls.

SkintYokel

Personally I would advise strongly against this!

Many people use their cards up to the last minute because they have no other choice (ie need to pay for food etc).

What you are suggesting is spending the money (or rather obtaining more credit) purely because you can.

You are setting yourself up for a BRO as you are knowingly (and in fact DELIBERATELY) taking on more credit knowing you can't pay it back.

The OR will take a very dim view of this.

coolcait

I agree with SkintYokel.

As for getting caught out - it happens - and this forum has seen messages from posters (including in Scotland) who it has happened to.

mighty_reds

LILA sequestration

Is that Scottish for BR?

I wouldn't risk it. If you are going BR it doesn't really matter what MBNA think about it but it would matter what the Insolvency Service think or what ever body if you are outside England.

I can see the temptation though. I took out £250 cash on my credit card the day before my BR to pay for some of the fee's. I was tempted to take out an extra £10 for lunch but I decided that I'd rather the last ever time (or atleast for many years) i used a Credit Card the funds should pay for close to 50% of the BR fee and nothing else. Didn't intend this, but other ways of raising the £250 did not pan out.

stintond

We had a holiday a month or two before but we kept it really cheap , low cost airlines , we said we needed a break , but my advice is not to spend that extra cash you have available.