Bankruptcy again or settlement

Vinnyv_2

Hi

First time poster but many time visitor!

I was discharged from bankruptcy in 2006 but have since run up more credit card debt due to some of the accounts not being cancelled (long story). There was no reckless spending but in the main day to day costs such as fuel and food. The cards have been a necessity due to the imbalance of income/outgoings - currently we have a surplus as a family of around £10 per month.

To cut a very long story short, one of the card companies have offered me a full and final settlement on a debt of around £14,5k of around £3k (to be confirmed). I can just about raise this amount through family but I will still have an existing debt on another card of £4k, and this card company do not offer settlements.

As my credit history is shot to pieces and I have no intention of ever getting credit again, plus I have no assets to speak of (in rented accommodation), should I just decide to bite the bullet and declare bankruptcy again or attempt to meet the settlement figure?

Would appreciate some guidance!
Thanks.

philnicandamy

If you've been BR before then the receiver will delve deeper into your finances for starters with a face to face interview...and you could be on the receiving end of a BRO/BRU depends really how hard it would hit you to try & reach the settlement figure (although i'd take what creditors say with a pinch of salt till you have it confirmed in writing)

nervousmother

My advice to anyone is if they CAN avoid BR that they should do their best too!

I am a little concerned though that you say 'some of the accounts not cancelled' did those creditors know you were BR? you could be in serious trouble if you were to go BR.

Vinnyv_2

Thanks for the comments. The cards that I started to reuse weren't part of the BR as I paid them off in full..I didn't use the cards again until I was discharged and had thought that the companies involved would have already cancelled them because of the BR. To say I was surprised that they reissued me the cards was a bit of an understatement, but my intention initially was to build back up my credit rating - not to be, obviously.

I assume that as I used the cards after I was discharged then there will be no consequences from this?

Thanks.

lisamummytoarchieplusbump

i fought all credit accounts would have been the ORs as soon as you went br, as you have to list every account you have so i fought they would have no longer been yours to use? or i may be wrong

About_Time_3

I'd seek some legal advice if I were you, you and / or the credit card company could be on dodgy ground.

nervousmother

This is correct, the OR asks for you to cut in half and send ALL credit and debit cards store cards ect.. as soon as you go BR these become property of the OR.

As such if you were to go BR again you would have some explaining to do...

maxmycardagain

Pity the OP isnt an MP....

"I acted within the rules......"

nervousmother

maxmycardagain wrote: »

Pity the OP isnt an MP....

"I acted within the rules......"

Probably used to be but cant stand again.. lmao.

lisamummytoarchieplusbump

oh does that mean they could still get in trouble for not declaring the accounts at br then using the accounts whever they pay it off or not?

About_Time_3

I wouldn't know for sure, but paying them off in full rings alarm bells with regards to preferential treatment to start with. As I said, the OP would be better off getting some professional advice.