Advice about bankruptcy & DRO's

s_ben59

I have a lot of debt problems which I can’t get out off, I have no assets and the only way I seem to be able to get out is bankruptcy or DRO.

I have a couple of questions,

I have a few accounts online, some poker accounts online and PayPal these have small amounts of money in around £500 - £1000 in total. I use these accounts daily and there are lots of records stating that on my bank statements.

What I’m wondering is if I don’t declare this when going bankrupt is this some think the official receiver would look into and find ? Or not?

Also I want to be able to open a bank account it’s a Lloyd’s tsb international account I want to know will that go onto your credit file and would the official receiver be able to find this if i dont declare it?

Last question I’m hoping to travel to another country after be make bankrupt or getting a DRO, no I’m not rich I want to visit and stay in another country where my sister lives. Can you go out of the country whilst bankrupt or on a DRO and would you have to come back to be discharged.

I have been hoping to go bankrupt or get a DRO for some time as however I have tried to clear this debt is just isn’t working, and I want to go bankrupt/DRO and get it out sorted rather than just disappear for it to still be there.
Can you tell me if this is also the same with a Debt Relief Order as I’m hoping to get this as I have now lost me job too. I owe about 14k all unsecured debt.
I'm hoping to be able to apply for a DRO instead of bankrutcy as its cheaper and shorter, but im debts are on the border line as you can only have a max of £15k debt and mine is around 14k+.

Hopefully if someone can help me out i would be very greatful, im only young and this debt is making me very ill and i have tried getting help for so many people i.e, national debt line, cccs, citezens advice, and others and they wont help they all tell me to get a debt mangement plan - but i have lost me job now because of the worries and problems this debt is casuing me,

so thanks to anyone who can help.


[FONT=&quot]Ben.[/FONT]

insideinfo

Hi, hope you don't mind but I have to be frank, you have already said that this is making you poorly. So it's best for me to be totally honest. You have stated that you have money in a poker account and that you use this daily, you have also stated that a DRO is attractive as it's shorter.

The fact that you are an active gambler (poker player) will automatically rule out a DRO. This is an absolute fact. Please do not waste your time applying for a DRO. Especially as you say you have several accounts.....

Hiding accounts, don't do it. Trust me, the OR has a lot more clout than you'd think, their powers of enquiry exceed that of a Coroner.
You should declare all assets and debts, if you declare the gambling account you may be subject to a bankruptcy restriction order. If you have gambled monies when you were technically insolvent or not. You will get a BRO or BRU. This could be for as long as 15 years. If you withold information it would definately be 15 years.

The OR will see a list of transactions and if they see anything suspicious they will go back 3 to 6 years.

In the OR's view. A £1 available should go to your creditors, not on a further risk, not on what they class as entertainment "gambling is entertainment".

I can undertsnad the pressures you are under but go into this with eyes wide open. Please take considered advice.
DRO's. If there is a possibility that the debt with interest and charges could exceed £15k before the full year expires (the length of the order) bearing in mind a creditor being notified of a DRO may not be sympathetic.... then the order would not be granted. On the basis that one CCJ for a large amount (including costs and charges) may exceed the £15k limit. Interest and charges are NOT stopped during a DRO.

Please do not think I am against you in any way. I'd like you to get the best result from your situation and approach to this. Search the Bankruptcy Restriction Orders on the www.insolvency.gov.uk website. Gamblers get BRO's BRU's. I work with the OR everyday. I wish you well and hope others will comment on your dilemna.

In view of the fact that you are young, is it better to consider repaying the debt over ? or ?? years, or receive a lengthy restriction over you.

s_ben59

Thanks, for the reply.

So if i dont declare the poker accounts will they find them, and find the money there, also i was looking at the BRO's & BRU's they dont have too much off a effect on someone from what i have read?

So if i cannot pay of the debt as i have no job at the moment, what is the best option?

thanks.

elfieb

Being an "active gambler" does not mean you cant qualify for a DRO.

However if your debts are attributed to gambling, you could get a DROU.

insideinfo

Yes they will find the accounts. What is the point of continuing these accounts.

More gambling? Why not just draw them down and pay off the debt.

DRO/Us don't have much of an impact?

Mortgage applications, rental applications, bank accounts, businesses, job applications. Matter of public record!

insideinfo

To elfieb, yes it would if you enter a DRO application with a view to having open Poker accounts, I'm assuming Ben would be honet in his application.

If he decided not to declare then you have a point.

elfieb

s_ben59 wrote: »

I have a lot of debt problems which I can’t get out off, I have no assets and the only way I seem to be able to get out is bankruptcy or DRO.

I have a couple of questions,

I have a few accounts online, some poker accounts online and PayPal these have small amounts of money in around £500 - £1000 in total. I use these accounts daily and there are lots of records stating that on my bank statements. In order to qualify for a DRO, you have to have less than £300.

What I’m wondering is if I don’t declare this when going bankrupt is this some think the official receiver would look into and find ? Or not? In bankruptcy, yes, in a DRO maybe not, depends on whether OR investigates or a creditor appeals

Also I want to be able to open a bank account it’s a Lloyd’s tsb international account I want to know will that go onto your credit file and would the official receiver be able to find this if i dont declare it? In bankruptcy, the OR will find everything

Last question I’m hoping to travel to another country after be make bankrupt or getting a DRO, no I’m not rich I want to visit and stay in another country where my sister lives. Can you go out of the country whilst bankrupt or on a DRO and would you have to come back to be discharged. You can go on holiday whether bankrupt or on a DRO

I have been hoping to go bankrupt or get a DRO for some time as however I have tried to clear this debt is just isn’t working, and I want to go bankrupt/DRO and get it out sorted rather than just disappear for it to still be there.
Can you tell me if this is also the same with a Debt Relief Order as I’m hoping to get this as I have now lost me job too. I owe about 14k all unsecured debt.
I'm hoping to be able to apply for a DRO instead of bankrutcy as its
cheaper and shorter, but im debts are on the border line as you can only have a max of £15k debt and mine is around 14k+. A DRO last for 12 months after which the debt has gone, unless circumstance change in that 12 months, inwhich case the DRO is cancelled, and the debts are active again.

Hopefully if someone can help me out i would be very greatful, im only young and this debt is making me very ill and i have tried getting help for so many people i.e, national debt line, cccs, citezens advice, and others and they wont help they all tell me to get a debt mangement plan - but i have lost me job now because of the worries and problems this debt is casuing me,

so thanks to anyone who can help.


[FONT=&quot]Ben.[/FONT]

Hope this helps, although I wouldnt suggest doing either whilst you are still gambling

elfieb

insideinfo wrote: »

To elfieb, yes it would if you enter a DRO application with a view to having open Poker accounts, I'm assuming Ben would be honet in his application.

If he decided not to declare then you have a point.

By having the amount of money in these account as OP says (up to £1000), a DRO is ruled out as he is over the £300 allowed to qualify.

However stupid it may be, having a DRO doesnt mean you cannot gamble unfortunately.

s_ben59

I know this is most likely asking for trouble, but I see no choice. I have lost my job and don’t see any other way of paying my debts off. Allot of these are payday loans, high interest credit cards i.e. capital one, Vanquis and some other loans.

I have not paid any payments to them for about three months now, and there started to get nervous and sending default, final notice warnings - now I don’t want to go bankrupt as my history of gambling won’t help and I also don’t want to have bank accounts controlled either which happens when bankrupt, I can’t do DMP or anything because i have no job at moment, i just lost my job.

What do you suggest? I have told these people I lost my job and there not interested, should I write to them or would I get the same response. The problem is I owe money to about 9-10 different people and it’s such a pain trying to communicate with one let alone 9 or 10 different people, I’m worried they will take me to court and I’ll get extra charges - although wondering if they all take me to court would benefit me, as all interest would then be stopped an I would pay a single payment for each, every month to the court am I right or not?

When I said I have money in poker accounts, its properly less then £500 and its spread across three or four accounts plus a PayPal account. So it’s not like millions!

Thanks for the replies so far, it’s hard researching about this as everyone says different things, I’m glad I joined these forum - all I want is to be debt free and never get it again.

Ben.

FraudBuster

You can own a car to the value of £1000 but the total value of other assets must not exceed £300.

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm

elfieb

s_ben59 wrote: »

I know this is most likely asking for trouble, but I see no choice. I have lost my job and don’t see any other way of paying my debts off. Allot of these are payday loans, high interest credit cards i.e. capital one, Vanquis and some other loans.

I have not paid any payments to them for about three months now, and there started to get nervous and sending default, final notice warnings - now I don’t want to go bankrupt as my history of gambling won’t help and I also don’t want to have bank accounts controlled either which happens when bankrupt, I can’t do DMP or anything because i have no job at moment, i just lost my job.

What do you suggest? I have told these people I lost my job and there not interested, should I write to them or would I get the same response. The problem is I owe money to about 9-10 different people and it’s such a pain trying to communicate with one let alone 9 or 10 different people, I’m worried they will take me to court and I’ll get extra charges - although wondering if they all take me to court would benefit me, as all interest would then be stopped an I would pay a single payment for each, every month to the court am I right or not?

When I said I have money in poker accounts, its properly less then £500 and its spread across three or four accounts plus a PayPal account. So it’s not like millions!

Thanks for the replies so far, it’s hard researching about this as everyone says different things, I’m glad I joined these forum - all I want is to be debt free and never get it again.

Ben.

People on the forum can only advise you so far, ultimately you have to make the best decision yourself, depending on your circumstances.

You seem to have a pretty good gist of DROs, is it worth losing your £90, should the OR find out about your additional accounts??

I would write to all your creditors, including a SOA, and offer token repayments. If they refuse, write again.