newbie in desperate need of help!

lilibet1

no trouble x

Flyright

In respect of your comment about not perhaps being truthful on loan applications to the extent that you stated you were working when you were not working, if you do go bankrupt then you need to tell the OR about this because if there's one thing that keeps coming up as a theme on these pages it's that the best advice is to be honest with the OR. It's much better to adopt this philosophy from the outset rather than say nothing and then the OR finds out when they are looking into your financial affairs down the line as that could have more serious consequences.

lilibet1

I think that what the OP is trying to say and i might be wrong so forgive me. But she wants to know what happens if she is honest with the OR not to try and lie as that wont get her very far, honesty is the best option which is why she is trying to find out the facts first before BR.

x

OneHubbyOneSon4Debts

Thanks for the reply Flyright xxxx

Yep lilibet you got it! Dug myself a big enough hole as it is, not gonna dig any deeper!

Was a silly thing to do, not being completely 'honest' but you live and learn......from now on honesty is definitely the best policy!

tigerfeet2006

OneHubbyOneSon4Debts wrote: »

Hi all, I am desperate for a bit of advice about going bankrupt.

I have 2 credit cards and 2 loans (unsecured) totalling to just under 20k. The debts are in my name only, will that affect my hubby's credit?

We have seperate bank accounts, the gas, water, phone etc are paid by direct debit from my account, would it be worth swopping them over to hubby's bank, cos I've heard that once you go bankrupt they freeze your account. If you want to do that then that will be fine.

We don't own our home we rent and have no car, we are on benefits including incapacity benefit and income support, they are paid into a post office account in my name, would this be frozen? No the Post Office account will not be frozen. The PO don't do that for this type of account.

I had to 'top-up' on a loan I had out of desperation about 6 months ago, robbing Peter to pay Paul, would this affect a bankrupcy application. No. The OR will question you closely on this though so always be truthful.

I wasn't all together truthful when I took out the loans, saying I was working when I wasn't, I'm now absolutely petrified, but desperate times called for desperate measures...will this affect me? Ohh what a fool I've been! Again be upfront and truthful with the OR and explain the situation. The worst you will get is a BRU/O

So far I haven't actually missed any of my payments, only pay the minimum each month on my credit cards, but can't even afford that, I get money out of one credit card to pay the other card bill and vice versa sheer madness, its just all spiralling out of control! Once you have taken advice from the debt charities if BR is recommended stop paying all debts and only paying priority bills. Save the money for your fees.

How long does it take once you apply for a bankrupcy? Once you have been to court you are usually adjudged BR the same day. You need to save the money and fill in the forms and find out whether your court operates a walk in service or an appointment one.

Sorry to bombared you with all these questions but really don't know where to turn, so thanks for any help/answers you might have for me.

Next step is to get professional advice. Read the Bankruptcy help sticky at the top of the board. Read as many threads on here as possible and ask as many questions as you need to.

OneHubbyOneSon4Debts

tigerfeet thank you so much, you've been really helpful xxxx

Just on little thing not sure of all the jargon as yet but what does ......BRU/O.....mean please?

lilibet1

Wow tigerfeet, thats great for OP to know. Im sure it will put OP mind to rest.x

tigerfeet2006

This is a link to the Bankruptcy Help sticky

https://forums.moneysavingexpert.com/discussion/1056083

Read the first post especially and it will give you info on BRU/O'S and a whole lot more. Anything that confuses you just ask.

OneHubbyOneSon4Debts

Arrr I understand now! Thanks once again tigerfeet xxxx