Going To Jail - What Happens My Finances?

phillydog1

I may unfortunately be going to jail in next month or 2.
I have a Cahoot Flexible Loan of about £15K outstanding & Credit Card Debt of £8K. Right now - while employed and can manage my repayments.
When I go - obviously my job goes too. Not mentioned the future to either party yet.
Just asking some friendly advice on how best I handle the situation?

SAP_Saver

What are you going to jail for? not fraud I hope!

You may be in trouble but I would start with contacting the finance companies you have the loans / CCs with and discussing this with them...

skylight

I agree.

They will not write off the amounts owed because you are in prison - they will just add charges and fees and chase you when you are free.

Its better to come to an arrangement with them all now to pre-empt anything that may happen in the future - and ask them to freeze everything!

ffacoffipawb

phillydog1 wrote:

I may unfortunately be going to jail in next month or 2.
I have a Cahoot Flexible Loan of about £15K outstanding & Credit Card Debt of £8K. Right now - while employed and can manage my repayments.
When I go - obviously my job goes too. Not mentioned the future to either party yet.
Just asking some friendly advice on how best I handle the situation?

Do not pass Go, do not collect £200?

black-saturn

If you contact them now they will be able to come to some arrangement. You won't get out of paying it sadly. It will probably be frozen until you get out.

BTW I think your quite brave posting that on here!

stiffnuts69

I cant believe that you all believe this newbie joker.

wigginsmum

Didn't someone start a similar thread a few weeks ago about their friend going to prison?

skylight

I have trust in people - you cannot tell the difference between genuine and false and I continue (always with reservations) until proved one way or other.

caeler

Even if this is a joker as you suspect, its a good question to ask and good advise given.

Fran

stiffnuts69 wrote:

I cant believe that you all believe this newbie joker.

It sounds genuine to me.

littlestar1981

bluefuzzybug wrote:

Even if this is a joker as you suspect, its a good question to ask and good advise given.

Precisely. This could be read by someone who really is in that situation but is too scared to ask.

I suppose it could depend on how long you'll be 'away' for too. Each company will have a different procedure, more than likely.