The Bankruptcy Club & Supporters Club

sarah_skint

Quick question,
i am dealing with the CAB at the moment and am having a reassessment of my SOA done in 2 weeks as I have just had baby no.4 (def no more the shop is SHUT!) and so all my money will be changing and am awaiting new paperwork/figures from tax credits(may be waiting til afetr crimbo!), I am currently having to spent 90 per month on pro rata payments, I am wondering whether to just go straight in head first on the bankruptcy, it is going to happen eventually but thought i would ask what you guys thought?
SArah - any answers greatfully recieved
Great sig Mike - my mum and dad brought a pub, then they bought another now they are going down the pan quicker than a pee, the main one they paid 148k for - the brewery offered her 12k last week :rofl:

gettingitsorted

Hi Sarah , your circumstances are very simular to mine

i just went for the bankrupcy straight away after speaking to payplan was told by the tcredits its taking between 3 and 6 months to sort claims ,i figured with those waiting times i was going to sink further and further into debt with late charges and interest also the thing that gets me is that most lending companies take tax credits as income even though its not guarenteed

sandralovescats

Advice needed - urgently!! Please?????

I am seeing the Tax Inspector in the morning re my situation of being self-employed and now on Income Support, etc.
Do I tell him I am going voluntarily bankrupt, or do I keep schtum????

Will it be detrimental to me to tell him in advance?
If I tell him, will they try to do me for bankruptcy first?

nb the Inland Revenue is NOT one of my creditors, I am paid up to date.


Please advise?

goonergirl

can I just ask some advice too! I know it seems a bit swamped on here tonight! I am filling in the forms for BR and just wondered if this is ok to put in the bit about why BR? or if someone can help me with the wording thanks!

vicious circle of spending on credit cards then not being able to pay them and taking out more credit to pay other credit. I have always had money problem due I think to my drinking and my partner having to put money on credit cards to pay food petrol and general expenses this lead to higher payments meaning some bills were then paid on credit going round in circles. I took a consolidation loan to pay off old debts and new but then didn't pay them all off and spent the money. also I did my back a while ago and was off work and had lot of expenses with osteopath. my partner has told me to sort myself out of she will leave.

i don't know if thats what they want???
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gettingitsorted

Hi Gooner try https://www.debtquestions.co.uk

i too was a bit stuck at that part as i couldnt word it correctly from what i read it was a case of the least said the better but there is plenty of help on there


any other questions feel free to ask

GIS

sandralovescats

goonergirl wrote:

can I just ask some advice too! I know it seems a bit swamped on here tonight! I am filling in the forms for BR and just wondered if this is ok to put in the bit about why BR? or if someone can help me with the wording thanks!

vicious circle of spending on credit cards then not being able to pay them and taking out more credit to pay other credit. I have always had money problem due I think to my drinking and my partner having to put money on credit cards to pay food petrol and general expenses this lead to higher payments meaning some bills were then paid on credit going round in circles. I took a consolidation loan to pay off old debts and new but then didn't pay them all off and spent the money. also I did my back a while ago and was off work and had lot of expenses with osteopath. my partner has told me to sort myself out of she will leave.

i don't know if thats what they want???
a
x

If I were you I would simplify it a little. Maybe say that you had a problem with cashflow due to overdependence on alcohol, leading to using credit cards to pay for food and general living expenses, which led to the credit card trap. You were then struck with a back problem which caused you to miss work and added a large amount of unexpected costs for the osteopath treatments, which made your debt problem worse.

I wouldn't add the part about taking out a loan for consolidation but then spending the money - this is actually illegal and they could land you with a BRU. They may find it anyway, but best not to spell it out for them.

Hope this helps.

goonergirl

SLC thanks
we did use the money to pay off some debts but just not all and we didn't cut the cards up when we should have done!
I am the adult in this relationship and I should have taken more responsibilty.
Im bit panicky today as tomorrow is the first day of defaulting on any payments so after tomorrow it feels like no way back!!
but thanks for the point I will take that bit out. I kinda wanna explain it all and there is lots more believe me but I kinda typed it all out then thought is it least said the better?? or wot?

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sandralovescats

Just keep it simple, brief and to the point - for the forms.

If the OR asks any more questions you can add more to it if you wish. They don't really need to know the whole drama of it all. The OR see this every day of the week, in one form or another, in varying amounts of debt. It won't bother them in the slightest, just all in a days' work.

Hope everything works out well for you

goonergirl

Its just OH is the one who has to speak on the phone and he hates talking to people will never speak on phone only to say can you speak to me about it!!
thanks I ll try and condense it a bit.
Ive tried all week to get appoint at CAB but can't even get through on the phone!
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Chilli_2-2

HI Mike,

I got declined by the Co-op too, and that was before I went bankrupt! I was really upset about that, but I'm now waiting to hear from Barclays, and if they refuse I'm off to Nationwide to see what they'll do. In the meantime - I'll be getting my money paid into hubby's a/c.