What Happens

Gemlou26

Hi Brassleaf,

Just to answer a few of your questions,

If you have debts with your bank, they have the right to offset money in your account against your loan if you stop paying without your permission.

If you go BR and have surplus income, the OR is likely to inforce a IPA which means you would have to make a contribution from your income for three years. You will need to check your contract to see if BR would cause an issue for your employer, some people have lost their jobs for going BR.

Taking a loan out you have no intention of paying back could land you with a BRO these are the restrictions of bankruptcy extended for any period of between 2 and 15 years.

Gemlou26

Dave70 wrote: »

why risk yourself going into bankruptcy just to buy a car and insure it for your son ?. take a step back and think hard about what you are planning to do. Not wanting to sound too harsh but why are you buying and insuring a car for your son ? if he is 17 the insurance will be more than the value of the car. by him a pushbike to use or a bus pass etc to get to work and encourage them to save for their first transport and add a percentage of what you have saved towards it.

^^^ Agree with this

brassleaf

Look.... can we forget the car.... this is not about the car.. im probably in the wrong place here. thanks for those who answered, however you answered ,because thats your opionion and your entitled to it.

ontheroad_2

brassleaf maybe once you speak to one of the recommended debt charities you might have a completely different take on things.

I also didn't want to have to discuss my finances etc with anyone when we were considering where to turn next, but I spoke to a CCCS person on the phone, who could not have been more calming and completely non-judgemental. I had the same experiences with the cleks of the court when I presented my bankruptcy application, and again with the OR for our bankruptcy. No judging at all, they are just doing their job (and in my experience, very well too).

Its not about "chucking the towel in" its about being practical and sorting out your finances so you can move forward - isn't it?

eroszamp

Maybe everybody should stop to pay their loans. The world would change quickly...

Manoona

brassleaf wrote: »

Look.... can we forget the car.... this is not about the car.. im probably in the wrong place here. thanks for those who answered, however you answered ,because thats your opionion and your entitled to it.

If this isnt about the car for your son, Im not sure I understand what it is your asking? If you have the funds to pay for the laon that you took out why not just do that, by going BR you will still have to make a contribution and you will get the restrictions that go with it - no 'current' bank account, any joint debts with a aprtner falling completey to them, no credit for 6 years, loosing your house if you own it......why go through all of that when you have income at your disposal - a couple fo hundred a week as you said...most of us on here are lucky if we have that a month!!