deed of variation then bankruptcy

thousandyard1

thanks one and all. tigerfeet says 'the OR will look at the day your mum died and the fact that the money was gifted straight to you' and im wonderring how they would know my mum has died in the first place ?
thanks skylight for your sympathy. re full and finals, if i tried to disclose my inheritance from the credit card companies, im assuming i'd need to borrow the pay off sum from friends and family. does that sound right tou you. alternativelyi guess i could tell thm about my forthcoming inheritance but im assuming they'd gofor the whole sum that way.

whitty1

thousandyard1 wrote: »

thanks one and all. tigerfeet says 'the OR will look at the day your mum died and the fact that the money was gifted straight to you' and im wonderring how they would know my mum has died in the first place ?
thanks skylight for your sympathy. re full and finals, if i tried to disclose my inheritance from the credit card companies, im assuming i'd need to borrow the pay off sum from friends and family. does that sound right tou you. alternativelyi guess i could tell thm about my forthcoming inheritance but im assuming they'd gofor the whole sum that way.

If I owed creditors £30k and had £30k coming to me in a couple of months time then i'd explain this to the creditors and then pay them off once I had the money. I don't understand why you HAVE to go BR this month?

Alternatively you could do as you've suggested and make full and final offers, fund the payments from borrowing from friends / family and possibly pay them interest on what they lend you. If the money is guaranteed then no one will lose out and you could be left with some money left over

I'd stay well clear of trying to hide the money away. BR should be a last option really

debtinfo

Thousandyard1, please can you confirm that you have read and uderstood Fraudbusters post in that you understand that the maximum penalty for doing what you are thinking of doing is 7 YEARS IN PRISON if the OR finds out

thousandyard1

thanks whitty1. yeah this is sounding like the best route to take. do you or does anyone know, once having enterred into and completed a f&f offer arrangement, will creditors thereafter deem you too much of a risk to lend to ?

whitty1

without wanting to state the obvious - they'll certainly be more willing to lend to you than if you go BR.

haremscarem

The thing to remember is; The OR can NOT lay claim to ANYTHING that ISN'T yours. Sounds like you need to be written out of the will to get around that... Seems far too complicated with such a large sum.

JCS1

haremscarem wrote: »

The thing to remember is; The OR can NOT lay claim to ANYTHING that ISN'T yours. Sounds like you need to be written out of the will to get around that... Seems far too complicated with such a large sum.

Unfortunately, the OP's mother has already died, so he can't get the will changed.

OP - I'm sorry to hear about your mother. As others have pointed out, if you go BR then the OR/Trustee will get the money and there is no way of by-passing this.

I'd suggest a chat with one of the free debt charities and also consider doing full and final offers. You start low percentage wise, they come back with a higher amount, you meet somewhere in the middle.

If debts are already passed on to DCA's then I think they might accept a lower amount than the origional company.

You might be able to clear your debts for 40-60% of the amount that you owe and would then still have the balance.

Make sure that you put everything in writing, and that the creditor agrees to update your credit full as part of the offer.

More details here: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

fiveyearplan

start with offers of 30% of debt and be prepared to pay around 50%. That should still leave you with some money. You don't need to declare to the creditors how much money you are getting but be sure you pur 'without prejudice' on the letters and start the negotiating procedure. You can say you will be borrowing from family member but don't disclose the amount you have or they will want more to settle. You need to make clear that it is a full and final settlement and that they record such on your credit reference file.

Trollfever

I hereby confirm that my answers to all the above questions (including any extra information on pages following this declaration) are to the best of my knowledge and belief a true and accurate statement of my affairs as at today’s date. I understand that I may be committing a criminal offence if I deliberately give false information in relation to my bankruptcy.

thousandyard1

thanks fiveyearplan this sounds like a good way out for me. just been reading another thread and it talks about trying to reach an arrngement with creditors wherby i pay a minial mount each month until i am able to pay more. think its called a token payent. does anyone know if this might work ?