To go Bankrupt? Advice...

lovetohorde

The gambling was from credit in mu current account the debts are purely loans, credit cards and student bank current accounts from when I was in university.

I gambled from money I saved in my bank account but won quite a bit so on the statements that the OP would be able to see... They would see large amounts of credit in the account from time to time which I then withdraw and put in my sisters account.

Is that something to worry about?

Thanks for everyones help so far.

(Ps. This is still R_USS I on my phone now instead of work computer and my blackberry seems to have logged me into a old account I must have had on the site lol)

sniggings

lovetohorde wrote: »

The gambling was from credit in mu current account the debts are purely loans, credit cards and student bank current accounts from when I was in university.

I gambled from money I saved in my bank account but won quite a bit so on the statements that the OP would be able to see... They would see large amounts of credit in the account from time to time which I then withdraw and put in my sisters account.

Is that something to worry about?

Thanks for everyones help so far.

(Ps. This is still R_USS I on my phone now instead of work computer and my blackberry seems to have logged me into a old account I must have had on the site lol)

the OR is only really going to look at the past 1-2 years,winning money wouldn't be a problem,only if you were to have lost and added to your debts,they could ask why you were moving money if it was less than 2 years but even then it was winnings so hardly can be seen as a crime.

sundays

I think to many people overthink what the OR does, they are not CID, and wont get involved i doubt with undeclared income in respect of the CSA or parttime work.

The OR doesnt run a check on your previous work history as a normal part of their enquiries, they take a lot based on honesty and the fact that you have been on a DMP is likley to prevent them from poking about.

There job is to look to see when you became insolvent and why that happened, so if you say i had a great job 6 years ago, i was made redundant didnt receive any real payout , couldnt pay my bills and ended up on a DMP that will prob suffice.
Most have had to much credit on offer , hense why many of us have gone BR, and at some point and for some reason we couldnt maintain the repayment, that is when you are considered insolvent, for me it was reduced earnings and loss of work. Prior to that yes id been reckless but had repaid.

However if whilst on the DMP you then acquired credit that you couldnt and deliberately didnt pay, they would then question that, but im assuming from you have said all your credit including the loan was pre DMP. Lots of people invented stories re there income to acquire credit whether it be loans or self certified mortages - so id not be worried about that.

Gambling is looked at when it is obvious the person gambled then as a direct result got into debt. Same with drinking and drug misuse. From what you have said you have managed to save money and used that to gamble and win some, id personally not go into that, if your bank accounts are checked and the question is asked be honest.
Say you lived on very little, and when there was money you played the whatever it was and won.

If your on a DMP and you didnt give funds through wins to those creditors i dont think you can be held to ramson on that as it would have just changed the arrangement that had been agreed.

If im reading your statements correctly , you prob dont have a lot to be concerned about and even if you had acquired debts after the start of the DMP, all that will happen is you may get a BRO which can be 2- 15 years it just puts further restrictions on you, but ive always maintained anything up to 6 years wont make much of a difference as your credit file will scream "Bankrupty", nothing as the norm actually drops off its down to you to clean up your file and there is a whole sticky on that process and how to do it when you are discharged which is 12 months from the the date you were decared BR.

Getting a mortage maybe difficult as you will only get good credit , after building decent credit , and whilst some can be done after BR it would take time to get there, and as ive said for the first 6 years from being BR your file is gonna be rubbish.

R_USS

Ok cheers guys.

Really not sure what to do now.

What would I say if the OP asked me why I didnt start to pay more of the debt with my part-time job?

I suppose I just dont want to get in trouble with anyone.

sniggings

R_USS wrote: »

Ok cheers guys.

Really not sure what to do now.

What would I say if the OP asked me why I didnt start to pay more of the debt with my part-time job?

I suppose I just dont want to get in trouble with anyone.

its OR

the answer is because like the rest of us you're crap with money :beer:

System

Well, why didn't you? General living expenses? Or was it paying for your private yacht?

Be realistic with them and you'll be fine. Remember everything is gone up a lot in price over the last couple of years, so increased living expenses are perfectly reasonable.

R_USS

Sundays... yeah all my debts are when I was in university resulting in eventually the DMP when I quit my job which I was on good money at the time.

I do have an arrangement with First Direct private outside of the DMP which I pay £10 a month... its a old current account I used to have again from university days but for some reason missed this out of the DMP. Is it adviseable I pay this off first??

The gambling and credit I have had in my account was after the DMP was setup.. I sorted my finances out and matured a bit resulting in me getting my head around my money situation (although to late to avoid the debt).

What I have always done is remove any credit in my current account and either put it in my sisters savings account (of which I have the card/pin etc)... reason for this is that I was always paranoid that they may see or do some kind of financial/credit check that would show a surplus, so I have always just removed any credit in the account.

When you say I would be discharged after 12 months, would this change if they put a BRO on me, for example 3 years?? still a bit confused about this situation.

Also with a Iva they say leave it 6 years and by the sounds of it the same for a BR... but I take it a Iva later on is more manageable for getting future credit etc or would I be in exactly the same situation?

Cheers again for your help.

sniggings

both are removed after 6 years so unless you get asked on a loan application if you have ever been BR then there is no difference,btw you could get asked have you ever been ona IVA so in that case there wouldn't be much if any difference between the two.

System

A DMP isn't a legally binding agreement, so don't sweat it. I had a First Direct overdraft of £1100 which I paid off a few months prior to BR. I didn't include it in my DMP either and the OR didn't even bat an eyelid. I did tell him though as I just thought I should.

I think what they're looking for is giving preferential treatment to certain creditors just prior to BR - they don't like that.

Bankruptcy is worse than an IVA from a new credit point of view, but possibly worse for you (you have years of paying back lots of money!). Depends what your priorities are. If you have defaults on your account as you almost certainly will at this stage, you're going to find credit very difficult anyway.

R_USS

sniggings wrote: »

both are removed after 6 years so unless you get asked on a loan application if you have ever been BR then there is no difference,btw you could get asked have you ever been ona IVA so in that case there wouldn't be much if any difference between the two.

Cool in terms of starting and progressing on a BR... would I be able to take up additional work (like a second job) after the initial 12 months... or is this something the OP would want to get their hands on for up to the 6 years?

Also stuff like direct debits I have in place for the gym, car insurance etc would they still be ok? (naturally from a different bank due to them freezing existing account)