To go Bankrupt? Advice...

Ineedaname

R_USS wrote: »

I have some of it left in my sisters account as a nestegg for when I am older...

Then you have cash as an asset which the OR will want to take from you.

If it's a substantial amount, why don't you offer pro-rata full and final settlements to your creditors and avoid going BR?

sundays

Bloodyhell, so what is your total debt.

When was your balance at 30k, and how hell did you save that, how much is left, that will be the OR starting point imo.
If they can see the transfers , they could possibly seize it from your sisters account if its still there, or report you to the police for suspected money laundering.

You may be worth instead of considering IVA or BR offering the companies full and final settlements some will accept peanuts, then you can start afresh without "big Brother or likewise" looking over you.

R_USS

Ineedaname wrote: »

Then you have cash as an asset which the OR will want to take from you.

If it's a substantial amount, why don't you offer pro-rata full and final settlements to your creditors and avoid going BR?

Because I have no where near £30k as lost the majority of it and its in my sisters name now anyway, I took the cash out of the account handed it to her and she put it in her account... so there would ne no way the OP could argue that the money is mine as it wasnt bacs or transferred in any other way.

R_USS

sundays wrote: »

Bloodyhell, so what is your total debt.

When was your balance at 30k, and how hell did you save that, how much is left, that will be the OR starting point imo.
If they can see the transfers , they could possibly seize it from your sisters account if its still there, or report you to the police for suspected money laundering.

You may be worth instead of considering IVA or BR offering the companies full and final settlements some will accept peanuts, then you can start afresh without "big Brother or likewise" looking over you.

About a year ago but only briefly while I was transferring winnings back to the gambling website, back and forth etc etc

I withdrew the amount I had left which wasnt much btw and just gave it cash in hand to my sister who is keeping it in her account for me.

sundays

You need to get some proper advice.

You really need to say when it was at that amount and when it showed reasonable amounts and for how long , so people can assist you.

We are not hear to judge.

However if the OR sees you took out xxx , they may treat it as you are deliberatly hiding money and slap on a massive BRO or worse prosecute you, remember if you lie on your application , it is perjury and they have sent people to prison for that- i dunno a ex OR on here needs to answer the worst that could happen.

Any cash you have should be declared to the OR as a asset and paid towards your BR, that is the rules, being a BR does not allow you to be cash rich.
If you want to keep the dosh then neither BR/IVA is suitable and really your in breach of a DMP as you have assets that could reduce the debt or pay it off.

Failing that, dont pay the DMP , get a ton of CCJ's and do nothing but wait, if you have no car or possessions that can be seized if a warrant is issued for non payment of a CCJ or a property to put a charging order on, then there is little that can be done.

After 40 odd posts it might have been better to have said it as it is from the start, because really anything else advised doesnt really apply anymore.

dojoman

Any money you have at the time of BR no matter whose account it is in, has to be declared to the OR otherwise you are heading for a shed load of trouble.

sundays

The point im trying to make is this.

If you beted a pound and won 40 k on the lottery then that is good fortune, but if you failed to pay the debts off when you could have or continued with the terms of the repayment without being defaulted that is what i think the OR would be looking at.

If you chose not to use that money or your income and deliberately defaulted, then you have deliberately worsened your financial circumstances and made yourself insolvent.

If you chose not to pay debts but save money instead, then entered into a DMP when you had cash assets, you must have been dishonest to receive the DMP, if not paying your debts enabled you to save up to 30k by gambling then again you have worsened your cirs.

Flyright

"Because I have no where near £30k as lost the majority of it and its in my sisters name now anyway, I took the cash out of the account handed it to her and she put it in her account... so there would ne no way the OP could argue that the money is mine as it wasnt bacs or transferred in any other way."

I'm sorry but that is really naive of you. You don't think you will be asked to account for cash withdrawals? Don't even start to think that you're going to be able to 'pick and choose' what you declare to the OR in terms of both your debts and your assets (because that cash IS your asset). For one thing, that's a surefire way of bringing your sister into it. The OR has legal powers to seek recovery from third parties.

I think you need to really think seriously about the bankruptcy process if you're intending to go down that route.

Vikipollard

R_USS wrote: »

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.

You've already stated that you have access to the money in your sister's account (above), so it being 'solely in her name' is irrelevant. You having 'a nestegg for when you're older' is, frankly, insulting to those of us who've faced up to where we are and the mistakes we made. And done something to pay at least some of the money back.

I'm trying not to judge, but whatever route you ultimately go down to resolve your debts, it's time to Man up, 'fess up properly, and above all, take responsibility.

Right now this feels like 'how can I get out of paying back what I spent'. :mad:

debtinfo

sorry i think ive missed a bit could you just clear a few things up

1. How long ago did you lie to obtain the loan, how much was the loan taken out, how long did you maintain the payments full or part and how much do you owe to that specific loan.

2. are all the other debts Kosher

3. How much do you owe in total

4. Did you win or lose overall by gambling and what timescales are we talking about here

5. The 30K, what has happened to it, gambled, spent (on what) or sitting with your sister

6. How much extra have you earned that has not been declared to the CSA and over what period