To go Bankrupt? Advice...

R_USS

debtinfo wrote: »

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

Hi mate...

1. took out the loan in 2001/2002 from memory i think it was for £7k and I have approx £5k left to pay back... paid it back ok up until I had to finish my job 1-2 years later.

2. Yes all the debts are kosher

3. Without checking roughly £40-42k

4. Gambling approx 1.5 years ago and won in the end £6k. Again to gamble I used money I had saved and got lucky with one bet and just continued from there, at the highest point I was up to £30k but lost the rest (and spent some on rubbish) and luckily with help from my family stopped leaving me with the £6k.

5. I am not sure would have to work it out possible a few thousand but this is a guess.

The £6k is currently sitting in my sisters account but I am debating whether to withdraw and just keep in a safe place... bit paranoid about it all tbh especially after reading some of the recent posts on here

debtinfo

R_USS wrote: »

Hi mate...

1. took out the loan in 2001/2002 from memory i think it was for £7k and I have approx £5k left to pay back... paid it back ok up until I had to finish my job 1-2 years later.

2. Yes all the debts are kosher

3. Without checking roughly £40-42k

4. Gambling approx 1.5 years ago and won in the end £6k. Again to gamble I used money I had saved and got lucky with one bet and just continued from there, at the highest point I was up to £30k but lost the rest (and spent some on rubbish) and luckily with help from my family stopped leaving me with the £6k.

5. I am not sure would have to work it out possible a few thousand but this is a guess.

The £6k is currently sitting in my sisters account but I am debating whether to withdraw and just keep in a safe place... bit paranoid about it all tbh especially after reading some of the recent posts on here

ok well, im sure you dont need me to tell you that you have done wrong, but im going to anyway, not to make you feel bad or judge you but to give you a shake and say that whilst you may have done some wrong, it is not yet a terminal case and can be retrieved somewhat, but you have to start coming clean and being honest. the OR is going to investigate, you have to many loose ends for them not to notice, and if you give them half the story they will find out the rest, remember that when you go bankrupt the info you provide is to a court and the OR is an officer of that court and so lying, half truths or ommisions are perjury, it is generally the principle that you get hammered much harder for missleading the court than for whatever it was that you did in the first place.

anyway these are my thoughts on the actual matters at hand

lying on the application, obviously this is fraud but in your favour is that it was some time ago, it seems that you only did it once so not a pattern of behaviour, you did pay back until your circumstances changes. now none of that omits the action but it does offer mitigation when they decide what action to take, whilst one can never be sure, i believe that the worst that is likely to happen is that the creditor could ask the court for you to have to pay that back over a period of time (all the other debts would be included in the bankruptcy)

CSA, they will assesyou at somepoint so best to get it out of the way, with a relatively small amount of extra earnt there may be some arrears that you have to pay but not much i would have thought

Gambling, you seem to have won more that lost so this is not a direct cause of a BRO, but you may still gate a small one if you have spent extravagantly, the reason a mention this is that a BRIO for bambling would be longer than one for just being unwise in your spending

Lying about current income to DMP, not legally required so not a problem as such, although again may contribute towards a BRO for not paying as much to creditors as is reasonable, ie you used it for other purposes

Money with your sister, you need to declare this, if you dont and they find out, that is when you are moving into the realms of criminal prosecution which is what you can avoid if you face up to it now

JoePublic

debtinfo wrote: »

lying on the application, obviously this is fraud but in your favour is that it was some time ago, it seems that you only did it once so not a pattern of behaviour, you did pay back until your circumstances changes. now none of that omits the action but it does offer mitigation when they decide what action to take, whilst one can never be sure, i believe that the worst that is likely to happen is that the creditor could ask the court for you to have to pay that back over a period of time (all the other debts would be included in the bankruptcy)

Actually, the worst that could happen is that, if the lie is discovered, the Bank involve the Police and the OP is charged with obtaining money by deception. A court case would follow and only then would matters be decided with regard to a repayment/punishment and, as previously pointed out by others, debts incurred via fraud are not subject to bankruptcy therefore the OP would go Bankrupt, get Arrested, be Charged, would attend court, be punished and then still have the original debt to repay - all in all, a bad day out and certainly nothing to be ignored on the basis of one or two replies from people he doesn't know on an internet forum!

I'm quite surprised to see a few people telling this chap not to worry, he has admitted a criminal offence and is then considering passing his financial affairs into the hands of an official body who's job it is to investigate his dealings, i don't know about "not got much to worry about", i wouldn't sleep again!

My information regarding the Police involvement comes direct from source, her indoors is a Police Officer and when i outlined this thread to her, her reaction was pretty straightforward "oh yes he'd get nicked for that if it was discovered", it's not even a defensible position, there are no grey area's, you don't write "Lecturer" instead of "Student" by mistake!

As previously stated, i wish the OP well but he should seriously consider this course of action. Knowing how much his nestegg is, my advice would be to clear the fraudulent loan ASAP, offer full and final payment and get rid of it, I'd then come clean about the p/t job and i'd run my account like an absolute saint for the next 18 months before having another look at things to see if BR is the right option.