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what to do?
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I have an unused overdraft facility of £750, in theory could I withdraw that money and use it towards paying for bankruptcy and then include that debt in my bankruptcy?
You could do so yes.
When I was at my lowest, and realised I could not pay even the minimums on all my debts, I had a large OD on one bank account, unused, so I withdrew the entire lot so my family could eat and had an emergency fund, until my next payday.
I then included that debt in my IVA.
Sometimes you have to do, what you have to do, to survive in this world.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Yes I did see that, thanks but that's potentially months before I can apply. So I was thinking would it not be better to sort it sooner rather than later?0
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Yes I did see that, thanks but that's potentially months before I can apply. So I was thinking would it not be better to sort it sooner rather than later?
If you feel its the right thing for you to do, then go ahead, and get on with it.
When CAB or any of the other debt charities recommend Bankruptcy, its usually the right choice.
My reason for posting was simply that the process will be much easier in April, its only 2 weeks away, nothing will change in that time, its worth the wait just so you don't have to appear in court in my book !!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »If you feel its the right thing for you to do, then go ahead, and get on with it.
When CAB or any of the other debt charities recommend Bankruptcy, its usually the right choice.
My reason for posting was simply that the process will be much easier in April, its only 2 weeks away, nothing will change in that time, its worth the wait just so you don't have to appear in court in my book !!
Im in an almost identicle situation to yourself and im also waiting for the new bankcrupcy procedure to come into place, having taken lots of advice on here and speaking to stepchange, it really is the best way forward for a fresh start0
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