Advice needed asap

DAT9

Hello

Before i write i ask please not to judge me and to answer my questions if possible. I am a 27 year old male, have around £50k of unsecured debt i go bankrupt tomoroow and also ashamedly have committed five counts of fraud. I live at home still, i have no assets, and whilst trying to start a business, i panicked and used my parents details to obtain unsecured loans 2 years ago. I could not live with myself any longer and three months ago told my family, friends, girlfriend everything and also handed myself into the police on my own accord to admit what i had done and informed the loan companies involved. The police have said due to the unique situation they were not pressing charges, my parents do not want to and the loans are in the process of been put into my name, however i have no way of paying them back due to the bankrupty, does anybody know what the likely outcome is here ? I have spoke to a couple of solicitors and one said they will probably write off the loans, the other said they will press civil charges against me, can anybody inform what this is ? Anyway i am getting away from my point. I actually start a new well paid job Oct 1st and i am thinking long term here, i am aware due to the fraud i will prob not even get a discharge for a couple of years at least, however once i have had a discharge, would the fact i have committed fraud rule out me getting a mortgage completely ? ( I am presuming i will be charged with something, it seems i should i certainly feel i deserve punishment ) Also if my partner and me were earing £45k between us a year, and we wanted a mortgage for £160,000 and we could put a £10k deposit down, would my past still prevent us from getting one ? Once again please do not judge me, i hate myself more than anybody else could and i will never properly deal with what i have done. Thank you for taking the time to read this and i hope i can get some good advice, i have posted this on the Mortgage page too but had no response yet.

jo1972

Hi Dat,

Just wanted to say hello really, I don't know anything about the bankruptcy process, it'd probably be a good idea to copy/paste your message on the Bankruptcy Board too as loads of people on there will be able to help you.

You will not be judged on this board, we have all had different situations which have lead us to debt and the main thing is that we have now realised the situation we are in and are all working towards getting out of it. So good luck tomorrow and for the future, keep us updated with your progress.

You'll get tons of support on here

Jo.x

floss2

Have you posted on the Bankruptcy Board? Someone there maybe able to help you...

Good luck tomorrow :wave:

chevalier

Are the loans you took out fraudulently included in the bankruptcy? If so then I would have thought they would be written off with the rest of the debt.
Would echo what others said ref the bankruptcy board to ask this question.

With regards to the mortgage, the bankruptcy itself will have an impact on your credit score for a number of years - 6 I believe, so you may not get a very good rate for a mortgage in a year or two time.
best of luck
chev