Approved! Few questions regarding Car and Bank

smithyyy88

Hi all,
Finally took the decision to go bankrupt this week. 

During the past 2 years I have had a severe gambling addiction and left myself with around £50k worth of debt. During the past few months I was losing sleep, it was effecting me at work and it eventuslly cost me my relationship and a roof over my head. 

I have since gone 20 weeks without a bet, the longest I have been without a bet since I started gambling at the age of 17, moved into new accomodation but had to leave my job due to the stress it was causing me.

I took the decision to go bankrupt this week and it has been approved. I have no real assets even though I was earning in excess of £35000 a year. 

However, I do have a car that I drive which is only on contract hire (basically, long term rental). This is approx £300 per month. I don’t mind if I have to surrender the agreement, Audi can have the car back. Will the OR tell me to do this, or will Audi themselves terminate the contract?

Also, my bankruptcy was approved last Friday, I haven’t touched my bank account since. I have applied to open a basic bank account today, if successful am I ok to get my UC paid into this new account and start using for everyday essential spending. Will that too be froze?

Thanks for any answers in advance, I’m absolutely dreading the initial phone call, I expect it to be complicated. but I must face up to what mistakes I made in the past 18 months. 

Thanks again

fatbelly

If your old account wasn't overdrawn you may be able to keep it but for safety get your UC transferred to the new account.

The £300 lease fee won't be an allowable expense so the lease company will be contacting you for return of the car.

The OR interview will be  business-like. Just answer the questions honestly and if it's a yes/no question, just say yes or no. 

I don't think you have anything to worry about but keep in touch and let us know how it pans out.

MalMonroe

smithyyy88 said:

Hi all,
Finally took the decision to go bankrupt this week. 

During the past 2 years I have had a severe gambling addiction and left myself with around £50k worth of debt. During the past few months I was losing sleep, it was effecting me at work and it eventuslly cost me my relationship and a roof over my head. 

I have since gone 20 weeks without a bet, the longest I have been without a bet since I started gambling at the age of 17, moved into new accomodation but had to leave my job due to the stress it was causing me.

I took the decision to go bankrupt this week and it has been approved. I have no real assets even though I was earning in excess of £35000 a year. 

However, I do have a car that I drive which is only on contract hire (basically, long term rental). This is approx £300 per month. I don’t mind if I have to surrender the agreement, Audi can have the car back. Will the OR tell me to do this, or will Audi themselves terminate the contract?

Also, my bankruptcy was approved last Friday, I haven’t touched my bank account since. I have applied to open a basic bank account today, if successful am I ok to get my UC paid into this new account and start using for everyday essential spending. Will that too be froze?

Thanks for any answers in advance, I’m absolutely dreading the initial phone call, I expect it to be complicated. but I must face up to what mistakes I made in the past 18 months. 

Thanks again

Hi, don't dread it, it'll be fine. (I've been through a DRO - very similar thing)

While it's great that your bankruptcy application has been accepted, do you have any support for the gambling? (well done on your achievement of 20 weeks!). Help's available on the NHS now, because people are starting to take gambling addiction seriously, as they always should have done really. You could have a look at this link, when you have time.  Good luck - you've started now, you're on your way!

https://www.nhs.uk/live-well/healthy-body/gambling-addiction/

smithyyy88

Thanks so much - having a read into it now! I haven’t sought help yet, as I’ve been to busy with the move, end of relationship etc but it’s definitely something i’ll explore now. 

Suseka97

I've nothing to add re the bankruptcy application and interview (good luck with that) - but I did want to say congratulations for getting to grips with your gambling addiction.  I agree with MalMonroe about seeking a support network - this will help you immensely, if you find yourself wobbling at any stage.  But you've done great so far - so keep it up and once your debts are sorted by the bankruptcy, your future should be looking a lot less bleak  

Ivabr89

How did it all go. Did you declare gambling 

sammyjammy

Surely if you are living of UC you can't afford the £300 car even if the OR allowed it?  You should visit Gamcare website and self exclude yourself, you can do so for up to three years at a time I believe and it will stop you accessing any online gambling, including national lottery scratchcards!