Please Help - Bankruptcy next week making me ill

Lotty1_2

Did the OR question you about lieing to creditors?I am not being nosey, any little bit of info will help.

betterlatethannever

No, i did explain my college attendance and said i had hoped that i would be able to improve my financial situation by going there and that was fine.
I'm not sure i actually lied as such, more i didn't tell them my situation, which is slightly different lol

Lotty1_2

Did they ask for any proof or write to your college?Nosey aint I!!!

betterlatethannever

Nope nothing. I was as honest as hell with the OR and i really think they appreciate that.
Admit to your problem, but use care and caution.....and maybe a sprinkling of Richards advice.

Lotty1_2

Oh well people, thank you all very very much for your replies today.Have put my mind at rest - a little anyway, feel like having a good drink now.I will let you know next week what happened - Not that you are all prob interested.Thanks once again.

betterlatethannever

We are interested Lotty, please let us know how you get on, and if you just feel like a chat/rant then pop back.

Lotty1_2

I will send you a visiting order when i am detained at her majesty's service. .ha ha

G-G_4

Good luck Lotty! I'm sure it will be easier than you ever imagined! x

Try not to worry, I worried before and after bankruptcy, and to a certain degree I still worry now.. but really, if you are going bankrupt then it is because you have no other option or way out, and if that is the case then there isn't much that you can do about it.. so.. what will be will be.. once I worked that out and got it straight in my head that there was absolutely nothing I could do to change what was going to happen, then I accepted it and started sleeping well again..

Best of Luck! (but you won't need it) x

Addicted2Chocolate

I Lotty1. I work for an OR's as an insolvency examiner. I deal with debtors petition bankruptcies (about 250 cases a year!!)
In the statement of affairs Section 6, you have to put your employment history. When someone is unemployed as of BO date, I always ask if they have already not stated, 'since when have you been unemployed' Then I ask for emplotmebnt hsitory for at least 2 years: what their previous job was, role, salary, when they started, when and why they left.
Section 4 the list of creditors asks for name, address ref, type and date incurred. For a loan the date incurred is the date the funds were obtained. In all cases where i see credit has been obtained whilst unemployed, I ask how application was made (paper, telephone, internet?), and ask 'did you tell the truth about your income and employment status when you applied for the credit' If the answer is no, then it is a criminal offence i am afraid (either fraud act or theft act, the act is technicality). I would then ask 'what did you state on the appliaction, what did you say your salary was, what did your state your emplloyment status was, what was their actual true status and income at time.
Where a bankrupt admits they have been dishonest we have to take decide whether to make further investigation. factors considered are:
how long ago: oct o6 is 15 months ago so is recent enough to be investigated further.
Amount ie is amount material to overall debts, ie of a £500 loan for debts of £50K no, if £15 K of £40K probably yes
Would it be in public interest to take further action: if you are ill or elderly it may not be in public interest to take action
If the OR does decide to make further investigations, they will write to creditor asking for i) a copy of the loan applcication ii) confirmation of whether they relied on the false information when deciding whether to offer loan, ie they must confirm they would not have offered loan if they knew you were unemployed and iii) will they support any further action, by giving a witness statement for example.
Most often the replies we give are i) we do not hold a copy of the application ii) they cant confirm whether they would have offered the loan if they knew of unemployment (they say we use credit scoring so may have offered loan anyway) iii) they dont want to support because of possible bad press.
So very few of these cases go anywhere. My advice would be to tell the truth and dont worry too much. I have lots of bankrupts admit they did what you have done. The chances of criminal action being taken are negligable, and even if you were proscuted and found guilty, you would most likely get a tiiny amount of community servcie. Email me any questions.

betterlatethannever

Brilliant post addictedtochoc:beer:
Thank you:T