Been very stupid - will I go to jail?

Terrified77

Oooh, another question! See, they're all coming to me now! What do you think will they say about the money I gave to a friend? Well, lent to a friend but seeing as I'm now not getting it back I might as well have just given it to them!! Stupid stupid stupid. It was sent abroad as well. I know that sounds/looks dodgy but I swear to god it wasn't and it was to honestly help a friend out. Will my friend be involved? Will his business be involved?

Are there any OR people on here that give advice .... I thought I saw one chatting on another post but I can't find it now.

dalip

Terrified
First off how much was it for and when?. Then how good a friend are they? Answer this then we can advise. Hey girl no worries keep the ?'s comming thats what we are here for!:p

Terrified77

Give or take £5k ... in two installments ... this year. Quite recent. But said friend (very good friend I might add!) has had a few business deals fall through and now can't pay me back. I thought it was all 'in the bag' - I was wrong. I know I haven't been duped by them, I feel bad for them. But obviously I feel even worse for myself because I'm the one left to pick up the pieces .....

As for declaring bankruptcy, I'm beginning to think that I should hold off on this for as long as possible (if that's what I ultimately have to do) so that there is some 'breathing space' between my mistakes and my application?? What do you think?

dalip

Yes if you can do that it might be wise but dont forget the OR normally goes back 12mths, in some cases 2 yrs. So all may not be well no matter what. You can include your friend in what is owed to you but not sure what the implications for them would be. Why not start a fresh post asking that question and see what comes up.

Keeping_Motivated

Can your friend not even make monthly payments to you to help with the debt repayments even if he/she can't pay the amount in full?

rog2

Terrified77 wrote: »

What do you think will they say about the money I gave to a friend? Well, lent to a friend but seeing as I'm now not getting it back I might as well have just given it to them!!

Terrified - you will be asked if there is anybody who owes you money, as the OR would, normally, attempt to chase any outstanding monies, owed to you, to be added to your 'estate in bankruptcy' and, ultimately, to be distributed amongst your creditors. However, in the absence of any formal loan agreement, and as the money has been sent abroad, I doubt very much that he will 'pursue' this money. When I was declared bankrupt, one of my customers still owed me £12,700 - the OR asked me what were the chances of getting this money and I explained that the customer was holding back the money pending completion of certain modifications to the machine, which I would, now, be unable to do. The OR wrote, on the statement that I had to sign at my OR meeting, that this 'debt' was unlikely to be paid. To the best of my knowledge, and I have since spoken with the customer, nobody from either the OR office, or my Trustee, has ever contacted him.

Terrified77

Thanks Rog2. If I get the money back, that will be a bonus. And obviously the OR would see it on my bank statements in the future (I assume they keep tabs on for you a while after BR?) and then of course I can declare it and put it 'back in the pot' as it were. But in the meantime, I doubt I will get it back and I would hate for my friend to be pursued.

tigerfeet2006

Abuse reported.

bank_of_slate

Hi,

Unless you used the money for ridiculously frivolous purchases such as a yacht, a huge spree in Harvey Nichols or a tropical luxury holiday I wouldn't worry about it!
Who on here can recall where the money went?
You're doing great! what's done is done, draw a line under it and just tackle the problems in your new and very organised (good for you!) binder.
By the way... that is actually a response to something 2 pages ago! I got all mixed up after reading the most unhelpful post on the last page, !!!!!!!
...Linda xx

ampersand

mpsavuk wrote: »

tigerfeet2006 wrote: »

You will NOT get sent to jail. They do not do that any more.

Mores the pity. If debtors were sent to jail then perhaps people would think twice before getting themselves into such stupid debt problems through sheer greed & stupidity.

And perhaps the rest of us wouldn't have to pay higher taxes and interest rates to bail them out.

Controversial i know but thats my opinion and i'll bet i'm not alone.

###############
TERRIFIED - PLEASE NOTE:
I DID NOT INTEND TO THANK THIS UNHELPFUL AND UNPLEASANT POSTER, BY WHICH I MEAN MPSAVUK.
WRONG BUTTON SYNDROME.
DEEPEST APOLOGIES.