bankruptcy
Comments
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luckylady45 wrote:I was told that from when I signed the R3 document as part of the paperwork that I was under NO circumstances to take on any extra credit in any form.
I was also told that I should not use any cards I had in my posession.
I said dont worry they have all been cut up and its cash cash cash from now on
LL
Precisely!
Yet hundreds of folks still do it. They mustn't read the documents that they sign.0 -
shameless-about-money wrote:since whilst bankruptcy itself is not a criminal offence there are many, many offences and misdemeanours within the realms of the laws of bankruptcy, involving fraud and non-disclosure, that still carry a prison sentence both during bankruptcy and during a BRO/BRU.
I prefer to stick to facts:
Fact - Bankruptcy and obtaining further credit does not result in a prison sentence. Fraud and non disclosure maybe, but that is not what is being discussed. Telling someone they will go to prison for simply obtaining further credit is factually incorrect.Why encourage them to take credit?
Its not encouraging people to take credit, simply informing about what you can and cant do! I am not here to judge people.Any Insolvency Practitioner will be able to expand on this for you.
That wont be neccessary thanks, I have sufficient basic knowledge to know what I am saying is correct. If I didnt, I wouldnt say it.
You seem to think that this is an attempt to undermine you, which it isnt.
My concern is that people are only given information that is non judgemental and factually correct.10 1p's are better than no 10p's !!! :think:
BSCSC member #35
Doesn't expecting the unexpected make the unexpected become the expected?;)
Remember, posts here are just the informed views of someone with similar experiences to your own or with some basic understanding of the issues.
Please remember, if in doubt, seek professional advice!0 -
shameless-about-money wrote:since whilst bankruptcy itself is not a criminal offence there are many, many offences and misdemeanours within the realms of the laws of bankruptcy, involving fraud and non-disclosure, that still carry a prison sentence both during bankruptcy and during a BRO/BRU.
I prefer to stick to facts:In bankruptcy you must not take on any credit - otherwise you will end up in prison.
Fact - Bankruptcy and obtaining further credit does not result in a prison sentence. Fraud and non disclosure maybe, but that is not what is being discussed. Telling someone they will go to prison for simply obtaining further credit is factually incorrect.Why encourage them to take credit?
Its not encouraging people to take credit, simply informing about what you can and cant do! I am not here to judge people.Any Insolvency Practitioner will be able to expand on this for you.
That wont be neccessary thanks, I have sufficient basic knowledge to know what I am saying is correct. If I didnt, I wouldnt say it.
You seem to think that this is an attempt to undermine you, which it isnt.
My concern is that people are only given information that is non judgemental and factually correct.10 1p's are better than no 10p's !!! :think:
BSCSC member #35
Doesn't expecting the unexpected make the unexpected become the expected?;)
Remember, posts here are just the informed views of someone with similar experiences to your own or with some basic understanding of the issues.
Please remember, if in doubt, seek professional advice!0 -
Originally Posted by luckylady45
I was told that from when I signed the R3 document as part of the paperwork that I was under NO circumstances to take on any extra credit in any form.
I was also told that I should not use any cards I had in my posession.
I said dont worry they have all been cut up and its cash cash cash from now on
LLshameless-about-money wrote:Precisely!
Yet hundreds of folks still do it. They mustn't read the documents that they sign.
This of course refers to an IVA, which is totally different from Bankruptcy.10 1p's are better than no 10p's !!! :think:
BSCSC member #35
Doesn't expecting the unexpected make the unexpected become the expected?;)
Remember, posts here are just the informed views of someone with similar experiences to your own or with some basic understanding of the issues.
Please remember, if in doubt, seek professional advice!0 -
Taking credit in bankruptcy - above £500 - will result in a visit to Court and possible imprisonment - that is the fact that you wish to overlook.
Whilst bankruptcy may have become easier to go through, the fundamental constraints still remain and the flouting of those constraints will still incur a prison sentence, whether you wish to acknowledge the fact or not is entirely up to you.0 -
my credit was took when an iva was in effect not in bankruptcy as that is what i am planning to do soon my iva has failed iva company has said to proceed with bankruptcy as i was having trouble paying them if i get prosecuted i will just pay them0
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Dimp - the point is that when you go bankrupt £500 is very easy to spend, and more. The point is that if you do go over that £500 there are dire consequences.
No-one will prosecute you for defaulting on an IVA - but do be careful when you go bankrupt - please.0 -
alittle advice would you declare my credit going out of my mind0
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hi sorry keep going on but shall i delcare these in court0
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dimp81 wrote:hi sorry keep going on but shall i delcare these in court
You MUST declare ALL of your debts on your Statement of Affairs form - you will find it at https://www.insolvency.gov.uk
You will not be in any trouble for taking out credit whilst in your IVA - if your creditors had found out they would not have been happy - but they didn't find out.
Do disclose ALL of your debts, wherever they are from, and you will be fine.0
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