Worried about catalogue credit !!

Flora_McDora · 25 April 2019 at 5:47PM

Everything seems to be coming to a head with my debts- credit cards, loans and catalogues and I am beginning to think that bankruptcy is the only way forward.
However, I'm really worried that the OR will want to go through all my statements to see what I've foolishly spent my money on. Last summer, a blow-up hot tub seemed such a sensible purchase and apple airpods for the kids for Xmas !!! But my circumstances have now changed and paying back is becoming an on-going problem.
Please advise .....

TimeToRebuild · 26 April 2019 at 9:14AM

Don't get yourself to worked up.

you will need to list all your debts and they will ask when you last used that credit service, Unless you have gone on a mad spending spree raking up thousands a week before going bankrupt they will only care if you are insolvent or not, the OR wont have much interest in a blow up hot tub!

If you do go bankrupt all you can do is be honest.

Minkym00 · 27 April 2019 at 6:03PM

The odd extravagance won’t be seen as a problem. They would be concerned if you took out a lot of debt just prior to going bankrupt, as that could attract an allegation of there being no reasonable expectation of you being able to pay it.

Worried about catalogue credit !!

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