Bankruptcy need some advice

Wolf11 · 4 Jan 2007 at 14:59

Sorry to hear about your eyes etc...I hope you get it sorted m8

Skalaberg · 4 Jan 2007 at 15:10

£35k and nothing to show for it?????

blimey

nade · 4 Jan 2007 at 15:18

Skalaberg said:
£35k and nothing to show for it?????

blimey

Could be student loads and such.

I feel so lucky to have gone through uni without having to take out a single loan. But to be honest, it was 8 years ago.

Sorry to hear about your situation Controversial, I agree with everyone saying contact your Bank/Credit Card companies and also get advice from the local CAB office.

crashuk · 4 Jan 2007 at 16:19

go bankrupt you'll feel a lot of relief from what ive heard then change your name problem solved.

cdcopyman · 4 Jan 2007 at 16:21

crashuk said:
go bankrupt you'll feel a lot of relief from what ive heard then change your name problem solved.

LOL if only it was that easy!

Hedge · 4 Jan 2007 at 16:23

crashuk said:
go bankrupt you'll feel a lot of relief from what ive heard then change your name problem solved.

Some people are under that misconception. Its really not that straight forward lol

Dr_Evil · 4 Jan 2007 at 16:31

Hedge said:
Some people are under that misconception. Its really not that straight forward lol

It is. You can get your name changed for under £100, any sollicitor can do it for you. Then you can start "fresh". It's a bit of a "chickening" way out t.b.h.

Hedge · 4 Jan 2007 at 16:33

So you think when you change your name there is no record of you or paper trail regarding your financial past?

Surely it cant be that simple. if so, thats just insane.

The Edge · 4 Jan 2007 at 16:58

May just be that the banks don't bother to check.

Changing your name is pretty drastic after all

Dr_Evil · 4 Jan 2007 at 16:59

Hedge said:
So you think when you change your name there is no record of you or paper trail regarding your financial past?

Surely it cant be that simple. if so, thats just insane.

There is a record, of course, but has any bank or insurance company ever asked you if you have changed your name in the past xx months/years ??

Ofcourse you'll need to re-build your credit as you'll be starting clean with no financial history.....

Slam62 · 4 Jan 2007 at 17:07

Anyway, very sorry to hear about your illness mate, shame about the debt but I guess you've learned your lesson now.

The bank wont be that interested because they can charge you interest up until you are made bankrupt (so I believe) the CAB will be a help, but at the current expectation I'm guessing that your debt will be near 40 grand in a year and rising , so unless they (the bank) magically offer you a lower rate I think you've had it.

good luck in sorting it

PS if you find the burden of bankruptcy too high, could your parents not take out an extra loan on the house and then you owe them the cash? .. just a thought.

4T5 · 4 Jan 2007 at 17:09

crashuk said:
go bankrupt you'll feel a lot of relief from what ive heard then change your name problem solved.

Please, don't be daft.
On all future forms it Will ask, "Have you had Any previous/other names." If you have changed your name and say No then you will be prosecuted for Fraud.
Illegal activitys may seem cool but they are Not and only make things worse.
Just go down the CAB office the people there are fantastic.
Yes i do speak from experience.

toString · 4 Jan 2007 at 17:10

nade said:
Could be student loads and such.

You only have to pay those bank when you're making over 10k or something, they wouldn't be asking for it if you were out of work.

I'm surprised so many people are all for this.. I heard you can't even get a bank account after being declared bankrupt, let alone credit cards, finance options, mortgage, etc....?

Anyone good luck to you! And a reminder to everyone else.

Hedge · 4 Jan 2007 at 18:01

KingAdora said:
You only have to pay those bank when you're making over 10k or something, they wouldn't be asking for it if you were out of work.

I'm surprised so many people are all for this.. I heard you can't even get a bank account after being declared bankrupt, let alone credit cards, finance options, mortgage, etc....?

Anyone good luck to you! And a reminder to everyone else.

No one is saying its a great idea to go bankrupt, but in his situation, which is pretty severe, its one of the best options. Its gonna screw him up for a while. but its better than it spiralling further

Controversial · 4 Jan 2007 at 18:31

My mind is a total mess in three month's Illness, out of work and Bankrupcy

Most of the debt happened when my father passed away. I live with my Mum as I didn't want to move out as she would be on her own.

Going CAB first thing in the morning, have called a few places they are all saying go bankrupt.....

No way will I ask my mum to take a loan on her house, it's my mess and I will have to take it on the chin.

Should I speak to a Bankrupcy lawyer to do the forms what will the judge ask me... just so scary the banks are going to be mad when I have nothing to give back.

The good part the card protection should be ok on 1 card @5k the bank is sending some forms but they seemed all ok about it.

FrostedNipple · 4 Jan 2007 at 18:41

Controversial said:
just so scary the banks are going to be mad when I have nothing to give back.

tbh, they wont be mad, they make millions from intrest, if they dont get 35k then they might be a tiny bit peeved, but not mad, they will make that from someone else who has the same debt but doesnt go bankrupt etc

crashuk · 4 Jan 2007 at 18:49

if your gonna do it, try and buy peoples debt, or if your mother has any buy if from her then go bankrupt.

crashuk · 4 Jan 2007 at 18:51

malc30 said:
Please, don't be daft.
On all future forms it Will ask, "Have you had Any previous/other names." If you have changed your name and say No then you will be prosecuted for Fraud.
Illegal activitys may seem cool but they are Not and only make things worse.
Just go down the CAB office the people there are fantastic.
Yes i do speak from experience.

They dont ask you plus if they do and its been longer then 5 years since you changed your name you dont have to say you did.

Daveyboy · 4 Jan 2007 at 19:07

crashuk said:
if your gonna do it, try and buy peoples debt, or if your mother has any buy if from her then go bankrupt.

hows this work then?

4T5 · 4 Jan 2007 at 19:18

crashuk said:
if your gonna do it, try and buy peoples debt, or if your mother has any buy if from her then go bankrupt.

All of your advise is either immoral or illegal.

It is ILLEGAL not to declare a name change when going for finance/credit. Simple as that.
Bankruptcy is supported by Tax payers and should Not be abused.

Quote from Controversial
"No way will I ask my mum to take a loan on her house, it's my mess and I will have to take it on the chin. "

Kin right mate and respect to you.

You don't need to do anything at this stage apart from go to the CAB office. They will arrange Everything, Phone calls forms the lot. They are amazing in these and other situations.

Also do Not be tempted to chuck a few debts on top as this will look bad to the Auditor and will delay the time you are free from Bankrupcy.
If completely honourable there is a good chance you will only be bankrupt for 6 months. It is all down to the Auditors discretion and doing dodgey crap like has been suggested will only count against you and prolong the time you are bankrupt.
If you would like actual Personal experience then contact me via MSN for a live chat but please Don't be tempted by these moody suggestions.