Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

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By TalbotWoods
#8261 Both
By Mel_Odious
#8262
TalbotWoods wrote:Both


This is what the big book says:

not obtain credit of £500 or more from any person without first disclosing the fact that
you are bankrupt (see section 10);


Mel
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By TalbotWoods
#8263 I agree, but at my interview the OR made it very clear that I should also notifiy him, and If i didn't it could result in a BRO.

He explined that he had to explin to my creditors why it had all gone wrong, and if I compunded the problem until after discharge a past creditor could (and quote him) probably would object to discharge!

That was enough to make me sit up and listen.

Tim
By mt
#8264 Hmmm... I assume that I'm not yet considered to have taken the credit until I sign the forms which Nationwide will post to me? To be 100% safe, I will inform Nationwide that I only need £500 limit on my credit card. I don't need the £1000 anyway.

I will also ask my OR when I see him.
By Mel_Odious
#8265
TalbotWoods wrote:I agree, but at my interview the OR made it very clear that I should also notifiy him, and If i didn't it could result in a BRO.

He explined that he had to explin to my creditors why it had all gone wrong, and if I compunded the problem until after discharge a past creditor could (and quote him) probably would object to discharge!

That was enough to make me sit up and listen.

Tim


Understandable. I think a lot of ORs make it up as they go along but one is tied by their decisions and have to obey them right or wrong.
Incidents on the other board have included: car value £350 taken and jewellery including heirlooms taken, a payment of £400 to a relative was also reversed. Mine let me keep a PC cost a grand. Very hard to fathom.

Mel
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By TalbotWoods
#8273 Mel

I can remember the one where the OR took the persons second car worth about £250 and left him with one worth over £1K

There needs to be consistancy throughout, but I dont think it will happend for many years yet!

mt,

I aslo think that this may well be a first, getting a full account and credit straight after bankruptcy. Even though they have said yes and promised the earth, please, dont forget that the offers are always "in principle" until they have the signed paparwork.

Tim
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By JaneClack
#8289 The Nationwide will almost certainly rescind all credit facilities when they become fully aware that mt is an undischarged bankrupt. They do not give out those accounts that easily and if I were you mt I would certainly not have the £500 credit card either - it is the creditor you have to inform if you are borrowing more than £500 and even Cap One do not give their prepaid credit card to undischarged bankrupts. The law says the creditor so you do not have to inform the OR - but no bankrupt should be applying for credit anyway. It's not fair on the rest of us :wink:

If you get the card in your mitts let us know as there will be a crowd behind you!
By mt
#8292 Looks like the best thing is for me not to have the credit card, which I'm okay with. I just won't sign the paper if it turns up.
By mt
#8302
Sarah wrote:but no bankrupt should be applying for credit anyway. It's not fair on the rest of us :wink:


What do you mean Sarah? Why is it not fair on the rest of you :wink:
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By JaneClack
#8317 ....cos some of us who aren't bankrupt can't get any credit anyway....

why should my creditors be the only ones who talk about responsible lending :wink:
By mt
#8325 Earlier today I sent Nationwide a message via their online banking saying I do not want the credit card. So now you don't have to be jealous :wink:

I wasn't looking for a credit card anyway, but when it was offered to me at the end of the process I thought why not. Still in my pre-bankruptcy mode I guess :oops:

Speaking of which, I was looking at some books online today and normally I would just ordered a few without a thought, but then I suddenly realised that I can't anymore, I don't have any credit cards. (Well I do have an additional credit card in my partner's name but I've never used that for anything apart from emergency). Anyway, what I'm trying to say it, I am beginning to think like a bankrupt, which is good. 8)
By Mel_Odious
#8327
mt wrote:Anyway, what I'm trying to say it, I am beginning to think like a bankrupt, which is good. 8)


It is a wonderful learning experience. I was in M&S this evening and I had this lady come up to my while I was shopping. She made some light conversation about my shopping and then went ino sales mode for the M&S card. She tried to tempt me by stating I could get 10% off my shopping if I signed up. My answer to her was on the lines of "you are offering me 10% off then charging me 20% interest!" She did say it was only 15% interest; but it felt good saying "no thank you". I doubt if I'd have passed a credit check anyroad as I went down owing them money.
I'm saving not spending now, although I did treat myself to a day by the sea today. And all on CASH!

Mel
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By steveo
#8350
Mel_Odious wrote:
mt wrote:Anyway, what I'm trying to say it, I am beginning to think like a bankrupt, which is good. 8)


It is a wonderful learning experience.

Mel


indeed it is a good thing. nice to be able to have the will power to say no.

the other day i popped in to halfords for a new bulb. normally i would have walked out with a bag or two full of other stuff that i dont really need, but it is a nice feeling when you relised that you've suddenly got the will to pick it up off the shelve and then put it back without putting it in the shopping basket. :)