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

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BySarahM
#3320 Hi,

H and I, after weeks of long hard thinking, have decided to go down the Big B route.

Thing is.....we have very little at the end of each month to save up (very ironic, that you have to pay so much to do the big B)

Anyway........how ethical - and this is just a thought.........would it be to arrange an overdraft with the bank....knowing that the extra funds were going to pay for the big B fee.

I was thinking that we could get the overdraft, pull the funds and then 'go for it'...........

.....would we and more over, colud we, get in to trouble for this.........?????

Just a thought.....

Cheers,

S.
ByDavidc
#3321
SarahM wrote:Hi,

H and I, after weeks of long hard thinking, have decided to go down the Big B route.

Thing is.....we have very little at the end of each month to save up (very ironic, that you have to pay so much to do the big B)

Anyway........how ethical - and this is just a thought.........would it be to arrange an overdraft with the bank....knowing that the extra funds were going to pay for the big B fee.

I was thinking that we could get the overdraft, pull the funds and then 'go for it'...........

.....would we and more over, colud we, get in to trouble for this.........?????

Just a thought.....

Cheers,

S.


The fact that you are in the opinion that you will be granted an overdraft facility suggests to me that you are confident your credit file will support this and it will be granted. On that basis you must be able to make your contracted payments to date. You therefore must have the income to do this.......and in bankrupcy willl have to use this surplus to fund an IPA....I just wonder why you have opted for bankrupcy as there are other routes for you to follow....
David
BySarahM
#3329 Hi,

This is only assuming the bank would give us an overdraft.
We have two bank accounts which happen to be with two different banks.

One is in a terrible state - we use it regulaly for bills etc etc, this has an overdraft up to its limit already.

The other - with the other bank, is where we've just transfered our pay into each month so as we can make minial payment to each creditors without loans repayments comming out and crippling us each month.
We don't have an OD with this account, it was one my H had since college days and never closed it down after we got married. Its been used now and again.

We've looked into IVA's and such like but we only have about £25 each month to spare - and that doesn't include any extras - car tax, repairs, etc etc.

We wouldn't be doing the Big B without alot - and I mean alot, of thinking!!!
:?

We're just trying to work out how to get the funds avalable so as we can sort this out sooner rather than later!!!
I've been feeling very stressed with this over the past months or so and am feeling kind of ok with the thought of it now.

S :|
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ByJaneClack
#3334 Good. It should be regarded as a fresh start so that you can both begin again.

You would be lucky if the bank did grant you an overdraft - and it would have to be quite big to allow two people to go bankrupt. However, I know this does happen and although I certainly cannot recommend it who is to know what things are bought with an overdraft - some people live on theirs as you do with the other account.

However, you have little to lose by offering your creditors £1 per month until you have saved up the amount as any action they took would be superseded by the bankruptcy!
ByJohnDoe
#3342 I feel it'd be dishonest to get an overdraft to make yourself bankrupt.
Although, I probably would if I could, as now I've made the decision also, I just want to get on with it, but have no chance of getting the money as currently unemployed. My only hope is that one of my larger creditors will do it for me.................here's hoping :?
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