What happens with Bankruptcy?

how can you lose your bank account?
you may be liable to lose the money in it

I dunno, that why I opened the thread .....

You can only have a basic cash card account normally

This is an account where you can draw money out at wall which is in account but cant make purchases with

It depends whether you get rescued bt Gordon using taxes.

It means you can have a wage/benefit paid into it and also make other deposits but cant obtain overdraft and as said cant have debit card

Do crdeit card companies write off what you owe them?

You would include any credit card debts in yor bankrupty petition

It will wipe the slate clean but will mean you will not be able to get credit for many years to come

Well, obviously don't wanna go down that road but I am pretty well being forced down it, suppose getting a acr in future would be murder !

tell em if they lend you 10k more youre bound to back a winner

lol, would you get away with maxing all your credit cards then declaring bankruptcy?

Can suit some people. But no credit will be available for many years.
Depends how much you owe and what assets you own. If you don't have any valuable assets then go ahead imo.
You do have to pay up front to sort out the petition though.

yes get as much credit as u can and blow the lot, then go bankrupt it really is that easy lol.
my mate did it he had a good job aswell but he spent every night in the casino doing his brains on roulette.
he had about 50k wiped off but coz he earned good money he had to pay £40 a month to the court or something like that.
it was the best thing he ever did.
but he,s still a bad gambler..

Fourteen years ago I met a bankrupt who's previous company had folded.

He couldn't write a cheque so his wife (ex) had to do it!

Through sheer dedication and hard work I turned his new business around!

Not complaining, as I did ok, but she has been out of it for years and is only in her late 40s.

She lives , most of the time, in Spain and has a magnificent boat with a skipper etc.
She has two TVR Tuscans.....one here and one in Spain

The business now turns over close to £40,000,000........

He is now a multi milliionaire with property, here and in Spain, and plays with his Ferrari
360 Spider and others!

So do not despair as bankruptcy is not the end of the line!!!

only 6 year you cant get credit for my mate told me who went bankrupt

i owe a fair bit do u wreckon i could sell my house hide the profits then go bankrupt

Well, I'm gonna have to do it in 2 weeks :(

where are you based schalke ?

In Glasgow mate ..... I have been absolutley shafted by my insurance company and it's absolutley broke the bank

I've put a call out for you on another thread,go there plz.

my cousinhasjust gonebankrupt.
you get your bank account closed..he gets his wages payed into his bro'saccount.
all his debts got wiped clean.
and you can get credit again including mortgages after 6 years with adverse credit company's

I think the co-op are the only high st bank that still open accounts for bankrupts, it's a basic account with no cheque book, but you do get a cash/debit card and you can set up standing orders. Best to set it up now before you go bankrupt if you have wages paid direct into your account you will want to switch right away and not have anything going into your current account as it will be closed. Also draw every penny out before you go to court as you will be declared BR there and then and the banks find out pretty quickly. There are a few good forums with excellent advice google it, and good luck, sorry to hear about your circumstances.

Bankruptcyhelp.org.uk.
Do your research, fill the forms out online, take your time, check and triple check everything, you don't want to turn up at court half prepared. And don't feel bad about it there is no stigma attached to it, it can happen to anyone.

the site in scotland is www.aib.gov.uk ,if you are a tenant and earn the national minimum wage or on benefits u can make yourself bankrupt 4 a ton,if you own ur own property you have to wait till a creditor takes you to court and gets a decree then charge 4 payment b4 u can make yourself bankrupt.if you want to have a basic bank account the cis and barclays online offer cards to bankrupts .bankruptcy lasts for 1 year but they can take a contribution from ur income for up to 3 years.credit blacklisting can b up to 15yrs but they usually only hold records for 6 years.

ps you can get credit of up to £500 without disclosing that ur an undischarged bankrupt best try capital one visa as they do bad credit rating cards but you pay through the nose in apr if you dont settle it.

Is this the guy whop used to lump on things at 1.04 etc???

terry27 14 Jan 21:10
Bankruptcyhelp.org.uk.
And don't feel bad about it there is no stigma attached to it, it can happen to anyone.

Really?

if you have credit cards which you took out before 2007 the courts cannot enforce payment on them

Old Jewish proverb states "two bankrupcies and one fire makes a millionaire" ;)

hmm

Schalke, I could have gone bankrupt a few years ago, but, for my sins, thought that as I had borrowed the money, I shoulkd pay it back. The CCCS (Consumer Credit Counselling Service) were outstanding in their help. Interest was suspended and I slowly paid every penny of the 40-odd grand. They took into account living costs etc, and I was always left with enough to live on plus a bit. Fair play, sven years later, it was all paid. By that time, as long as the debt was registered as a default at the original time, it was all over and I was 'clean'. The funny thing is that it was a relief to see each card statement reduce in value by the year, rather than paying a monkey, spending a monkey. paying a oner, spending two. To see dets go from 6k slowly to under 1k and then 0 was a boost. They are well worth a call as they are non-profit making.

Granted, the temptation to overdo things is still there, and it is fight you need to get over, but those years of hard slog were far more of a lesson than just going bankript, wiping the lot, and sneaking round trying to obtain funds at 90% APR.

It is the months after the debt has gone that you need to watch. Good luck anyway, and now you know the reason behind my currently unused username.

Cheers. Donemylot

lol you're dml!

the consumer credit counselling service are a charity but are funded by the major banks,see their annual report! so consequently have more stringent and creditor friendly payment plans than the local cab or money advice unit.the other site for you schalke is moneyscotland .gov.uk .please note that both these sites are non profitmaking and will explain all the ramifications of going bankrupt in scotland

BAnkruptcy is not quite the easy option people assume. Your assets get frozen, you are treated like a child and to a lot of people there is a stigma attached. Try telling your latest hot date you are bankrupt and see how long it lasts! I personally would have too much pride to be made bankrupt if I had the option like CUPRA of paying it back (well done btw). But if you can't then best of luck to you. (Schalke weren't you a good snooker player? Go round entering every Rileys Open competition you can find & pocket all that loot! :)

Bankruptcy should only be for those who have genuinely fallen on hard tiomes through no fault of their own and have no chance of paying it back. If people can afford to pay it back then you have a moral and ethical responsibility to do so. I also know the Citizens Advice Bureau are very good as my ex had interest frozen on all her debts (c. £25k) & they arranged it all for her.

Problem with this country is people want to enjoy the good times,** money up the wall then not pay it back. Tantamount to theft IMO.

Bankruptcy isn't the easy option people believe, in my experience. Often comes back to bite you in the *rse. Avoid if possible.

Nice to see theres still some honourable folks around dml...hats off to you my friend .

canaryboy 15 Jan 09:07


lol you're dml!



fk me youre quick

i am

Problem with this country is people want to enjoy the good times, ***** money up the wall then not pay it back. Tantamount to theft IMO.


Isn't that what the bankers did?

^^^^ jealous cos u havn't dun it-I went under for nearly 30 k (better than any win I've had on here)

The problem with betting is you have to lose a lot before you learn the lessons needed to get a profitable season. Took me 15 years to start getting ahead with my betting, and will probably take at least another 10 to win back everything I lost before.

dont think you can use betfair if you are bankrupt

You can use Betfair and pay in and withdraw funds through Paypal whilst bankrupt, your creditors will never know.