Credit limits and Br

[Neild300]

Hi,

I have a br date in next 2 weeks, I have a 350 hundred credit left on my catalogue and we desperately need basic things for house. With going br in a few weeks would it be un wise to take the catalogue to limit and get things we need while we have chance, or is it a bad idea and look bad on my Br petition. We are honest people but I and are not looking to cause further stress, but I hear people using there credits card to max just before to pay there fee.

Thanks

Neil

Neil Jenkins

[Oliver]

Have you stopped making payments to your creditors? If you haven't you could consider doing so and free up some cash for the bankruptcy costs and household items which you need.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Neild300]

Hi Oliver,

My original date for Br was 21st Nov but they called yesterday and got me an earlier date for 5th Nov which was better for me, as I want it done asap. All my usual credits card and catalogue payments are due now of which I am not paying as I am due for Br soon.

Thanks

Neil

Neil Jenkins

[coco]

Hi,

Neil in my opinion i would be very careful as you are technically obtaining the goods deceitfully knowing that you are going BR and already have a date set.



view my blog http://coco.blogs.iva.co.uk

[andymac]

This is one of the things that really annoyed me about going BR. They say that you must not borrow money that you know you are not able to pay back, but, as someone about to go BR, where the hell are you supposed to get the money from.

I did spend money on essentials, such as food, council tax, electricity bill etc in the few days before BR, and they accepted this as fine, so you should be Ok in my view.

[coco]

Hi Andy,

If it is your money that you are spending for example food etc (how would you normally pay for these items, if on credit cards etc. then once BR this option will no longer exist), then yes not a problem, but I am sure that the OR would not look in favour of maxing out you catalogue as being essentional items.

view my blog http://coco.blogs.iva.co.uk

[pippa]

Hi

I assume you are referring to your credit limit and not credit you have accrued from the catalogue. If so this is difficult but you will need to tred carefully as the OR may take a dim view of this. If you can manage without this credit then my advice would be to try and manage without

Good luck

Pippa

[bagpuss]

i agree...i wouldnt do it unless you absolutly have to have those things....i can understand there attitude to be..."you knew you where going BR as you couldnt afford the credit you have but still took more credit on"....i know its real hard...but i would do without. xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[Skippy]

I would say don't do it - you are taking credit knowing that you are insolvent and the OR will take a dim view of this and it COULD lead to a restriction order.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Soulgrowth]

I would agree with the others ... it could be seen as taking money under false pretences [:(]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Neild300]

Hi all,

Thanks for advice, I thought it would be a bad idea, it confirmed what I was thinking, just needed some opinions, I just want to go Br asap with no complications.

Thanks All

Neil

Neil Jenkins

[Soulgrowth]

Good luck ... if there's any good day to declare BR then perhaps Nov 5th is the best one ... you could set fire to all your credit cards!

Which reminds me ... I officiated a funeral service for a gentleman a few weeks ago. Usually relatives put photographs and little momentoes in the coffin with their loved one ... in this instance the family sent him off with all his credit card statements ... so that they could be burnt [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[douglass]

Neil, I would agree with all the guys - don't obtain / use further credit now that you are going BR. I wish you good luck - please keep us informed of your progress. D.

[MelanieGiles]

As you say you are honest people, then by taking money from the catalogue company when you know you will not be able to pay it back would not be the right thing to do.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[BrassicLintus]

Hi Nield, as others have said, it's probably not a good idea to max out your catalogue, the OR may well decide to impose a BRO as you could be seen to be taking credit knowing you can't pay it back. But once you are BR, you will have the opportunity to work out a realistic I&E list, and if your surplus income is less than £100 per month you won't be subject to an IPA, which means you could use this to pay for things that you need. Even if your surplus is over £100 you will only be required to use between 50% and 70% of it to pay an IPA, so the rest is yours to spend as you like. Good luck for the 5th!