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[The Sheriff]

Going to Jail for Debt

There are times when you can be sent to jail and it's because of a matter surrounding your debt. For instance, if you fraudulently obtain credit you are breaking the law and could be sentenced to jail for fraud, but not for the debt. If you spend lots of money quickly and have no intention of repaying the debt then a judge can decide that this is fraud.

You can be sentenced to prison for ignoring the rules which surround bankruptcy. This can be as simple as refusing to let the Official Receiver in bankruptcy know about all of your assets or trying to set up another company.

Recently in the press a man was sentenced to nine months in prison because he set up a new company and spent thousands of pounds on personal items when it should have gone into his bankruptcy. This deliberate decision to ignore the bankruptcy rules meant he was breaking a court order. If you decide to enter bankruptcy it's essential you follow the Official Receiver's demands.

- See more at: http://www.debtsupporttrust.org.uk/blog/2012/7/20/bankruptcy-can-i-go-to-jail#sthash.jHmo5W5O.dpuf

Ok Ste i see where you are coming from,but i just told my OR the truth.About my personal situation,and it worked out for me.If i have offended you or anyone,one OOF i apologize. But i don't think i will be giving any advice,or asking for it in the future.I was just trying to help.

What you on about, Dean?
How could you have offended anyone?
Your advice was sound and, along with everyone else's, will help Al to make a decision. I, and other people, were just adding our experience/point of view, that's all.
Sorry you saw it as you did 

[Marks DTM Calib]

From an employment perspective be aware that, as an example, if I were unable to get a credit card I would not get the job. Reason being is I get a company credit card to pay my travel expenses, if my personal credit history means I cant get this then I cant travel and are deemed unable to perform my work.

[Taxi_Driver]

From an employment perspective be aware that, as an example, if I were unable to get a credit card I would not get the job. Reason being is I get a company credit card to pay my travel expenses, if my personal credit history means I cant get this then I cant travel and are deemed unable to perform my work.

But, surely, a company credit card has nothing to do with your personal credit history 

Years ago, I had a company gold American express card with a limit of £50,000 (altho Gold amex cards were suppose to have no limit at the time). This was when I was in my early 20's and I doubt my credit history was good for £50k!

[chrisgixer]

O% credit cards can help greatly in these instances, given their minimum payment. There are other fees, like balance transfer fees and small annual fees, but it lets you get the rest of your affairs in order In the mean time.

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

Assumes credit rating is still usable hence not too late to apply of course. And do a role down to read the links on balance transfer fees, and absolutely do set a reminder for when the zero% runs out. Then transfer to another card doing a deal at that time.

Depressing as debts are, you really don't want the Bankruptcy thing hanging over you.

[05omegav6]

Agreed, it's very much a sledgehammer solution, but with on agreement in default and one in arrears, refinancing simply isn't an option

Can't even short sell ze German, as the shortfall would need to be paid in seven days... Which isn't going to happen.

Current position is that ze German gets VTd and the agreement balance gets means tested. So until that happens, all I can do is research options

[The Sheriff]

Agreed, it's very much a sledgehammer solution, but with on agreement in default and one in arrears, refinancing simply isn't an option

Can't even short sell ze German, as the shortfall would need to be paid in seven days... Which isn't going to happen.

Current position is that ze German gets VTd and the agreement balance gets means tested. So until that happens, all I can do is research options

What's VTd ?

[Taxi_Driver]

Agreed, it's very much a sledgehammer solution, but with on agreement in default and one in arrears, refinancing simply isn't an option

Can't even short sell ze German, as the shortfall would need to be paid in seven days... Which isn't going to happen.

Current position is that ze German gets VTd and the agreement balance gets means tested. So until that happens, all I can do is research options

Take care of it, its been known in this hot weather we've been having, that they may catch fire 

[Marks DTM Calib]

From an employment perspective be aware that, as an example, if I were unable to get a credit card I would not get the job. Reason being is I get a company credit card to pay my travel expenses, if my personal credit history means I cant get this then I cant travel and are deemed unable to perform my work.

But, surely, a company credit card has nothing to do with your personal credit history 

Years ago, I had a company gold American express card with a limit of £50,000 (altho Gold amex cards were suppose to have no limit at the time). This was when I was in my early 20's and I doubt my credit history was good for £50k!

The way our company credit cards work is that they are in your name and the company pay the bill. That way if you dick about with your expenses and screw up the payment, its your credit rating that gets hit and not the company.

[Kevin Wood]

Sorry, looks like I managed to accidentally lock this topic. As you were...

[chrisgixer]

Woo, has Mr Wood acquired one o' them new fangled touch screens?