Hi,

I was made bankrupt last October and am just about to receive a windfall though a family member,  will it have to go towards paying my debts off?  should I wait till I'm discharged from bankruptcy to receive the money - it is quite a lot, over £30k and my debts are £55k.

Help!

I would definitley seek sound advice here Madison, I presume that you have not received your windfall yet.

From what I understand whilst in banktuptcy any large funds received will be used to repay your creditors. However I suggest seeking advice as if the windfall was to be held until you are discharged then possibly all the money will be yours to keep.

Doesn't sound too bad that does it!!

Hi Madison,

I do know of a company that completes Full & Final Settlements with creditors. This means that they offer a far smaller amount than the actual balance of the debt that is outstanding. i.e if you owe Barclaycard £10k they can offer £4k and Barclaycard will accept this offer as full payment.

Not sure if this applies if you are in bankruptcy though - wait for a few more replies if I were you to check out if this applies first!

All the best!

When were you made bankrupt?

Have you been given a dishcarge date?

When is the money due to head in your direction?