Should I Just Go Bankrupt?

CLAPTON wrote:

Not much maybe but BT/Internet can be reduced
BT line about £10.5
Broadband easily find at £14.99
use call1899 for calls ...charged at 3p per call (not per minute ) to landlines so should save at least £10 per month.

I dont know what SSP is but
-you cannt aford 100 for cigarettes...roll your own is cheaper, you can't afford £50 for cloths, you can't afford a holiday
Can you find somewhere cheaper to rent?

Sadly want/need is not the issue... afford is the issue.

If you don't pay the IVAs you will be made BT so it may be inevitable.
At least you will have a clean sheet to start over again.

I really want to reduce the internet, but we are in a contract with BT until August. I will investigate Call1899, although we had problem trying to change the phone due to credit problems (got refused by Post Office Home Phone). The £50 for clothes has pretty much gone, last month actually only spent £4.50! So I suppose I could almost take that out of the budget altogether. The £100 for cigarettes was just a guess, as this is one of my husband's expenses. He does roll his own and I think he spends around £15 a week on tobacco, then has rizzla's and filters on top of that, so perhaps it is a bit less than £100.

We could find somewhere cheaper to rent, but we need a deposit and money for the fee's, which we don't have at the minute. Unfortunately we won't get our deposit back for this flat until after we move out and we need to have the deposit for a new flat before we move in, so unless I can find about £600 from somewhere moving is not an option at the minute. Also will have the cost of hiring a van etc to consider.

Thanks for your response though, will definitely look into the phone thing.

THE_LONE_RANGER wrote:

to be honest if your a tennant and its realy getting you down and depressed to the point you become ill go bust,you have not realy got any thing to lose,life will be awkward as short of cash is always a problem but it would be for 3 years discharged probably after 12months its harsh lesson we all seem to have to learn i owe around 19,000and can see a light at the end of the tunnell and to be honest quite thick skinned ,but am getting buy quite well and hopefully will be debt free in 3 years so chin up and all the best andrew

Thanks for that post, really sensible advice. I had a long chat with my husband last night and we have decided to go bankrupt. Now just need to work out how to do it. Don't want to have to pay £460 each, as we don't have that sort of money (strangely engouh!). Should we just default on our IVA payments so they will make us bankrupt?

Is there any difference if your creditors make you bankrupt instead of doing it yourself?

Also we don't own a house or car, but will they sell off our other belongings? Husband is particularly worried about computer, playstation and DVD's. I am worried about our dinner service which was given to us as a wedding present. Also we have some nice dining room furniture we bought on ebay for a fraction of it's worth (not antique or anything) will they take this?

Sorry for all the questions. I feel more positive now we have decided to do this, but still going into the unknown is scary.