Someone please help me if possible

redstone79 · 19 May 2012 at 5:47AM

Hello

I have over the past 3 years run up credit card debt which i had an agreement to pay back about 12,000 in total.
I was made redundant twice in this time and unemployed for some time. Beginning of 2011 i set up as a ltd company and got work coming in myself for a few months but not enough to pay the mortgage in full and i fell behind. The work dried up, but I also broke up a long term relationship and had to care for my dad who died of cancer in October, I knew i was really depressed and had to do something drastic for my own sanity, so buried my head in the sand and with the small amount of money i had saved went to look for work in Australia, stay with friends and get mentally healthy.
I have returned to a CCJ from the Nationwide for the mortage (I dont mind losing the property its in negative equity and lots of bad memories)
I would like to know what to do in what order so that i dont have to pay back the arrears as i cant afford it,
* do i declare bankrupt before attending the ccj?
*Should i take any money i do have left over out the bank to pay friends before hand?
* Do i be honest about what i did as it sounds as if i ran away from the responsibility (which i did really)
* can i still be self employed after this as the ironic thing is in the next 3 months i have been promised quite a lucrative contract.

So confused and this is a life changing thing i want to get right.

I am mentally and physically healthy now and that to me is THE most important thing but i want to do this right.

Thank you in advance.

OutofDebt-NOT-OutofDanger · 19 May 2012 at 7:16AM

Hi Redstone79,

Sorry to hear about your troubles, but as you so rigthtly say your health and state of mind are by far the most important things.

I have answered as best I can below, but do look at the stickies at the top of this forum and speak to one of the debt charities e.g. CCCS or Payplan or your local CAB.

redstone79 wrote: »

Hello

I have over the past 3 years run up credit card debt which i had an agreement to pay back about 12,000 in total.
I was made redundant twice in this time and unemployed for some time. Beginning of 2011 i set up as a ltd company and got work coming in myself for a few months but not enough to pay the mortgage in full and i fell behind. The work dried up, but I also broke up a long term relationship and had to care for my dad who died of cancer in October, I knew i was really depressed and had to do something drastic for my own sanity, so buried my head in the sand and with the small amount of money i had saved went to look for work in Australia, stay with friends and get mentally healthy.
I have returned to a CCJ from the Nationwide for the mortage (I dont mind losing the property its in negative equity and lots of bad memories) I know where you're coming from on this one. Even though I had some equity for the mortgage (but not the secured business loan) after everything had gone so horribly wrong I didn't want to go back the house either.
I would like to know what to do in what order so that i dont have to pay back the arrears as i cant afford it,
* do i declare bankrupt before attending the ccj? If you go for BR then you don't need to worry about the ccj as the BR will make this non payable anyway.
*Should i take any money i do have left over out the bank to pay friends before hand? You are not allowed to place one creditor in a favourable position over others prior to BR. But there is nothing to stop you paying this back at a later date if you want/are able to. I still owe a friend money (admittedly not a huge amount) and have agreed with them that I will pay back once BR is completed with small bits as and when in the meantime.
* Do i be honest about what i did as it sounds as if i ran away from the responsibility (which i did really) Yes, just be totally honest. The BR court and OR have seen similar circumstances many times and are only interested in the facts (not the emotions). They are not there to judge you or your actions - remember to them it is simply a process within their jobs.
* can i still be self employed after this as the ironic thing is in the next 3 months i have been promised quite a lucrative contract. You can be self employed, but you will not be able to be a director of a limited company while BR.

So confused and this is a life changing thing i want to get right.

I am mentally and physically healthy now and that to me is THE most important thing but i want to do this right.

Thank you in advance.

IF · 19 May 2012 at 10:45AM

Hi redstone79 and Welcome to the Bankruptcy (BR) Board. As OoDNOoD has said your health is so important and well done for sorting out your finances now. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

National Debtline - Website: National Debtline Telephone: 0808 808 4000
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

Business Debtline
- Website: Business Debtline Telephone: 0800 197 6026
Christians Against Poverty
PayPlan
TaxAid - Help with tax debts.

~ Please don’t do anything rash take your time and weigh up your options and read everything you can ~

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

silvercar · 19 May 2012 at 1:09PM

I have returned to a CCJ from the Nationwide for the mortage (I dont mind losing the property its in negative equity and lots of bad memories)

What sort of CCJ? For a mortgage it could be the start of a repossession. Is it a suspended repossession order.

Don't rush your decision. I would think of starting the new job, earning some money and seeing where things go. Even if you decide to give up the house (either by handing the keys back or by them taking repo action) bankruptcy is not your only option.

Someone please help me if possible

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