bankruptcy fees

Options
sarah_ace1
sarah_ace1 Posts: 188 Forumite
in Bankruptcy & living with it
help! i'm in debt to the tune of about 18k and i'm a recently single parent with 3 kids. i'm on DMP but will be paying this off longer than my youngest (3) will be at home. i was just wondering, how do i get the fees up together to go bankrupt in the first place?
the debts are solely my fault...borrowing to pay off debts and getting swallowed up on credit and loans.
i'm just not sure what steps to take first and whether it is actually the right option.
i'm blacklisted but no CCJ, just debt collectors and begging letters (for money from me) every now and again.
i just don't know what to do now... any advice would be gratefully received
just to say, an email reply would be great
sarah
62;)
«1

Comments

  • jodenice
    jodenice Posts: 378 Forumite
    Options
    Hi I went through the same thing. I contacted CCCS and they were very good in their attempt to contact the companies to arrange an affordable financial plan for me to stick to. I tried for 3 years but a couple of companies didn't freeze any interest and just kept dumping fines on me so in the end I took bankruptcy. It was very difficult but I was cleared of bankruptcy last August and am getting a house in January. So it can be done and you can survive. You may be best speaking to the citizens advice or CCCS or one of these charitable debit companies and they can look at your options - if you have your own house for instance then bankruptcy may not be a good option as you would lose it.

    There are loads of people out there though that can help and offer good financial advice (probably several on this board!) but if you type in 'debt help' under UK google you get lots of sites, CCCS, Insolvency helplines etc all wtih free confidential helplines and advisors.

    Good luck and don't worry. x
  • sarah_ace1
    sarah_ace1 Posts: 188 Forumite
    Options
    it's hard NOT to worry. i'm just pretending to shrug it off at the moment while still keeping my head dry. i'm in a council house on benefits at the moment. getting a divorce so no chance of working yet until lil un is at school full time (2008)
    the debts just seem to be going on and on and the tv adverts don't help for christmas
    i can see myself spiralling into panic mode soon
    reading this board makes me think that bankruptcy is my only option for a fresh start, not just for me but mainly for the kids too
    62;)
  • thefoolonthehill
    thefoolonthehill Posts: 243 Forumite
    Options
    you can write to your creditors and advise them that you are going to go bankrupt and are saving for the fee. you would therefore send them a token payment for say 4 months until you had saved the £475 that you need,
  • jodenice
    jodenice Posts: 378 Forumite
    Options
    Oh sorry i didn't mean to sound like I was making light of it but one thing I did learn (once it was over) was that all you can do is all you can do. I used to want to go to sleep and never wake up, I used to dread the phone going or the postman coming, it was all I could think about every minute of every day. But you are right, its absolutely ridiculous that you have to get the best part of £500 to do this. I never knew about the option that thefoolonthehill gave re token payments but at least thats one option available to you. make sure you keep copies of any correspondence to prove you've informed them. (If you are going to go bankrupt then its not worth paying them all of your cash anyway - I know my official receiver urged me to put every single bit of debt I had into it so i would get a clean slate).

    Jo
  • Mike_St_Helens
    Mike_St_Helens Posts: 3,414 Forumite
    Options
    thefoolonthehill wrote:
    you can write to your creditors and advise them that you are going to go bankrupt and are saving for the fee. you would therefore send them a token payment for say 4 months until you had saved the £475 that you need,

    Spot on !!

    If you claim any type of benefits, you can apply to have the court fee (£150) waived also.

    Mike
  • sarah_ace1
    sarah_ace1 Posts: 188 Forumite
    Options
    even debts accrued after the DMP ? i just spoke to cccs and they basically passed me back to my own DMP who is byrom and keeley.
    my head is spinning and i don't know what to do first...
    62;)
  • Mike_St_Helens
    Mike_St_Helens Posts: 3,414 Forumite
    Options
    All debts accuired even the day before bankruptcy are included. All utilities, Council tax, taxes all debts apart from your mortgage.
  • sarah_ace1
    sarah_ace1 Posts: 188 Forumite
    Options
    jo you didn't sound flippant. what i'm saying is it's so hard not to worry about it
    mike i read your posts and well done to you
    i'm going to go to CAB tomorrow or thurs and get some advice on how to go about it
    i have a natwest step account so i suppose that will have to go
    it's the little things i'm worried about like what happens to my direct debits meantime etc
    62;)
  • rog2
    rog2 Posts: 11,650 Forumite
    First Post Combo Breaker
    Options
    Mike_St_Helens wrote:
    All debts accuired even the day before bankruptcy are included. All utilities, Council tax, taxes all debts apart from your mortgage.

    And, unfortunately, student loans.
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • Mike_St_Helens
    Mike_St_Helens Posts: 3,414 Forumite
    Options
    sarah_ace1 wrote:
    jo you didn't sound flippant. what i'm saying is it's so hard not to worry about it
    mike i read your posts and well done to you
    i'm going to go to CAB tomorrow or thurs and get some advice on how to go about it
    i have a natwest step account so i suppose that will have to go
    it's the little things i'm worried about like what happens to my direct debits meantime etc


    The CAB are only as good as its volunteers so be careful on the 'advice' they can sometimes offer. Its not always correct.

    Here are some good sites for you :


    http://www.debtquestions.co.uk/debt_forum/
    http://www.insolvency.gov.uk/faq/faq.htm

    Your current account is only dealt with after Bankruptcy, You can use it as per normal up until the date of your bankruptcy. The OR told me yeaterday that she will write to my bank and suggest that it is kept open. I have drawn out all of the money incase they do want to close it and also are in the process of opening a new basic account to be on the safe side for this months wages.

    Its not as daunting or hard as you think. Its a huge releif whan its over and you may well possibly wonder why you dodnt do it sooner.

    If there is anything I can do, please dont hesitate to ask, Im sure Rog2 is also happy to help, a fountain of knowlege !
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards