Drowning in debt

Jeffiner84 wrote: »

Also I have ZERO money available. I've no way of finding £680 for bankruptcy!

So basically I have to just live with it?

Well no you dont, you must be proactive if you ever want to get out of this situation, you can try and save the money from any creditor payments you normally make, or try and cut back to the bone on other things for one month in order to get the fee together.

On paper you have £1200 a month coming in.

You can also apply for grants, or some charities can help with the Bankruptcy fees, check here :

https://www.turn2us.org.uk/Find-Benefits-Grants

Is NaN your nan or is that a company? You cannot include family debts within your bankruptcy debts so £8669 will not be included. An IVA is cheaper I think than going bankrupt and is not so bad on your credit rating.

Can you move to somewhere smaller or cheaper and not pay anything towards your debts and ask them to accept nominal payments while you sort yourself out? If you took out debts because your flatmate was not paying rent I would not be giving him a roof.

enthusiasticsaver wrote: »

Is NaN your nan or is that a company? You cannot include family debts within your bankruptcy debts so £8669 will not be included. An IVA is cheaper I think than going bankrupt and is not so bad on your credit rating.

An IVA would not be suitable as when you look at the OP's "real" budget, in reality, they do not have anything left for debt repayment at month end.
IVA fees can be Hugh, and are paid from the monthly repayment, so again not enough disposable income, also any form of insolvency is bad for your credit file regardless of which option is chosen.

When you break it all down, Bankrupcy is the best and only way to deal with it correctly.

JCS1 wrote: »

Family debts are included in a bankruptcy, all unsecured debt is

The following debts will not be cleared by a bankruptcy. You’ll need to keep paying these.

Child maintenance arrears, if the arrangement was set by the CSA or Child Maintenance Service
Criminal fines, compensation orders and victim surcharges from a magistrates’ court or Crown Court
Debts you take out after the date of your bankruptcy order
Debts taken out fraudulently, for example benefit fraud
Mortgages and other debts secured against your home, if you want to keep the house
Social Fund loans
Student loans
TV Licence arrears
Court orders telling you to pay compensation to someone for personal injury
Payments ordered by a court as part of family proceedings, for example in divorce cases
Apart from a few other rare exceptions, all other debts will be written off by bankruptcy.