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    • H4lly1983
    • By H4lly1983 6th Jul 17, 11:46 PM
    • 2Posts
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    H4lly1983
    Help!
    • #1
    • 6th Jul 17, 11:46 PM
    Help! 6th Jul 17 at 11:46 PM
    I have consulted many different people for advice for my situation and all have come back with bankruptcy. I have £28500 debt with everything maxed (including 2 catalogues). Basically my debt started because my childcare bill was astronomical (more than my wage) and I borrowed to live basically. Will the OR think bad of me for working when it was costing me money (5k more than my annual wage one year).

    To raise the funds I'm going to have to miss some payments... how will that be dealt with?

    Any further advice I would be grateful for. Thank you
Page 1
    • StopIt
    • By StopIt 7th Jul 17, 11:11 AM
    • 656 Posts
    • 598 Thanks
    StopIt
    • #2
    • 7th Jul 17, 11:11 AM
    • #2
    • 7th Jul 17, 11:11 AM
    The OR wont give a hoot, if that's the reason why you're insolvent, so be it!


    You're already insolvent, so stop making payments, pay the bankruptcy fee ASAP. The debts going into the bankruptcy anyway, so what's the few hundred quid to get proceedings started? Your debts go into the proceedings, so once the bankruptcy is accepted, that's it, they're gone.
    • peterkay369
    • By peterkay369 7th Jul 17, 11:13 AM
    • 125 Posts
    • 55 Thanks
    peterkay369
    • #3
    • 7th Jul 17, 11:13 AM
    • #3
    • 7th Jul 17, 11:13 AM
    Hi H4lly1983,

    First of all, sorry to hear of your situation, it is not a nice place for anyone to be in!
    Have you consulted with any of the debt charities, Stepchange or NationalDebtline?

    The OR will not think bad of you, they aren't judgmental and are just there to gather information on how the debt occurred etc. I'm yet to meet anybody too who would think bad of someone for wanting to work

    You will need to work out which are your essential debts (mortgage, rent, bills etc) and which are your non-essential debts, such as credit card payments, catalogue payments, loans etc. I would stop paying your non-essential debts immediately to raise the funds for bankruptcy if it is decided this is the best option for you. You can write to all of your non-essential creditors too to offer them a token payment of £1 a month for a month or two whilst you seek financial advice (don't mention you are looking at bankruptcy). There are plenty of templates available online for this.

    Hope this helps!
    • H4lly1983
    • By H4lly1983 7th Jul 17, 1:49 PM
    • 2 Posts
    • 0 Thanks
    H4lly1983
    • #4
    • 7th Jul 17, 1:49 PM
    • #4
    • 7th Jul 17, 1:49 PM
    Yes I have been in contact with step change a couple of others and they all say this is my best option. One came out with an DMP (or something like that) but I'm not convinced they weren't just trying to get fees.

    It really is an awful situation to be in. I feel like I'm borrowing from peter to pay Paul and my lifestyle is absolutely not extravagant in the slightest!

    The whole OR meeting scares the crap out of me. I'm embarrassed to be in this situation but I'm also embarrassed that I work full time and struggle to provide for my kids.
    • StopIt
    • By StopIt 7th Jul 17, 2:19 PM
    • 656 Posts
    • 598 Thanks
    StopIt
    • #5
    • 7th Jul 17, 2:19 PM
    • #5
    • 7th Jul 17, 2:19 PM
    Don't be scared of the OR.


    All they need to know is your I&E, your debts and anything else relevant like assets etc.


    They're not going to be judging you, so don't worry. Also why are you embarrassed? You work, you're doing your best and you need help to get out of debt, big deal.


    Yes, bankruptcy is the nuclear option but sometimes that's the only way.
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