Newbie with question re. bankruptcy petition and second job

Diamond66

I would appreciate some input from those of you who are more knowledgeable ... I will go to see CAB or someone but wanted information first.

I owe over £20,000 and have less money coming in each month than is going out. I work 32 hours per week for a company and have been trying to get more money coming in by working for myself two days a week (therapeutic massage) ... I've only been set up in a treatment room for the past three months and while I have clients, it is a bit up and down and the cost of the room eats into what I make. I still don't have enough money to cover all my monthly expenses, inlcuding loan and credit card and overdraft fees.

At the moment I have not missed any payments toward c/cards, loans, etc. but I am having to live off my credit card in terms of travel, food, petrol (and I have to get the car MOT and it will need work in order to pass) ... and I'm almost at the limit of my credit card. I cannot get 0% cards

My question is, if I were to petition for bankruptcy, would they question why I don't get a second job? I'm concerned I won't be approved for bankruptcy.

Anyone been asked why they didn't get a second job?

k2nga

I dont think the OR will judge you for getting or not getting a second job. I suppose i could have tried to have worked 24hrs a day but lets be honest at some point you will just wear yourself out and it not worth that. I did like you and lived off the cards my advice is try and sort this quick as living off the cards wont help.

Give one of the charities a call today and let then take you through it all and please keep in touch and let us know how you get on.

trulymadlydeeply_indebt!

When I first recognised that I had to do something about my finances, I contacted CCCS. They were the only people who said that I couldn't sustain the levels of income vs expenditure and an option would be to up my income in some shape or form, which was difficult with school runs to factor in. Neither the OR nor the Judge passed any comment on my 25hr working week.

Since going BR, I have obtained a 2nd job, upping my hours to 34, but I find it absolutely shattering and have just this week reduced my hours on the original job (it pays less than the 2nd job).

I don't think anybody will pass comment on your hours, and if they do, ask yourself, "Do I really care?". You, your nearest and dearest and your health MUST come first. Trust me, I often don't put myself first and I have to remind myself constantly of my above statement - it's my hard hat, I suppose.

TMD xx

Diamond66

thank you soooo much for replying. It is a weight off my shoulders to hear that.

hope things are improving for you.
x

Diamond66

thank you k2nga ... i think I'm in denial but you are right, living off the credit card is a solution and is only making my situation worse.

Thank you for your support

LilyBart

Hello Diamond,
You can't give therapeutic massages if you're a bag of nerves yourself, can you? Poor thing, you sound very stressed and overwhelmed. Do talk to the CCCS. They will have thought of expenses you may not even have realised that you have, they're non-judgemental and will give you a very clear picture of where you stand. If they advise bankruptcy, there will be lots of people here to give help.
best
Lily

k2nga

No problem anytime and remember this place is always a good place to come if you need a pick up.

Diamond66

not sure if anyone will see this additional question ....

I'm worried about what happens to the salary paid into my account. I work for a financial institution ... are they going to have to know I've gone bankrupt? Will I get a bank account in time to get salary paid into it? I can't let my employer know I'm bankrupt ... I would not be able to work for them if they knew I were bankrupt.

I think this is the biggest thing stopping me from picking up the telephone to CCCS ... I'm scared I may end up in a worse situation (no job, no bank account at all to have salary paid into).

LilyBart

Diamond, your employers will not be informed of your bankruptcy. You may be put onto a nil tax code, but there are any number of reasons for nil tax codes to be applied. As to whether you'll have time to open a new bank account, it depends on when you plan to go bankrupt, which you shouldn't do at all until you've spoken to the CCCS and got professional advice. Some courts operate first-come, first-served, others run with appointments systems, some as far in advance as the end of September. If you decide to go bankrupt, you need to time it quite carefully, perhaps a week after pay-day, so you can withdraw the money you will need to live on for the next few weeks. Then, you can go to the Co-Op or Barclays, open a basic account, and will almost certainly have a new account number and sort-code to give your employers within a week and therefore in plenty of time for your salary to be diverted to that account. Speak to the CCCS first. It does not commit you to anything and it is totally confidential.
Lily

dodecanese

Hi Diamond
You remind me a lot of myself ,back in November 2007, when I was living on credit and the line of credit finally ended.I'll never forget the feeling of sheer panic as I realised just how bad the situation was. I did plan to get a second job and it was only when I called CCCS I realised how bad my deficit was and that bankruptcy was the most realistic option.
I think CCCS do sometimes suggest a second job but its more for people for whom a debt plan is a possibility- to maximise income. If your'e in so deep you'd have to work 60-70 hours a week for the next 10 years no one will suggest you should have done this.
Please do call CCCS (National Debtline are good too), they wont judge you and they will tell you your options. I was a nervous wreck when I first contacted them and the counsellor I had calmed me down and made everything seem much less terrifying.
All the best

Diamond66

dodecanese ... i have felt panic. I've had my online debt remedy provided by CCCS ... I'd been concerned they would advise a repayment plan rather than bankruptcy. They have advised bankruptcy.... which is both reassuring and panic inducing. So, it really is that bad! I'll now have to time things very carefully ... to ensure I don't lose my job over it (they are reviewing their paperwork and a new agency has been in touch asking for me and others at work, to provide (again) our work, ccj, etc history. I can't have them double checking things (all ok by the way) and find I've filed for bankruptcy. Hopefully they process things quickly.

It is such a relief to have this site. I feel a bit overwhelmed to be going through this on my own. But it will be such a relief when it is over. To think I very nearly didn't do anything ... kept telling myself I'd get on top of things