Debt agency suggested bankruptcy, I don't want it, should I?

Tinuel

Got a call from a debt management agency in Reading advising that considering my debt and circumstances I should file for bankruptcy and offered their services to do so. They could write off all my debts and I did not have much choice as my credit rating is poor. I will post my SOA later, but below are the debts that according to them I have no way out from but bankruptcy:

Barclays loan: £12000 left to pay
Capital One: £1200 left to pay
Barclaycard: £2229
Vanquis credit card: £579 left to pay
House of Fraser: £200 left to pay

My monthly income: £2400
I don't really want to file for bankruptcy as I feel that I can pay this off. I also took two part-times to raise my earnings. But they still insist that writing off is the best option and they are the "experts". Your thoughts please!!

msmicawber

Hi - your debts don't look that bad since you have a good income. Why don't you do an online assessment thing with CCCS, the debt charity, as they have no charges and their interest is in getting you out of debt, not making money out of you when you're desperate.

You might also like to work out a statement of affairs and then post it back here for advice and ideas - see https://www.makesenseofcards.com.

churchrat

who told you this??? if it was a fee paying company then DO NOT DO IT. have you spoken to cccs or payplan?? lots of threads on here show that time after time these are the people to work with.
don't panic--and have a look at doing your soa so that the clever people on here can have a look at your options.
keep posting and don't sign anything just yet!

Tinuel

churchrat wrote: »

who told you this??? if it was a fee paying company then DO NOT DO IT. have you spoken to cccs or payplan?? lots of threads on here show that time after time these are the people to work with.
don't panic--and have a look at doing your soa so that the clever people on here can have a look at your options.
keep posting and don't sign anything just yet!

It was a fee paying company, they got my details from a loan application I made and was declined. Basically they declined my loan application but offered to help me with debt management. Will get their name, it's on my mobile. They insist that since I have been declined by pretty much everyone for a loan, I am only just a step away from bankruptcy.

msmicawber

Ah, vultures then, Tinuel. Have a look at this site and try the debt remedy online or phone them up for advice: http://www.cccs.co.uk/

peb

Follow the good advice as above - I agree with Mrs M, although you have debts they are not insurmountable and you have a decent income. You may need to possibley look at a DMP but start out with the online debt remedy.

Good luck and keep posting!

rayday2

Tinuel wrote: »

Got a call from a debt management agency in Reading advising that considering my debt and circumstances I should file for bankruptcy and offered their services to do so. They could write off all my debts and I did not have much choice as my credit rating is poor. I will post my SOA later, but below are the debts that according to them I have no way out from but bankruptcy:

Barclays loan: £12000 left to pay
Capital One: £1200 left to pay
Barclaycard: £2229
Vanquis credit card: £579 left to pay
House of Fraser: £200 left to pay

My monthly income: £2400
I don't really want to file for bankruptcy as I feel that I can pay this off. I also took two part-times to raise my earnings. But they still insist that writing off is the best option and they are the "experts". Your thoughts please!!

There are options you just need to speak to some more "neutral" people either the CCCS, Payplan, National Debtline or face to face with your local CAB.

If they advise bankrupcy and you don't want to its only advice you could ask about other routes like a DMP. Sometimes on paper bankrupcy is an option but if you don't want to do that there are longer ways of paying things off.

Please take some neutral advice it probably is not as bleak as you think.

RAS

Tinuel

Please do not speak to this load of !!!!!!!!!!!!!!! again. Get proper independent advice from a debt charity as to your options and then come on here for extra help.

I think you might also be advised to check whether this lot are licensed with the OFT or not.