Seriously considering going bankrupt ! Help!

Jayen4

O.K. Here we go..... I'm going to do this post in 'bits',via edits,so that it doesn't get swallowed up,then tidy it at the end.


So....my situation is that,my bank balance is getting very close to zero,no matter how much money I throw at it !! In the last 2 weeks alone,I've put over £900 in and it's gone as soon as I put it there !! :mad: . I feel like I'm on a sinking ship. It doesn't seem to matter how hard I work,I'm still falling further behind. So,I'm seriously thinking of going down the bankruptcy route.
My major monthly out goings are:

Mortgage: £478 (i.o)
Personal loan: £12000 Approx...£355 p.m.
Credit card: £8700 (limit £9500)... £255 p.m.
plus the usual...utilities, insurance,car breakdown cover,council tax etc etc...
I actually called my mortgage company (Bristol & West) and asked if I could get a 'payment holiday'......you know what they said ?? ''Why don't you NOT pay someone else !?'' They refused out right to allow it,so I presume that they will go straight for reposession,when I default on my first payment....which is likely to be this month !

All this is really getting me down and I just want out !!
I'm not actually in arears (sp?),but I can see it coming...big time ! I have never defaulted on ANY loan or borrowing before,but I really can't see any other way out.
I've managed to increase my overdraft facility on my bank account,but that won't last long.
I went to a CAB drop in session the other day,but I don't think they were much help....The lady said that I should wait until I DO get into arrears before I consider going for bankruptcy. The lady I saw wasn't an 'advisor',just a first contact sort of person... I don't want to get into all sorts of trouble before I do anything about all this. I really don't like being beholden to anyone....for one thing,it's not fair on them (even if it IS the !!!!!! banks and fanancial institutions). So,what would you all suggest ??

By the way...I live alone in a 2 bed semi (value around £95 / 100 k). So,there's no one to help out with the payments...

I think that covers most of it..... Have I missed anything ??

Oh and I work for an agency,so work could dry up at any time ! Although I have been doing pretty well out of them,over the last few months.

Any comments / observations ??

dalip

I never missed any repayments until the end of oct,i went bc end nov. The payments i missed i used for my bc fees. Just remember if you stop one payment to a creditor you have to stop them all,a the OR frowns upon favouring creditors. Try ringing NDL,their number is in my signature and see if they are more help.Have you given any thought to the house as in do you want to keep it ect. BC is a big life changing decision so not to be taken lightly and all other options need to be explored. Good luck with whatever you decide.D

fiveyearplan

Why don't you post up all your expenditure and your income. It looks like you've got a reasonably low mortgage and if you weren't paying out for you loans and credit cards would you be able to manage it. Is your loan a secured loan? I would advise speaking to either CCCS or NAtional Debtline as soon as possible - you will feel better afterwards when you know what your options are.

If the value of your house is £95, what is your mortgage? Could you take in a lodger?

Jayen4

Well, Dalip....I'm presuming that the house will get re possessd when I miss payments on it. B&W seem that sort of company. Don't know what I'd do about alternative accomodation. When you say stop ALL creditors,do you mean everything,including utilities (gas,electric etc) ?? Pretty much everything is on DD's or standing orders,so it's all done automatically.

Fiveyearplan...
Is there a template on here for the 'SOA' things that I've seen ??
My outstanding balance on my mortgage is around the £82000 mark,with the house valued at £95k minimum,so no excess equity to do anything about that. My personal loan (with Yorkshire Bank,as is my current acct) is not secured....What about my CC ,I presume that's not a secured debt ? Those two and my mortgage payment are the 'big 3' payments.....
Should I write to the mortgage company and CC company and personal loan people and offer a reduced payment or just stop them completely ??

Sounds like I need to get a proper appointment with CAB or one of the others and discuss it in depth with them,eh ?

betterlatethannever

Use this for a full SOA

http://www.makesenseofcards.com/soacalc.html

dalip

You can do either. If you are not sure you are def going bc yet i would offer a reduced payment but make sure it's the same amount to all creditors,this will give you a couple of mths breathing space. NDL have templates of such letters that you can use. If bc is the way you are going then stop all payments to all creditors. This money can then be used for rent and bc fees.You must keep paying all your utilites like gas,elect,ct ect. They are paramount.D

Jayen4

O.K. You guys,I'm now ready to post my SOA. Just one problem....

How do I 'Cut & Paste' into this thread,please ?? Yes,I really am that useless !! :rotfl:

Anyone ??

deedee_3

Have you done it on the makesenseofcards website or else where?

Jayen4

deedee wrote: »

Have you done it on the makesenseofcards website or else where?[/quote


Yes ,DeeDee.....on the makesense site.....

deedee_3

Make sure you press the format button for MSE. That's the button with Martin on

Then hold the left mouse key down and run it up the form so it highlights in blue. Then press the ctrl button on your keyboard with the C button.

When you open your window on here then press ctrl and V.