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About to go bankrupt - only remaining solution

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Hi all

Where shall I start -- around £70k debt (mainly unsecured loans and credit cards). I was gearing up to enter a debt management plan and quite upbeat about it all. Then I lost my job on Friday. I worked in banking (don't worry not a fat cat, just an ordinary backoffice role), and with the current market conditions it could take months until I find a new job. I don't have so much time ... a couple of weeks at most. So the only remaining option for me seems to be bankruptcy. It's a tough call that will change my life forever, but that's just how it's turning out. I've been unlucky.

I have so many questions and will read through all the useful threads on the forum. I'm concerned about many things ... i.e. how do I tell my landlord? I guess I can apply for housing benefit towards my monthly rent. It's just all very embarrassing. I have never claimed any benefits but may now be forced to do so in order to eat and have a roof over my head.

I am alone, my girlfriend is abroad and no kids. I guess that helps. No property, and almost no possessions, save for a computer, TV, loads of books and clothes. I had sold my car months ago to get money, this has been a terrible year for me.

If I'm made bankrupt, I will no longer be able to work in my line, i.e. banking & finance. I guess I'll have to get any job in order to feed myself.

Many questions to come, thanks for listening. Any advice much appreciated.

:)

Comments

  • Deep_In_Debt
    Deep_In_Debt Posts: 8,579 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    Hi
    Firstly welcome.

    Sorry to hear about your predicament.

    Can't really help a huge amount but my ex OH worked in finance in a non customer facing role and he was able to keep his job when he went BR and has since changed companies and in a similar role. He was open with the new employer at first and they didn't seem bothered so there is a chance you can get a job in the financial service sector.

    Good luck.
    Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free :)
    Mortgage free since 2014 :)
  • Hmmm that's very interesting, thanks! I will look into it.
  • RAS
    RAS Posts: 35,503 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    DID's OH is certainly not the only BK on here to still be working in banking. Wh
    If you've have not made a mistake, you've made nothing
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