Help! Need to go bankrupt but can't afford it!

Kier_2

Have taken all the proper advice, been advised to go bankrupt, know all the implications. Yet because I lost my job in January I simply can't afford the £345 OR deposit (the fee is free because I am unemployed).

What the heck do I do? All the while I am making token payments and the debt is rising - for example, I had to stop paying my mobile phone and internet contracts and they are now chasing me as well as all my other debtors who keep sticking interest etc on despite Payplan's best efforts.

What happens if it just drags on and on and on, making token payments and keeping up with the £2 a month CCJs, for another few months - another year?

Eeek!

Merry_Gentry

Tis a difficult one. Most people stop paying their creditors and use that money to pay their BR fees. Do you have anyone who would be prepared to lend it to you - yes, I know how bad that sounds - but you could possibly pay them back out of any surplus you have once you are BR?

Kier_2

People are already lending me money, but every penny is going on living. Bills and rent etc. I earned OK money before I lost my job - never actually realised the reality of being unemployed. Surviving on state benefits really does you absolutely penniless.

Just don't know what will happen if it goes on for another year or whatever. The debt builds with interest etc, and will look 10 times worse on the BR forms. One thing I'm not worried about is debt collection agencies and all that. They can't get money or assets off me if I haven't got any!

Kier_2

Just bumping this to see if anyone has any bright ideas.

What will happen if I let it rumble on for another year or whatever until I can afford it?

Are there any grants etc available to help with the OR deposit?

If I could get a loan from a credit union or someone for the deposit, would this be seriously frowned on by the OR?

datcat

Hi there
I'll try my best

If I could get a loan from a credit union or someone for the deposit, would this be seriously frowned on by the OR?

Yes to the credit union as it's obtaining more debt when you know that you are insolvent.

Just don't know what will happen if it goes on for another year or whatever. The debt builds with interest etc, and will look 10 times worse on the BR forms. One thing I'm not worried about is debt collection agencies and all that. They can't get money or assets off me if I haven't got any!

If you stop paying your creditors and it helps you to raise the funds well so be it. Belive me the OR will have seen it all before hand.

lxpeanut

Kier wrote: »

What happens if it just drags on and on and on, making token payments and keeping up with the £2 a month CCJs, for another few months - another year?

I think as long as you are not applying for new debts then the OR will understand. You are going bankrupt because you can't pay these debts so the fact your creditors are adding charges and interest is not your fault you aren't spending anything new.

I stoped making any payments at all to get the fees together. Do your token payments add up to enough to help you get the money together in a few months? If so I would start putting them to oneside instead of paying them to the creditors. Do you have anything you can put on ebay ect? It may seam like you are only making a small amount of money but it will add up.

mrsthrifty_2

I think Ebay and bootsales are the common ones for making something, get rid of anything laying around that is now redundant that the OR wouldnt have any interest in, household items,clothing,books etc

some do surveys, daily clicks and a slice of pie [ all info on making extra money thread]

have a look at the OS board you may get some tips on cutting your food bill and making a little go that bit further

HTH a little

Wonky_Willy

Do you have a chequebook? I cashed cheques at the Money Shop to raise the fees, as they don't pay the cheque in until a month later, by which time I was bankrupt :beer:

messimoney

I cashed cheques at the Money Shop to raise the fees, as they don't pay the cheque in until a month later, by which time I was bankrupt

Can you do that? Wont the OR see that as some kind of "silly spending"??

Wonky_Willy

messimoney wrote: »

I cashed cheques at the Money Shop to raise the fees, as they don't pay the cheque in until a month later, by which time I was bankrupt

Can you do that? Wont the OR see that as some kind of "silly spending"??

Well people on here have said they took cash out of the bank from credit cards to pay the fees so it's not really any different from that

Kusharoosh

Is this not fraud ?