Advice, Is Bankruptcy an option for me?

fiveyearplan

Hi Matt and welcome to our world! I'm sorry CCCS didn't give you good advice. I seem to keep hearing that more and more lately. I too went BR solely from the advice on this board. Keep asking anything that comes to mind.

MeanMatt

If I take the Bankruptcy route which is looking like the likely choice what sort of time frame would I have to do it in after stopping my DD's? I don't want baliffs banging on my dads front door or i'm gonna end up out on my ear!

I am thinking of stopping this months payment and then putting the money straight into a better car as i've been offered an old mondeo for next to nothing, Needs a little attention but I can easy get it going again.

Pumping the tires up every time I use the car is becoming a drag, I'm also thinking about saftey with my little one in the car, It just isn't worth the risk.

Matt

Dunpayin

Glad to hear you got some good help. Re the Debt Management Plan route, I understand a creditor can re-instate interest charges whenever they want, even if they've agreed to freeze it. So it's not a totally guaranteed route. With no assets, BR's looking like a reasonable option to me.

Re SOA, you could increase some of your expenses. Groceries 200, Clothes 50, Haircuts 10, Holiday 30.

Working Tax Credit has been great for me. Ring them tomorrow. If your application is accepted, it's backdated to the date of your first call.

D*