should i go bankrupt?

ttt2009

i dont have any close friends i could ask and i cant get another job as i have no one to look after my child. if i just pay a pound a month to all my creditors will that keep the wolf from the door? if i call my mort comp and tell them i cant pay how long will it take them to evict me?

Waspeze

I think there is a letter you can send with your £1 payment to keep them at bay... if no one else posts it i'll dig it out for you.

I can't help with houses.. soz.. only ever rented!

Waspeze

Something like this maybe? taken from the national debtline website.. obviously tailor it to your needs (e.g. I not We, and paying a pound not no payment) include your payment with the letter along with a budget sheet.

The Loan Company
Company House,
Church Street,
Newtown,
Kent,
R1 7HG

Dear Sir/Madam
Re Account No/Reference No:- 4563210025897412
Since making that above agreement with you, our circumstances have changed.
We cannot now afford to agreed monthly payments because ... [your paragraph added here]
We enclose a Personal Budget sheet which shows our total income from all sources, and the total outgoings of
our household. As you can see we have no money left to make offers of payment to my creditors.
In view of our circumstances, would you please accept no payment at present to be reviewed in six months. If
interest or other charges are being added to the account, we would be grateful if you would freeze these so our
debt does not increase.
Should my circumstances improve we will contact you again.
Thank you for your assistance. We look forward to hearing from you as soon as possible.
Yours faithfully

Mr A N Other

One thing i'm confused about is that at the moment you are working so can't you use some of your current income towards BR fees?


It'd be worth talking to CCCS or CAB maybe, or waiting to talk to national debtline as they'll be able to go into your options in a lot more detail... i'm only skimming the surface.

peachyprice

ttt2009 wrote: »

theres no chance of me saving! i cant even afford to eat at the mo so saving that amount would take me years! shall i start moving stuff out of the house before the balliffs come? not that i have anything of value!

Bailiff don't come for bankruptcy.

ttt2009

should i just pay a pound toward my mort this month so ive got the fees? i know im going to loose the house anyway so surely it wont make much difference! plus this could be my last wage for a while! so its now or never i guess, like i said i cant save.

Marlowvian

Waspeze wrote: »

There are some places that supposedly help with fees though what the success rate with them is, i've no idea

http://forums.moneysavingexpert.com/showthread.html?t=1167839

Do you have an overdraft facility or credit card with credit on that you could use? Not the best idea as you are taking credit knowing that you can't pay it back but if you have no other choice then it might be a way of doing it.

Other than that it's pretty much either save for a while (hard I know when on benefits)

The CAB advised me it was illegal to pay for the petition of bankruptcy with a credit card or overdraft facility as you are taking out credit that you have no intention of paying back as it is fraud. Its a brutal catch 22 and I would do it if I could but can't get that much credit. Don't know where I am going to get my £495 from but I've been putting it off for long enough now

I am sorry ttt2009 that this is probably not want you want to hear.
I would highly recommend you speak to someone like National Debt Line for further info/advise regarding your house.
Their number is 0808 808 4000 (Freephone number) Open Monday to Friday 9-9 and Sat 9.30 till 1

tigerfeet2006

Marlowvian there are dozens of people on here who have done it like that on here. The OR's tend to turn a blind eye with this. In the time I have been on this board no one has ever been in trouble for it.

ttt2009

doesnt matter really. like i said i dont have money to eat let alone take off a credit card/overdraft to pay the fee!

tigerfeet2006

You really do need to talk to one of the debt charities about all your options. Especially where your house and future housing is concerned.

Also speak to Shelter about your housing http://www.shelter.org.uk/

Are you absolutley sure you will lose your job? Have you spoken anonymously to HR?

You really do need some proper advice about your situation.

Jubbly1868

ttt2009

Sorry to hear things are so tough for you. I would recommend you go to Citizens Advice Bureau. Not only will they help you with current situation, but they can also help you make sure you are geting all/any benefit you may be entitled too.
They have been very helpful to us and I believe there is an emergency fund that you can apply for in similar situations. Now Im talking about here in NI so it may be diff where you live.
It sounds like you are breaking your neck to do everything you possibly can so defo contact CAB. You can just pop in and see someone provisionally and then they put you with the expert etc...They really have been very non-judgmental with our case and have sugg help in other areas that we hadnt even considered.
I really wish you the best of luck and keeping fingers and everything x'd for you...