My situation, does Bankrupcy beckon I need you advice!

Bromarc

Hey Guys,

I am afraid I have got myself into such a mess with my finances and I don’t know what to turn, I wanted to express my problems on here because it has become all to much and I need some help.

I am 28 years old, currently employed and live with my girlfriend who is a student in London.
Over the last three years my debt has reached a total figure of £17,000. To see how this has this has tallied up please see below:

HSBC Loan 1 = £767.00
HSBC Loan 2 = £8,247.00
HSBC Overdraft = £1,500.00
HSBC Mastercard = £2,000.00
Roxburgh Debt Collectors = £350.00
Bristow & Suitor = £339.00
CapQuest Debt Recovery = £42.00
CapQuest Debt Recovery = £130.00
Payday Loans UK = £275.00
Virgin Money Mastercard = £3,027.00

Total £16,677.00


I hope the above outlines the debt I have and it is made clear because I wanted to be honest and put everything down.
The reason for the debt to get out of control is because I have been in and out of work over the past year and a half and haven’t had a steady job. Some of this has been due to my stupid ideas but I can reassure you if people think I have blown it on flash cars and holidays then they would be wrong, I suppose I have been burying my head in the sand and let it build up. The thing that is killing me is the calls and letters I am getting from the debt agencies explaining I have to pay now but I have no job and savings to do so.

On Wednesday I have a meeting with the citizens advice bureau about declaring bankruptcy on myself and just wanted you opinions on given my situation whether you think it is the right thing to do. Also I have listed some questions about bankruptcy below that I not to sure about so I was wondering whether the people who have been through the similar situation could lend some advice:

1) I have always been working mostly in the office environment as an Administrator; if I go bankrupt will I find it hard to be employed in this type of position?

2) I live with my girlfriend who is on the tenancy for our flat, will she lose her furniture and processions? And will her Landlord be informed?

3) I am looking to travel to China with my girlfriend for her studies this year, will going bankrupt affect my chances of this?

4) Will the bank take action on me for not paying back the loans?

5) How long does the process take for filling in the forms and actually going bankrupt?

6) If I get a job in the future and my account is frozen where will my wages be able to go?

I look forward to your replies and really need some advice as I feel helpless and the situation is taking me into a depression.

Many Thanks
Bromarc

dmg24

Can you explain why you were on JSA two hours ago?

Zazen999

dmg24 wrote: »

Can you explain why you were on JSA two hours ago?

Things move fast in this day and age?

chuckley

what happened to ur job?! redundancy!?

betterlatethannever

Bromarc wrote: »

1) I have always been working mostly in the office environment as an Administrator; if I go bankrupt will I find it hard to be employed in this type of position? not unless your in the finance business/estate agency/ one or two other jobs that disallow bankrupts. Check your contract.

2) I live with my girlfriend who is on the tenancy for our flat, will she lose her furniture and processions? And will her Landlord be informed? No, she won't lose her furniture. Yes, the LL may be informed.

3) I am looking to travel to China with my girlfriend for her studies this year, will going bankrupt affect my chances of this? You can't afford your debts yet are able to travel to China? your official receiver, who controls your money after you go bankrupt may have something to say about this!

4) Will the bank take action on me for not paying back the loans? No

5) How long does the process take for filling in the forms and actually going bankrupt?That depends on your local court. You need to ring them and ask how they work. As a rough guide it takes a few hours to fill in the forms and most courts can give you a date within 2-3 weeks. Some courts offer a drop in service.

6) If I get a job in the future and my account is frozen where will my wages be able to go? You can still hold a bank account as a BR. Barclays and the Co-op offer basic accounts to most bankrupts. These can have DDs and SOs paid from them and have wages paid into them.

I look forward to your replies and really need some advice as I feel helpless and the situation is taking me into a depression.

Many Thanks
Bromarc

Before deciding on BR you MUST seek advice from CAB or CCCS. The court will ask this question (usually) and can refuse BR if they think your not well prepared.
Trust me, BR is not a game nor is it fun. If you possible can try for an IVA/DMP.
Remember, after going BR there is little or no chance of a mortgage or any sort of credit. You will HAVE to live within your means.
I truly hope this isn't a wind up as there's nothing funny about BR.

betterlatethannever

Try posting on the bankruptcy board for more advice (and a hug or two :rolleyes: ) http://forums.moneysavingexpert.com/forumdisplay.html?f=136