What to do for the best, Bankruptcy?

skintascanbe

Can anyone help?

Made redundant in July08 from job as Bank Manager, pittance of redundancy paid for a car and paid off a few small bills. Took a lower paid job and no company car/fuel card until found similar position. Still in same situ and now starting to struggle financially. Marital breakdown late December has only added to the problem. I Earn £1500 nett each month, and have a defecit of £550 each month if I were to pay everyone/thing.
My house has Zero equity and I owe circa 22k unsecured debts. Foolishly I have used my credit cards to "balance" out until now. My credit file is clean apart from being 2 down on 1 credit card. I am frustrated with having Zero in the bank after payday, with which to pay for fuel/food etc. I have cancelled all luxuries such as Sky, home phone etc and am considering bankruptcy.
I appreciate I will not work in banking/finance again (not that there is any scope at present) and know I will lose my house as a result. Luckily I have secured somewhere to live if I can make myself Bankrupt.

Is this the best route (Cannot afford monthly IVA)

Thanx in adance

mysterio_2

have a read here first

http://www.moneysavingexpert.com/loans/debt-help-plan#help

You need to speak to one of the debt helplines first of all....they'll help you decide the best course of action to take

and you could have a read here

http://forums.moneysavingexpert.com/showthread.html?t=1056083

peachyprice

If your house is in negative equity and you can afford to pay the mortgage once your other debts are gone you won't lose it if you go bankrupt.

HTH

Primrose

If you are the one still living in the house could you not take in a lodger or even two, depending on how many bedrooms you have? It's not an ideal scenario but it might help you meet the deficit every month.

skintascanbe

spoke with CCCS today, great help. Went through I+E etc and he laughed and told me I am worrying too much! Assured me there are 1000's in the same and most in worse situations than me. On the flip side been shortlisted to last two on a better paid job with a car, so could avoid all the grief!

Thanx for the advice and I wil keep you posted.

Chow for now

Primrose

Fingers crossed for you!