Is Bankrupcy the answer?

Beccal_3

I am on a cccs DMP, yet my monthy payments are so tiny as they are all i can afford. my creditors are still charging me interest, and so my 11 years it was going to take me to payback all my debts is nearer 14 now!

I am 22. I have no hope of getting a mortgage in the next 5 years due to Defaults and rubbish credit score. I want so badly to wipe the slate clean, and have been suggested that i decalre myself bankrupt.

what i need to know is will i still be able to get a mortgage one day. what is bankrupcy, and will it affect my long term future? i just want this head ache to end. has anyone here been through bankrupcy. would i be making a big mistake?

Addicted2Chocolate

see leaflet Guide to bankruptcy on https://www.insolvency.gov.uk
Bankruptcywill be on yor credit file for 6 years. I think most mortgage application forms ask 'have you ever been declared bankrupt' and if the answer if yes then they will probably still offer you a mortgage but at a higher rate. Discharged bankrupts can definately get mortgages but not at best interest rates.

earwig

hi my husband went bankrupt last year at the advice off the ccs they also told him that after 6 years he should not have a problem in getting a mortage as banks like you as you have no debt some banks do mortages for poeple who have just left bankruptcy here what happened to him to give you an idea of what to expet

phoned court got papers filled them in cab can help you if you need it

phone court back up once papers was compleate got given a date

went to court saw cleark who took money 460 and went through form

saw judge in private room lasted 5 min just had to give reasons for bankruptcy judge quite understanding

stright after had to speak to offical reciver again in private room had to give details of debt name ect then given a phone appioment were they call you at home

phone appioment last about 40/50 mins and it then you find out if they are going to take any thing from your home unless you have valuable art or jewls they dont usally bother if the do they give you money to replace it ie you have a three grand sofa then they will take it and give you money to replace it if you work they may take any spare money after your living expences but only for three years

if no problems you could be disscharged with in a year

they allways try to take your car if worth more than three grand but give you money to buy a cheeper version if you can prove you need it for work

it is a bit stressfull but if it gets rid of your debt its worth it and its no more stressfull
than dealing with crediters who want there money

if you do do this empty bank acounts on the way to court as they will all be closed weather you owe them money or not

you can open a new acount after the court but must give details to offical reciver

i hope you find this helpfull and dont worry they are not that scarry also if you want more help speak to ccs as they are very good with dealing with this and help us with bankruptcy hope it gose ok

earwig

sorry forgot to say the ccs said that after 6 years if any one asks you if you have been bankrupt you can say no as they have got to say in last six years but they dont so they can try and catch you out