To BR or not to BR?

randomstu

Hi all,

I'm still struggling with the idea of going bankrupt

I owe about £25k to 7 different creditors, total monthly payments would normally be about £600, however up until Dec 08 i was on a DPM with CCCS paying about £300.

I have been unemployed for the last 6 months, havent made any payments. I did offer to make token payments of a £1 each, declined, of course.

I used the online tool on the CCCS website recently, its 1st recommendation was bankruptcy.

I dont know how much longer i will be unemployed, or if i do get a job whether i will be able to make payments that will put a dent in the debt.

My feeling is that if i dont go BR, i will be paying this thing off for ever

I'm not really looking for anyone to tell me to go bankrupt, as that obviously has to be a personal decision, but i just wanted to know other peoples thoughts, bearing in mind my situation


Many Thanks & Kind Regards

Randomstu

merlin1

speak directly to a cccs advisor would be my first port of call.

when i got into trouble in '02, i went with a company that 'took the load', they got the interest frozen, arranged payments to my budget etc, and took a fee - i did this for 18 mths. a friend referred me to cccs and after speaking to them and filling in the forms it was clear that it would take me 44 years to pay off this debt, and there was no guarantee that the banks wouldnt pile on the interest at the end of the term - the cccs advised bankruptcy.

no-one can advise whats best for you exept the experts after getting the information they need - call them!

stintond

there is a cost attched to bankruptcy , you will struggle to get a mortgage in the future , the bankruptcy itself and everything that goes with it.So , for 25k , if I thought I could get a job soon then I would stick it out , but anymore than 25 k is bankruptcy terrotory I think.
It depends on how much you think you are going to earn in your job.