Should i go bankrupt???

wilster_2

I am 26, I owe £27000 on credit cards and loans. I am already using Consumer credit counselling service to whom I pay £90 a month to then they pay my creditors. But they will only continue this while I am working full time, I am going to college in September so it will have to stop!!! I am trying to better myself, going to college to be able to do my nurse training next year, but I just cant see a conclussion to this debt, I was young and stupid but now wont to put it behind me and think maybe bankrupcy is the way to do that, any opinions???

miss_spooky

Hi wilster,

Welcome to the board. You will get lots of good advice here to help you make a descision. Firstly have you spoken to any of the free debt charities like C.A.B, National Debtline or CCCS. CCCS do a debt remedy where you can then "chat" online with someone who will go through any queries. Sorry just realised that you are already with CCCS. Have you spoken to them about this?

Once you've done that, post up your SOA (statement of affairs (income & exp) based on what you will be earning / paying from Sept. This will give you a good insight into what available surplus you may / not have.

You can use this link as it will promt you to add in extras you tend to forget. http://www.makesenseofcards.com/soacalc.html

HTH for now.

Feelingfoolish_3

Hi Wilster
Until someone else comes along then here is my opinion. At your current repayment of £90 per month it will take you 25 years to repay your debt providing the creditors stop interest. Unless your circumstances are to change for the better soon then this is an ok option however as you stated that you are going to college I assume your income will be lower and therefore, yes, bankruptcy is a very good option for you. You need to consider if you have any assets you may lose, e.g. car or house.
Good luck

wilster_2

I dont own anything that they might take, I do have a car, but it isnt worth much and i would need it for college/work, so dont think they would take it. My husband has only his name on the house, it was his before i met him, i dont pay anything towards it so hopefully they wont take that??