What shall I do

covlad1980

thanks for the advice guys

EMMACAT

hi
if i were you i would consider bankruptcy. i went down the route of trying to find out my options from all sorts of organisations. but in the end a very nice lady @ CAB looked at my situation and advised BR.that was in nov 2006.
i like you was paying all my minimum payments to creditors so was not actually defaulting.i used to pay a credit card the minimum then use card again to buy food etc.it all got out of hand and i found myself £29k in debt.(i had had some of these cards since i was 20 (now 43) i felt stupid for getting my self in this situation but i was single with 2 kids and things just spirrelled out of control.i worked and my income was about £1.300 a month back then.i had prepared all the paperwork for bankruptcy but scared to carry it out.one monday morning i got up lent the money and went to the high court in london.i was scarred stiff but shocked to see how many other people were there doing the same thing. after the highcourt etc.you are then directed to the official receivers office a 10 minute walk away.by the time i got in there i was totally stressed out emotionally,when she took all my cards etc i burst into tears.but she was lovely and said £29k is nothing compared to other peoples debts i was gobsmacked.(£29K is a hell of a lot of money)to me.anyway dont want to go on and on but i wish i knew about this forum back then. there are many helpful people out there and not judgemental.
go for it but you must remember your credit file will be ruined for many years if your prepared for that its amazing and scary that you have not got credit cards only cash but you learn to be so much more careful.START AFRESH ITS A FANTASTIC FEELING.but dont take it lightly the whole thing made me ill and i do regret getting into so much debt but i did and i suffered quite a few years with sleepless nights/panic attacks it was my only way out for me. GOODLUCK

mustbedebtfree

covlad1980 wrote: »

I will do ,will keep trying lol.With bankruptcy where best I can read about it .Want to know the pros and cons.

Many people have the same concerns, but from my understanding with no property to loose etc and if you wouldn't loose your job then an IVA wouldn't be the best option.

I know for me BR was the best option

Pro's = fresh start, minus the stress and struggle
Con's = learning to budget, ruined credit file for 6 years (which most already have by the time they reach BR stage TBH)

This is just my opinion, but NDL are a great support and will help you with all the facts until you make your decision

MBDF

covlad1980

thanks guys,guess im a little worried.If I go bankrupt.
what is a good bank for me after,and if I go bankrupt.its 6 yrs on your creidt file right.
Also does it effect other people credit that live at the same address as me

curly09

Co op or Barclays basic accounts you will get, no problem.
Doesn't effect anyone else under the same address, unless the debt/account is joint.

covlad1980

that good to know still trying to get through to national debt line,just got to save for it ,that in itself will take some time.
If i decide to do it

curly09

Have you tried CCCS, just as good as the NDL? You may have better luck getting through to them quicker...

http://www.cccs.co.uk/

Saving to go BR...yes, it's a cruel twist of fate......but it's the best money I spent, small price to get control of my life again..:D

mustbedebtfree

covlad1980 wrote: »

that good to know still trying to get through to national debt line,just got to save for it ,that in itself will take some time.
If i decide to do it

If you decide to go for it remember there is always people here for advice and support

MBDF

covlad1980

thanks I will need it, what the chances that they reject your application for br.Just curious

karma_police

From what you've said, with no house to lose, no business or other assets to sacrifice, I would think going BR is the best thing, based on the little info we have.