Think I'm ready to get the ball rolling but.....

LifesABeach

OK well....i've cancelled my DebtMatters waste of money......and filled in my CCCS stuff online and am awaiting their info pack or whatever it is they send at first......

so now do I call all my creditors and tell them i'm saving up for my bankruptcy fees?

Whereas i'm quiet stressed about having these debts and fully understand they are all my fault....i realise that they cant have what i dont have to give.....just thought id share that with all.....

iwantasmallholding

LifesABeach wrote: »

OK well....i've cancelled my DebtMatters waste of money......and filled in my CCCS stuff online and am awaiting their info pack or whatever it is they send at first......

so now do I call all my creditors and tell them i'm saving up for my bankruptcy fees?

Whereas i'm quiet stressed about having these debts and fully understand they are all my fault....i realise that they cant have what i dont have to give.....just thought id share that with all.....

to be honest unless if you have commited some kind of fraud I would suggest it is the lenders that are at fault for allowing you to get 50k+ in debt. I dont know much about them but dont some people register for IVA's? ie pay everything you can for 6 years and the rest gets wiped or have I got the wrong end of the stick. Good luck

Apples2

iwantasmallholding wrote: »

to be honest unless if you have commited some kind of fraud I would suggest it is the lenders that are at fault for allowing you to get 50k+ in debt.

You really are a clown!!

Katie-Kat-Kins

Could you consider lodging with someone rather than living alone, it should be much cheaper than a flat and will still have bills included, if you get lucky you might get a few meals too!

If you go for the studio flat get in writing what your landlord pays for so that there are no nasty surprises.

Ditch holiday and emergency funds, this money needs to be targeted at your debts. You can't afford to have a holiday and your inability to pay your debts count as an emergency for now. Get CCCS to talk to your creditors about reducing your payments, freezing interest and charges etc and maybe you can get to a manageable situation.

You will feel so much better about yourself in the long run if you have faced up to and dealt with your debts rather than gone bankrupt. Also bankruptcy can be a real hinderence in future life, so it should really be treated as a last possible resort.

All you can do is reduce your out goings as far as possible and then target all your surplus at your debts.

However it is well worth considering uping your income. You could try for a better job/promotion/overtime/payrise. Or you could go for a second job on evenings and weekends (it will enable you to socialise a bit too) consider bar work, kitchen work, deliveries, petrol stations, supermarkets etc etc, or consider work from home, things like betterware, delivering the local free paper, doing ironing or typing, or using skills to say teach music or languages.

Getting a second income could really help you get out of trouble more quickly as well as meeting people, having fun and learning new skills.

Good Luck and well done for ditching the gambling!

DreamerHelen

Okay, really really annoyed now cause I just spent the past 15 minutes typing out a reply to you and now it's gone!! :mad:

What I was basically saying is yes, definitely dump the DMP People who will charge you a fortune for what you can either get for free or do yourself...

Also, I have a Spreadsheet that I use which tells me about all of my debts and how much I owe and how much I pay per month - That might help and also it's great to watch the money go down!!

You can do it and we're all here for you hun.

LifesABeach

OK well.....thanks for everybodys replies....here goes....

I think i need to clarify a few things as i've had messages from a few people regarding things i can do etc....

1. I dont have anyone I can lodge with....which is why i'm going to move into a flat tomorrow
2. I have it in writing that all my bills are paid by the landlord.
3. I'm not planning on becoming any of the things bankruptcy stops you becoming (i.e. accountant)
4. I have cancelled my DMP with DebtMatters
5. I have now decided on the advice given to me by CCCS that bankruptcy is my best option as I have no realistic chance of paying this back any time soon.

The only thing i still need to know is

Do I call all my creditors and tell them i am saving up for bankruptcy?
Do I give them my new address?

Any help on these questions would be much appreciated

Thanks again to all you lovely people

DreamerHelen

Hmmm I personally would just carry on paying the smallest possible amounts to your Creditors and I wouldn't tell them that you're considering Bankruptcy - But I'm not the expert on Bankruptcy - I'm sure there will be someone else that comes along soon that will know more about it.

You may not plan on doing a Career which you would be prohibited from doing as a Bankrupt - But certain Countries will not let you emmigrate, for example, as a Bankrupt...also, you will have to build up your Credit Score from Zero again...

I'm not trying to steer you away from Bankruptcy...just letting you know there are disadvantages also...but if you feel that it's what you need to do then make sure you know EVERYTHING about it and then go for it!!

Good Luck with everything...we're all behind you...