Bankruptcy?

jennb_2

I keep getting told in my situation, I'd be better off bankrupt, my doctor, the CAB.
I'm on a DMP at the moment. I would qualify for the Low Income Low Assets scheme.
On a DMP you feel like you are doing your bit to pay things back but you still have all the worries and hassles debt brings, and the effects that has on your health.
So can anyone who's been down the bankruptcy route tell me honestly if they feel much better taking that decision or if they very much regret doing it.
I'm so torn as to what to do.

geoffky

If your doctor has told you that bankruptcy is your best way to deal with your health matters.....What are you waiting for? do it as your health is far more important than any debt you may have...good luck..

jennb_2

Hi there,
Thanks for the reply.
I guess I'm just scared and a ashamed.
No one would ever get themselves in this mess deliberately I know that but because you have done, there is a big level of shame comes over you.
I lost my job, as a hotel manager, 11 months ago, got into debt trouble after 25 years of a clean credit file, have applied for 154 jobs and not even one interview, am being evicted from my home, as it belongs to my ex husband and have been hassled by a man from the RBS group over PPI insurance and ended up a mess in the doctors.
So not a lot of nice stuff going on!
I just wondered if bankruptcy would add to my woes or set me in the right direction for getting rid of them all!

I_luv_cats

If your debts are unmanageable then Bankruptcy may be the answer for you.

It is a legal way to discharge your debts and start again. It was a huge relief for me as I was hounded daily by Barclays and regularly by a couple of others.

It's best to do an online debt remedy (no name needed) with CCCS or ring up NDL / CCCS etc.

If you don't qualify under Debt relief order grounds (CAB should have put you forward for a D.R.O if appropriate) you will need to find around £500 for bankruptcy (or £160 less if on a low income)

fiveyearplan

Most of us on here have done it and I can't think of one person who regrets the decision.

jennb_2

Hi there,
Thanks for the reply.
I live in Scotland so I don't think they do debt relief orders up here.
It's just nice to hear from people who have been through it and see it as a positive rather than a negative.

jennb_2

Hi fiveyearplan,
Thanks for the reply.
Sites like these and people like you give other's the courage to go do what they fear!
I thought it was bad enough just facing up to the debts and going on a DMP, and saw bankruptcy as a no no but I'm having to face it that other than paying my debts back for the next 50 years it may be the only way out for my sanity!

jennb_2

What would anyone say is the worst thing about Bankruptcy?

money_penny_26

hi jennb i can only speak for myself here but i find its the waiting an not knowing the outcome.i would say it not going to be any worse than youve been through already.best of luck penny x

fiveyearplan

Fear of the unknown!

mustbedebtfree

jennb wrote: »

Hi there,
Thanks for the reply.
I live in Scotland so I don't think they do debt relief orders up here.
It's just nice to hear from people who have been through it and see it as a positive rather than a negative.

Hi Jennb

I live in Scotland also and have decided after fighting it for years that BR is the best option for me.

In Scotland it is alot easier for us to go BR than England. I found the info on National Debt Line's website very helpful, also AiB
http://www.nationaldebtline.co.uk/scotland/
http://www.aib.gov.uk/

It is very important that you seek advise from the debt charities first.

To qualify for the LILA scheme you need to be earning less than £229.20 per week. Also it cost's £100 to petition yourself.

Could you possibly post your SOA and others can offer advice.
http://www.makesenseofcards.co.uk/soacalc.html

MBDF