Need to go Bankrupt - running too long!

dezire1971

Hi everyone - I am a complete newbie to all this! I need your advice please.

A few years back I got myself into debt with credit cards (about 15-20k), water bills and bank overdrafts etc. For years now I've been running away from the debts, have moved flat 2-3 times and buried my head under the sand. My own fault. I can no longer live with this huge weight on my shoulders and need to start a fresh. The problem is that I have lost track of what I own and to which credit card companies I owe the money to. In order to file for bankruptcy I need this information, but i threw reminder letters away and acted like a fool. How could I retrieve all the information I need to gather what is owned and to whom? I'm afraid if I just called around the credit card companies they would want my address and send the bailiffs in! Help!

lee316

Hi Dezire, firstly I would obtain a copy of your credit report, either Experian or Equinox, it would all be on there, when you took them out and which ones are outstanding. Further than that I am not quite sure what you could do, but I'm sure that someone will be along shortly with advice. Hope you are aware that your 15-20 k could actually turn out to be a whole lot more than that with the interest that you have been no doubt charged since. And good on you to finally facing up to your debts.

dalip

Try checking your credit file with the likes of experian(you can get 1 months free trial)which should tell you when,where and amount ect. Good luck and welcome to the forum.Dx

dezire1971

Thanks. I would try Experian, but I dont have a valid card - they do ask for card details. Oh well.

Charco_2

dezire1971 wrote: »

Hi everyone - I am a complete newbie to all this! I need your advice please.

A few years back I got myself into debt with credit cards (about 15-20k), water bills and bank overdrafts etc. For years now I've been running away from the debts, have moved flat 2-3 times and buried my head under the sand. My own fault. I can no longer live with this huge weight on my shoulders and need to start a fresh. The problem is that I have lost track of what I own and to which credit card companies I owe the money to. In order to file for bankruptcy I need this information, but i threw reminder letters away and acted like a fool. How could I retrieve all the information I need to gather what is owned and to whom? I'm afraid if I just called around the credit card companies they would want my address and send the bailiffs in! Help!

If you're ringing your old cc companies just give them your old address - if you gave them a new address they wouldn't have it on file anyway and say you'd failed the Data Protection questions... If they ask where you've been for the last three years tell them you've been in a coma, or abducted by aliens but all you could think about while you were away was putting your finances in order - it's none of their business. Withhold your number and dont give away more information than you want to - or any indeed! Hang-up if they're being obstructive

Although that sounds like fun, probably going through Experian or some other credit reference agency would be more practical.

Well done for taking the decision to face up to your finances though!

Experian_company_representative

You can order a printed report for £2 by post using a cheque or postal order. Follow the links from www.experian.co.uk/consumer to download the application form.

dezire1971

Charco wrote: »

If you're ringing your old cc companies just give them your old address - if you gave them a new address they wouldn't have it on file anyway and say you'd failed the Data Protection questions... If they ask where you've been for the last three years tell them you've been in a coma, or abducted by aliens but all you could think about while you were away was putting your finances in order - it's none of their business. Withhold your number and dont give away more information than you want to - or any indeed! Hang-up if they're being obstructive

Although that sounds like fun, probably going through Experian or some other credit reference agency would be more practical.

Well done for taking the decision to face up to your finances though!

Thanks mate. I am not looking forward to phoning the credit card companies. I remember my last experiences with them - they were horrifically unhelpful! I suppose they have to give me the details in the hope they may get their money back!

dezire1971

Can anyone tell me if it's ok to open a basic bank account before I file for bankruptcy? Will it be closed down when I go bankrupt? Which are the best banks to go with? I owe money to Barclays, so that's out of the question!

fiveyearplan

It is perfectly fine to open your basic account pre-BR unless you live in Brighton. For some reason the ORs in Brighton don't like you to. Try the Cooperative Bank. You may not have a branch near you but you can pay in at the post office and do everything else online or through the post. I've had mine nearly 2 years and find it very useful. You can apply online or over the phone. I think the phone applications are processed quicker.

Mips

Why do you need to go bankrupt?

You have done 2-3 years of non-payment. Why not ring the companies up, ask them to accept token payments and try and organise getting it all paid off.. albeit slowly


In 2-3 years you can rebuild your credit when any old defaults and bad debt has dropped off.

If you go bankrupt you will be screwed for 6 years. And possible have to always declare yourself as bankrupt on official forms.

Charco_2

Unfair to say someone has an axe to grind just because she is sharing her experience of Bankruptcy... from your post and hers i was able to work out that she views bankruptcy as no picnic and should be avoided if at all possible.

As for Dezire1971, it would do you no harm to at least look into one or two other options - the fact that you seem already willing to accept bankruptcy would suggest that other solutions would hold no fears for you and sure if nothing else seems to fit you then you can always go bankrupt next month after you've checked your options!