Is bankrupcy the right option ?

pamelawallace

Hi,

I have been reading the posts on here for a while now and would like to post my first thread.

I am 24 years old and have around 15k of debt. I have recently seen a money advisor and they have advised me to go through the L.I.L.A Scheme. I worked for the RBS and the debt i had near cost me my job because as an employee you are not allowed to mismanage your finances. I recently left my work and am now a student studying nursing. I have a 3 year old daughter and have constantly for the past 3 years beat myself up that i got myself into this mess and most times have been unable to buy the things she needs and have had to use credit cards. I am now on a tight budget due to being a student but know this is to improve my job prospects for my me and my daughters future. I have never spoke to anyone about my debt before and i feel so embarrassed and ashamed about it. Am i doing the right thing is bankrupcy the right option ?

tigerfeet2006

Hi and welcome to the board.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.National Debtline operate an advice on first phonecall system CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

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

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

Read as much on here as you can, starting with the Bankruptcy Help sticky and that will answer a lot of your questions. But don't be afraid to ask about anything you don't under stand.

http://forums.moneysavingexpert.com/...html?t=1056083

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

pamelawallace

Thanks Tigerfeet it was the CAB who put me in touch with Money Matters in my area.

Tinytim

In addition to what Tigerfeet has said, it may be worth looking at a Debt Relief Order (DRO). These are a sort of bankruptcy light, and designed specifically for those with debts up to £15,000 and few assets. All of the organisations mentioned by Tigerfeet will be able to advise on this option if you qualify.

tigerfeet2006

Tim it won't apply to Pam as she is in Scotland.

tigerfeet2006

pamelawallace wrote: »

Thanks Tigerfeet it was the CAB who put me in touch with Money Matters in my area.

That's brilliant Pam. You started on the right path.:D

The Scottish system is quite different from the English system and there are not that many posters on here who are au fait with the system.

It is the second post of the Bankrutcy Help sticky that has the most relevant links to you.

I will PM some one for you to have a look and help you.

Tinytim

tigerfeet2006 wrote: »

Tim it won't apply to Pam as she is in Scotland.

Whoops note to self; read OP properly in future. doh!

coolcait

pamelawallace wrote: »

Hi,

I have been reading the posts on here for a while now and would like to post my first thread.

I am 24 years old and have around 15k of debt. I have recently seen a money advisor and they have advised me to go through the L.I.L.A Scheme. I worked for the RBS and the debt i had near cost me my job because as an employee you are not allowed to mismanage your finances. I recently left my work and am now a student studying nursing. I have a 3 year old daughter and have constantly for the past 3 years beat myself up that i got myself into this mess and most times have been unable to buy the things she needs and have had to use credit cards. I am now on a tight budget due to being a student but know this is to improve my job prospects for my me and my daughters future. I have never spoke to anyone about my debt before and i feel so embarrassed and ashamed about it. Am i doing the right thing is bankrupcy the right option ?

Hiya pamela

I don't think anyone on here can tell you if bankruptcy is the right option for you - that's a decision which only you can make really. Which is, I suppose, one of the hardest parts of the whole process - the bit where it's all down to you.

Once you've made your decision (and while you're making it) then you'll find support on here. If you opt for bankruptcy, you'll get a lot of help, support and advice on this board.

If you opt for managing your debt in a different way, you'll get the same help, support and advice on the Debtfree Wannabe Board.

I think it's a great thing that you've been to see an organisation like CAB, because your money adviser will have looked at your circumstances, and will have checked that you actually meet the requirements for LILA.

I'm sure that this doesn't seem like a very helpful post, and I'm sorry for that. But I do feel that any decision of the 'rightness' - or not - of bankruptcy for you is a very personal decision, and I wouldn't want to influence you in any way.

I do wish you all the very best in working out the right way forward for you, because I know that it's not an easy time.