great big hole, cant see the light.......

sparkle84

Sparky

To be honest I feel your only option is bankrupcy, do you own your home? have you any big assets? The fact is you owe a huge amount of money and you will not be able to pay it back on your income, you could get a 3rd 4th 5the job it just isn't going to help. The inland revenue will make you bankrupt anyway if you can't pay your tax bill so you could wait until they do and save youself the fee. I suggest to get an appointment with a debt advisor at your local cab office.

Don't feel bad about this BUT do reflect on how you ended up owing £108,000and if you start afresh through bankrupcy accept you cannot have credit again as you obviously don't deal with it well (I know I will never have a credit card again I can't cope with it.

CLAPTON

i have to agree with sparle84 that you should investigate the bankruptcy route. on your income there is really no realistic prospect of repaying over 100k. suggest you speak to payplan/cab.
keep your finances separate from your OH as she needn't be associated withyour bankruptcy.

sparkysi

Sparkle/Clapton - This is my thinking too, I just dont see the light at the end, I really dont want this hanging over me for ever and whilst I appreciate that bankruptcy isnt exactly fun, its got to be a better option than spending the rest of my natural life paying off this wedge. Not feeling bad at all. Basically I had a level of debt I could easily manage, then made a rash choice to start a business using £50k of my savings which I could really have done with keeping, it didnt pan out and I lost the lot whilst not being able to maintain my existing debt. In short, I made a daft choice without really thinking it through. Everything kind of went down the pan from there, my ex didnt like a lifestyle that didnt involve her getting whatever she wanted, and she definitely didnt like working, we split up, a very close friend died, I was involved in a very nasty car accident and then prosecuted for dangerous driving with the potential of going to prison for two years, all in all, I buried my head in the sand and it all piled up, hence the poo heap I am now in.

If I do file for bankruptcy, does this stop the bailiffs coming round to enforce a CCJ or does this still stand as it was applied for before I went bankrupt?

Thanks

Simon

sparkle84

I believe everything will be included in your bankrupcy, but you must get professional advice from CAB the judge will ask that you have recevied this. You will probably have to pay an amount out of your suprlus income for 3 years but the OR will go through all this with you.

Please get proper advice from CAB, let us know how you are getting on and good luck

In_Search_Of_Me

Cant offer any practical advice other than what has been said already (CCS in my experience were great) but just wanted to send a hug. I know this must be horrendous for you all but at least you're tackling it head on and taking control of your situation....

sparkysi

Called CCCS yesterday, they were great, got to wait a while for my interview but the lady I spoke to was great. Talked me through some of my things and asked seemingly far more relevant questions than Kensington ever did. Also suggested I call my creditors and get the info together, Kensington didnt want me to do anything. Whilst this was a bit daunting at first, I managed a few calls yesterday afternoon and it was no way near as bad as I thought it would be, so tbh I was feeling a lot better after I had made the calls.

A bit more upbeat about all this now, although I still think in my circumstances, bankruptcy may well turn out to be the better option, after all, I own no property and nothing worth a damn so not that much to lose, will wait and talk to CCCS advisor though.

Cheers

Simon

postingalwaysposting

hi sparkysi, i didnt read your thread till today but please stick in there, even if you have to go through bankrupcy, I must say i agree with both Sparkle84 and Clapton, think positive and you will be fine, and good luck when you get your meeting with CCCS :rolleyes: you will be fine, there is light in them there hole

Annie_Fanny

Sparkysi - well done on making that phone call.

"Also suggested I call my creditors and get the info together, Kensington didnt want me to do anything."

That's because Kensington don't want you to take control of your own destiny and want you paying that £30+ a month for decades! The cheek of it!

You've done the right thing.

Keep posting and let us know how you're getting on.

Good luck!

fatbelly

sparkysi wrote:

Really dont know and frankly I have a bit of a flap on now because of this warrant of execution.

Has anyone advised you to suspend the warrant and vary the order (reduce instalments)?

You need an N245 from here. There's a small fee.

In_Search_Of_Me

How are you getting on?