Is Bankruptcy My Only Option?

cybergirlclareb

I have asked this question on another board and I think bankruptcy appears to be my only option but any further options would be greatly appreciated.

I am in roughly about £7k-8k debt on credit cards, I took out the credit cards when I was working and could afford the repayments but since my health has taken a turn for the worst I can no longer work. The doctor has diagnosed me of having Anxiety/Depression problems, most likely caused by my current financial situation.

I have applied for incapacity benefit,housing benefit,child benefit etc but as yet have received nothing as I await my claim to be processed.

I have tried the following, CCCS who advised my only real option is to file for bankruptcy as I am -£400 every month, Pay plan wouldn't take me on as I am on benefits, National debt line who in Northern Ireland are run by CCCS so no point going down that rout again, Citizens Advice who do not have a debt advisor near by that I could visit but again said bank ruptcy may be an option, and I also got set up with a debt management company who after frequent spot checks on various creditors have been missing payments, only trouble is if I leave them I loose my month in advance I paid up front. I have asked the creditors to write of the debts but they do not reply, They have lower repayments but I can not afford them and they will not lower the payments further.

I have no luxuries, and I have sold anything of any value on ebay and have nothing left to sell.

I tried to go back to work against the advice of my doctor previously which ended in tears and made my depression etc worse.

Any advice much appreciated

Little_Miss_Winner

Hi,

Sending you loads of ((((hugs)))).

I am not at all clued up on brankruptcy and how the experts will be along soon.

I summise that you have your own house, is it mortgaged? what ages are you children.

Sorry theres loads of questions, but we will need to see the bigger picture.

Are you own your own with the children?

You will need topost a list of your incomings v outgoings so peaople can advise you fully.

Keep posting
hugs
pot
x

cybergirlclareb

potogold wrote:

Hi,

Sending you loads of ((((hugs)))).

I am not at all clued up on brankruptcy and how the experts will be along soon.

I summise that you have your own house, is it mortgaged? what ages are you children.

Sorry theres loads of questions, but we will need to see the bigger picture.

Are you own your own with the children?

You will need topost a list of your incomings v outgoings so peaople can advise you fully.

Keep posting
hugs
pot
x

House is rented, I have no assets

cybergirlclareb

Income:
Housing Benefit £218.00 (Inc Rates)
Incapacity Benefit £228.00
Child Tax Credit £68.00
Child Benefit £55.00

Total = 569.00 Per Month

Outgoings:

Rent £280.00
Shopping £80
Electric £50
Phone £40
TV Lisence£11
Broadband £15
Car Finance £140
Insurance £25
Tax £15

Total £656 Per Month


That is even before I pay creditors and I am behind in rent and car finance.

MBNA = £4250.45
Capital One = £3890.45

Total = £8140.90

fivemice

Are you getting your full entitlement to child/working tax credits? That amount seems a little low for your income..

cybergirlclareb

fivemice wrote:

Are you getting your full entitlement to child/working tax credits? That amount seems a little low for your income..

I'm unemployed, the benefit rates are rough as at the min Im not actually getting anything

Kevicho

Hi, welcome to the club

For what i have read so far there may not be anything we can do in the current state of your income

What was the reason for not liking the job? If you could find something more to your liking then maybe it may get you a job were you can start sorting the finances out.

cybergirlclareb

Kevicho wrote:

Hi, welcome to the club

For what i have read so far there may not be anything we can do in the current state of your income

What was the reason for not liking the job? If you could find something more to your liking then maybe it may get you a job were you can start sorting the finances out.

A witch of a boss, she was picking on me all day and it made my anxiety and depression worse. My doctor has advised me not to work until I see a councilor etc to try and get myself sorted out as I am just annoying the problem by working

lynzpower

So currently speaking you have literally no income?

Could you get a crisis loan to at least tide you over. What are you living on right now?

cybergirlclareb

lynzpower wrote:

So currently speaking you have literally no income?

Could you get a crisis loan to at least tide you over. What are you living on right now?

Dito a Crisis loan... A massive £63 which has to last 2 weeks then is paid back via £5 a week from my benefits. That wouldn't even cover rent, Next thing will be getting turfed out.

lynzpower

hun
who do you rent from. A council?

Do you get HB paid directly to you? Or does it go to the LL?

On the plus side, ( there is one, honestly) when the benefits turn up, you will get a fairly large lump sum, that should sort lots of stuff out.