Is Bankruptcy My Only Option?

Broken_hearted

We lived 6 months on SSP and had over £23,000 in debts not including the mortgage. There is a way out, it just takes time and effort. I will be debt free in a couple of years and hopefully if unsocial services get thair finger out able to go back to work. It's cheaper for them to trap me at home as a full time carer, than get the carers in that we need.

cybergirlclareb

Broken_hearted wrote:

We lived 6 months on SSP and had over £23,000 in debts not including the mortgage. There is a way out, it just takes time and effort. I will be debt free in a couple of years and hopefully if unsocial services get thair finger out able to go back to work. It's cheaper for them to trap me at home as a full time carer, than get the carers in that we need.

Have you any advice on where I start?

earwig

the thing is that you would need 460 to go bankrupt have you got any way you could rasie this and then you would need the judge to agree to your bankruptcy once you know what you will getting benifits wise you will be in a better postion to make the right desscion for you on wheather bankruptcy is the right route to take but to be honest if the cccs say to do it i would go a long with as they know there stuff when it comes to things like this as for benifits keep trying

cybergirlclareb

earwig wrote:

the thing is that you would need 460 to go bankrupt have you got any way you could rasie this and then you would need the judge to agree to your bankruptcy once you know what you will getting benifits wise you will be in a better postion to make the right desscion for you on wheather bankruptcy is the right route to take but to be honest if the cccs say to do it i would go a long with as they know there stuff when it comes to things like this as for benifits keep trying

It would take me a while to save that amount up. It will sound really daft when the creditors phone asking for payment and I say "I can't pay cos im saving up to go bankrupt"

Donedoingdebt

This may be stating the obvious, but do you have payment protection insurance on any of these credit cards or loans that will cover for unemployment and/or sickness?

chevalier

Hi there
I am sure that you have done all this but...
Do you get any money off your ex?
Could you sell the car/give it back to the finance people.
Do you have anything you could sell on ebay to get a bit of cash.
Could you chase your doctor to get the councelling (sp?) quicker because of the financial problem?
Could you borrow any money off parents?
Is there a comminuty service in your area. They sometimes have savings clubs (run like a coop), they might be able to give you a loan at very low rate.
Have you been in a trade union that provides financial support?
Can you take your former employer to a tribunal ref the behaviour of your ex boss, ie could you make a claim for constructive dismissal?

Best of luck
chev

lynzpower

Some great points there Chev x

cybergirlclareb

Do you get any money off your ex? He's vanished, hasn't been seen in years

Could you sell the car/give it back to the finance people. Yes I could do but I live in the back of beyond

Do you have anything you could sell on ebay to get a bit of cash. I've sold 90% of what I own on ebay even the childs toys, I mean if you could see my living room, An old TV from the 80's, Patio chairs and a patio table for furniture

Could you chase your doctor to get the councelling (sp?) quicker because of the financial problem? Yes I'm working on that

Could you borrow any money off parents? No my parents are also unemployed and in debt, guess thats where I got it from

Is there a comminuty service in your area. They sometimes have savings clubs (run like a coop), they might be able to give you a loan at very low rate. Yes there is, they give you up to 3 times what you have in, problem being I barely have enough to surve as it is let alone save

Have you been in a trade union that provides financial support? Not sure about this one

Can you take your former employer to a tribunal ref the behaviour of your ex boss, ie could you make a claim for constructive dismissal?
No looked into that, I wasn't there long enough

Sorry to sound negative but I really have explored all avenues, Hence why I posted on here to see if there was anything else I can do. I can just make payments to my creditors of what ever I can afford, If they don't accept it theres nothing I can do, I've tried.

lynzpower

OK cybergirl

Deep breath.

Is there any chance you can go back to work but do something more "low key" dont know what you were doing before, but you can do up to 16 hours a week on JSA. So maybe a bit of shopwork or something, just to tide you over.

Also have you spoken with payplan or CCCS, at leasty holding off your creditors until the benefits start paying up.

Also have you ever gone over your overdraft, or bounced direct debits or got charged for late payments tocredit cards? If you have, then start claiming these back. You might not have to cough up for court fees, one of my banks paid up within 14 days, and may do for you too. https://www.bankactiongroup.com/forum

Addicted2Chocolate

i am not sure if bankruptcu is only option but it is an option.
If you do go down bankruptcy route, please make it clear on the statement of Affairs that the debts were incurred before you lost your job. you should state the dates incurred on section 4 : unsecured creditors and in section 11: reasons for bankruptcy. Provide as as full an explanation as possible, with ates and amounts. State when debts were built up from, what your earnings were when the debts were incurred, why they were incurred (eg living beyond means by approx £X per month since 19XX), stating the change of circumstances eg sick leave from (date) to (date) which reduced income from £X to £y. also provide documents to support your ill health: eg letter from gp or sick note stating condition.
this will all help the OR see that the causes of your bankruptcy is life events as opposed to any wrongdoing on your part.
You shoudl be aware that although you will be discharegd from bankruptcy after 1 year or less, it will be on your credit file for 6 years. And you say you have a car on finance, the OR must inform the finance company and they will liekly repossess the car. any shortfall under the agreement will be a bankruptcy debt.
Personal message me if you have any specific bankruptcy questions.
Are you at your limits on all credit cards? if not can you do cash withdrawals to get bankruptcy fee? To do so would not be seen as misconduct by the OR (the OR has already tested this after a complaint from a creditor but the advice received is that this is not misconduct) also once your benefits have been assessed you may be entitled to lower fees:see
http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtopetition.htm#4
says if you are benefits the court may waive the court fee of £150, you would still have to pay the bankruptcy deposit of £325.