Declarying bankcruptcy - I think it's the most sensible thing for me to do

In_Search_Of_Me

OK everyone breathe....Ryan you need to think about bankrupsy VERY carefully & not just do it because its the easy option. Post your SOA; seek advice from paypla/ccs & your uni and see what they all say. I dont know what you've posted elsewhere & to be honest people here will help you as muc as they can but the ultimate choices are yours...personally I would do absolutely anything to avoid going bankrupt as have heard that it is NOT the easy option by any means. You also need to ascertain whether bankrupsy will affect your career choices once you graduate...also there is nothing wrong in working the going back to uni (I did) & it may be possible for you to defer. You also need to address how & why you are in this much debt...also unsre whether they will consider bankrupcy when you do have the opportunity to leave college & get a job...worth considering before you submit an application. Bottom line is you need to think carefully & clearly and get some advice...dont rush anything because the consequences will be with you for years....

Sea78

HI,

I just wrote a huge long reply but it's gone grrrr.

So, in a nutshell -

Do post your SOA, it will really help to get jsut the basics covered and you'll have to do something similar for whatever debt plan route you go down. We'll be gentle!

I know it can be difficult to see any light at the moment, but you can deal with this. it's going to take time and a lot of effort. Do contact CCCS or Payplan as they are free, won't take any more money and will be able to advise you what your options are based on your own individual circumstances. Be completely honest with them - they are not there to judge. They can't help you if you're not.

Are you flat/house sharing? Have you applied for a hardship grant from uni? Worht checking out - might 'only' be £100 but that would cover your food for at least 2 months. I assume unis are out for the summer now, or nearly. SO you've got a long summer to work and get as much money as poss to cover you next year. How full on is your course? You can get a p-t job - perhaps if any of the agency work places are particularly impressed with you, you could ask them direct and save the agency fees?

Good luck - do the SOA now!
http://forums.moneysavingexpert.com/showthread.html?t=107280

Sea xx

bargainbetty

Ryan,

Sorry for the length of this post, but hopefully it might make some sense.

*Drop out of the full-time study, get yourself a job and start repaying wherever you can.
*Move out of central london to the burbs and buy a bike for commuting.
*Join the Open University, transferring existing credits towards your degree.

I know you say you want the education, but think a bit more creatively about how you get it, and remember if you can't afford it, then you don't get it now. There is no way you can go bankrupt while telling the court you intend to remain out of the workforce for a further two-three years with no visible means of support. You WILL run up further debts and the courts will not overlook that.

Sorry to be harsh man, but I'm studying a BA in Business and Law with the OU because I cannot afford to return as a full-time student. I work a 40 hour week and study because I want the education and cannot have it any other way.

Good luck, I hope it works out.

jay78

A lot of people work fulltime and do degree's in the evening. Birkbeck college springs to mind. You also don't have to live in central london. I live in north London, I pay 455p/m for a studio and I'm only 20 minutes away from central London on the tube. Get a grip on the situation and don't take the easier way out. Post your SOA...

gingercordial

Prompted by mrcow's post, I've just read some of your other threads Ryan, particularly the thread you started early today on the loans board. I think you need to get that sorted first as I think any allegations of fraud against you need to be dealt with before you can think about bankruptcy. You are in a very serious position here with the potential for prison and a criminal record, not just damage to your credit rating which is a fairly minor part of your situation now.

Aside from that, what course are you studying? What career do you want to pursue? I ask because you've mentioned "professional" subjects and you cannot be a lawyer or an accountant (not sure about doctor/dentist) if you have ever been bankrupt, even if it's dropped off your record. So do think very hard if you're looking for a career in any of those areas before going down this route.

Get to your student welfare office today and get yourself some proper advice on your debt and the fraud situation. They often have access to free legal advice and hardship funds. I know you are not taking this lightly so please do go and see them, they are your best source of help at the moment.

Kevicho

gingercordial wrote:

Prompted by mrcow's post, I've just read some of your other threads Ryan, particularly the thread you started early today on the loans board.

Ive had a read through this too and had a few points id like to make.

Firstly I sympathise with your situation, education is not a cheap thing anymore which is a crime of the current government.
However maybe have you considered studying somewhere cheaper?
I think if you study nowadays you need to be prepared to have a LOT of debt after this, which is unfair but unfortunately a fact of life.
I possess university loans which I will pay off, not happy about (as education should be free) but still I think you need to come to terms with this.
Also from recollection student loans dont get written off if you declare yourself bankrupt, someone will correct me if im wrong on that.

The second point is about your loan applications.
The situation you have gotten yourself in now is a serious one, these application forms have small print on them, with good reason, saying that they need honest responses to the questions.
Coupled this with the simultaneous posting of this thread leads me to the inevitable conclusion that you were trying to pull a swift one.

Now im all for fighting the credit industry, they should have there revenue sources cut off to make them fight more for our custom, and give us better deals.

However a blatant hit and run I do not condone, what were you planning on doing with this money?

Now the last thing i want to do is sound harsh, it sounds like youve had a rough time of it, but there basically seems to be a pattern of you not knowing how to handle money, this is basically from the scheme above (and also the dodging taxes thread)

Money management is not taught in schools, well it wasnt when i was there, that is why i think you should get as much advice from as many people as possible

As stated your uni financial advisors would be a good place to start.
They are the ones most likely to have dealt with people in similar, and indeed, worse situations than yourself.
Citizens advice also regarding the recent 'activities' as well would be a useful source of info
CCCs or Payplan, as well to see if they can stretch your monthly budget further.
And of course, the rowdy lot on here are full of ideas.

As for the other aspects of your life I think family issues are a major factor, you need to sort these.

As for Uni maybe having a word with a councillor will help you get back on track, an A student in the past it would be a shame to let money worries ruin your study, if you can mentally tough it out and then make a concious decision to say "ill worry about money when im NOT studying" then that will be half of the battle

Theres a lot for you to resolve and some tough issues, but its not impossible, the odds are in YOUR favour beleive it or not, dont let the credit companies win.

You owe it to your mum, and yourself to do this

Take it one step at a time dude but start today

Best Wishes

Kev

missk_ensington

There's no reason why you can't get a job, Im 20, I'm doing a full time BA honours degree in English Literature, I also work 16 hours a week as a PA and I'm a single parent with a baby. I commute 70 miles each way to university 3 days a week, and 17 miles each way the other 2 days to my job. I also have a pacemaker which gives me jip from time to time and no family.

I manage pretty well apart from here and there when money is tight, and the support on here is amazing. There's been times I've felt like throwing the towel in and getting a 9-5 job a mile from my house, but everyone has told me to stick with my studies and helped me and not judged me, because like you I've bent the truth here and there to make ends meet and said one or two things that people haven't agreed with. Still, people have been kind.

My advice, if you want to lie to the Official receiver and loan companies then fine that's your business, but don't lie to people on here. There's nothing to gain, people want to help you but you're making it hard. You've not shown a SOA and I get the feeling you enjoy creating controversy and that gets me mad because there are truly kind and generous people on here and you're just taking the p***

jellycat40

Hi there, i think everyone on here is being just a little judgemental. At the end of the day you have to do what is right for you. If that is illegal then you have to be prepared to take the consequences. However if you really believe that you will be better off Bankrupt then speak to an IP or Payplan or CCCS just to see if that is their advice also.

You could try contacting your creditors to see if they have any bright ideas.

You cannot include a student loan in your BR anyway as has been mentioned before. You have no assets so the OR will not be interested in much if anything and you will be discharged in about 6 months. You will not have to meet the OR with such a small debt it will probably be done over the phone.

Take a couple of weeks to think it over, stop your payments if you have to creditors are always more likely to negotiate if you are not paying anything and facing bankruptcy.

Good Luck

Louise

Ryan.Maloney

Thanks to the majority of posters for your helpful advice

I would rather kill myself than be an accountant. I can't think of anything more boring!

I have no desire to do law.

I am fine with the consequences of bankcruptcy. I never want to be an MP and I know I won't be able to get credit for over £250.

When I applied for my professional loans I was in an excellent academic position and was going graduate as a dentist with a high paid salary. The banks took a risk when they loaned the money to me

With regards to the telphone application where I was dishonest about my income - I never signed anything - they would have had to tape the phonecall and have the resources to press charges against me. Plus it wasn't completely untrue - I did used to work for that company..

Ryan.Maloney

jay78 wrote:

A lot of people work fulltime and do degree's in the evening. Birkbeck college springs to mind. You also don't have to live in central london. I live in north London, I pay 455p/m for a studio and I'm only 20 minutes away from central London on the tube. Get a grip on the situation and don't take the easier way out. Post your SOA...

I'm going to be blunt now.. no offence intended..

I am not doing some mickey-mouse degree... I am doing a proper vocational degree , although it's hard it's chanellenging, enjoyable and will lead to a gauranteed job.



Anyway, I have been looking around and have found a place for £80/per week for accommdation + bills - uni halls - very small rooms, not ensuite, but location is fine.