30 grand in DEBT

breakdown2007

and im only 21?

is being bankrupt the only option?

luckylukey

Hi,

I think that you need to give us a SOA (statement of affairs) so we can see where your outgoings are going and what incomings you have!

lynzpower

certiainly not the ONLY option, but might be one of the options.

Welcome to DFW, tell us a bit about your situation, and pop up an SOA, ( see southern scousers sticky "first time posters" and we will do what wee can to help

:hello:

Emmzi

Not neccessarily, and it'll stop you getting a mortgage for a good while.

Why not look at the thread 'first time posters', post an SOA, and we'll offer some opinions for you?

second_chance

hi i know how you feel i racked up £40,000 of debts for me the only option was to remortgage-think we need more details on your circumstances do you work ?own home? etc dont worry loads of helpers here!!x

missk_ensington

I wouldn't advise bankruptcy for £30,000 of debt, although it depends on what you're doing for work and whether you can afford to pay this debt off. Start by calling all your creditors and explaining your dilemma, say you're considering bankruptcy but want to find another solution if possible and can they freeze the interest. Most banks (probably not Amex/MBNA) will do this and it gives you a chance to clear some of the debt. If you're having a couple of hundred quid in interest whacked on the debt every month you're constantly taking one step forward and three steps back cos you'll only ever be paying the interest off it and never the debt.

As others have said, do an SOA so we can see where you can cut back and squeeze more money out of your monthly budget

breakdown2007

hey thanks lol i iwll do but i went in touch with citizens advice beurea last eyar then messed them around. all my debts have been forwared to solicotrs and the type of companies that colelct the debt. i will do wat u asked me etc.

i mean im 21 got 30000 grand worth ofdebt and clear 800 a month!

before i do wat u have asked any more tips?

wats happens if i go bankrupt!

all this gona wreck my singing career its getting me to depressed

lynzpower

Nope,

Basically, you do your SOA, and then we look at it.

We see if bankrupcy is an option, or if there is something easier more manageabel, or better for you to do instead. Dont worry there are lots of us paying it off normally, going bankrupt, or doing a DMP or IVA, which may be better for you, until we see your SOA, we dont really know whats best.

Kevicho

Just one quick question (and i agree with the above about posting SOA's)

If you declare yourself bankrupt, what will you learn from this experience?

I say this in a way to get you thinking and so that in another 10 years time you are not in the same position again

All the best

missk_ensington

If you go bankrupt they will make you pay back X amount for 12 months until you are 'discharged' You then cannot do a multitude of different jobs, cannot go in Police Force, for the rest of your life you'll be paying probably 2% above everyone else in mortgage interest cos you're a risk, that's if anyone will give you a mortgage. You also have to stand up in court and explain why you've been such an !!!!!!, and have in printed in the local papers.

If you want a singing career I would advise having bankruptcy on your file! Approx what do you earn a month, and do you have any assets? They will take all these and they will go towards your debt, i.e house, car, expensive TV's, computers perhaps.... anything of any value.

amosworks

TO run up £30k at 21 is pretty sweet. You must be living at home and earning quite a good wage, because you can only have done it from the age of 18 legally. That's £10k a year. I'm sure you can repay £10k a year + if you are at home with a good job, so thoughts of bankruptcy are doubtless rather premature.

SoA matey!