Where do I start? Locating creditors

gettingready

Hope someone can point me in the right direction.

I think I am between 30 and 40k in debts (loand, credit cards, catalogue) - I say I think as I am not sure what I owe and where.

I have not paid a penny to anyone in the past 18 months and did not open any letters coming - all went straight into shredder.

I believe those debts (abouut 6 or 8 different creditors) were sold on to different companies, probably more then once by now.

Irresponsible? Yes, very much but I am just starting to slowly creep back to normal life from something that I can only describe as serioious depression and total denial.

I had a DMP before - about 18 months ago, I broke it, could not keep up. I tried to call the company I had DMP with and they have told me who the original debts were with but they have no idea who those debts are with now.

I want to/need to get this sorted and kind of feel up to it now but need to know where do I start?

If I fill in the bancrupcy forms with the original creditors details - would that be accepted?

If not, how do I find out who the debts are with now and what are the current amounts? I suspect some interst has been added over the last 18 months when I was not paying anything/not replying to any letters.

I work so I understand that bancrupcy will mean payments but tey will go to one place rather then to 6-8 different creditors...

I have no assets whatsoever - no car, rent my flat from the council , nothing for the bailifs to be intersted in ...

Thanks a lot for any possible help that someone here may be able to offer.

tigerfeet2006

Hi and welcome to the board.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.National Debtline operate an advice on first phonecall system CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

Read as much on here as you can, starting with the Bankruptcy Help sticky and that will answer a lot of your questions. But don't be afraid to ask about anything you don't under stand.

http://forums.moneysavingexpert.com/...html?t=1056083

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

You should be able to put the original creditors down on your forms and the figures as best as you know. Th OR will be able to track them through, though it will mean a lot of work for him.

You won't necesarilly have to pay an IPA, it will depend on your surplus after acceptable outgoings have been agreed. If you want to pop up your SoA then someone can look at it for you and give you an idea on how the OR may look at it.

http://www.makesenseofcards.com/soacalc.html

Format to MSE and then copy and paste onto your thread.

Susie54_2

Hello GR and congratulations on making the decision to do something. Head in sand is somewhere most of us have been ((Hug)). You will get great advice from the places Tigerfeet has suggested and loads of support from everyone here.

Keep posting, no question is too daft
Good luck on your journey back to normality
S xxx

gettingready

Tigerfeet 2006- Thank you very much for such a speedy reply.

I have been looking on here for quite a while now and see how many helpful people post their advice, also read most of the links - my DMP was with CCCS.

Ir regards to SOA - will a 19 yo "chiild" living at home and receiving student loan (full time University course) be classed as dependant on my income or as an adult with the Student Loan taken as this "second adult" income?

Would she be expected to contribute to hosehold bills (rent, gas, electric, water, food etc) from the Student Loan?

Not sure how to start with the SOA considering the above?

Also, I will definitely have an IPA as my current salary is around £41000 pa.

I am a single parent with one, 19 you "child" who is a full time student.

Thanks a lot.

gettingready

Susie 54 - thanks a lot for your message, scared like anything but was looking at those forums for a while now and knowing I am not the only one makes it somehow better.

gettingready

Had a go at online SOA and something strange came up - looks like I have over £1000 per month for repayements, I probably got all figures wrong....

Summary

Monthly Budget SummaryAmount(£)
Total monthly income2,360
Monthly expenses (incl. HP & secured loans)1,354
Available for debt repayments1,006UNsecured debt repayments0Amount left after debt repayments1,006
Personal Balance
Sheet SummaryAmount(£)
Total Assets (things you own)0
Total Secured & HP Debt-0
Total Unsecured Debt-34,740
Net Assets-34,740
Household Information

Number of adults in household1
Number of children in household1
Number of cars owned0
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax2360
Partners monthly income0
Benefits0Other income0
Total monthly income2360

ExpensesAmount(£)
Mortgage0
Secured/HP loan payments0
Rent360
Management charge (leasehold property)0
Council tax97
Electricity50
Gas100
Oil0
Water Rates0
Telephone (land line)25
Mobile phone30
TV Licence12
Satellite/Cable TV24
Internet services14
Groceries etc.400
Clothing50
Petrol/diesel0
Road tax0Car
Insurance0
Car maintenance (including MOT)0
Car Parking0
Other travel100
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)22
Pet Insurance/Vet bills50
Buildings Insurance0
Contents Insurance0
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)0
Haircuts20
Entertainment0
Holiday0
Emergency Fund0
Total monthly expenses1354
Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0 (0) 0Secured & HP Debt totals0 - -
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
credit card780000
loan730000
credit card700000
personal debt (daught350000
catalogue350000
credit card24000
overdraft220000
loan320000
Unsecured Debt totals347400 -

Asset DescriptionValue (£)
Cash0House Value (Gross)0
Shares and bonds0Car(s)0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets0

I would struggle to feed 2 of us and a large dog on £400 per month and cover the dog walker fees that are 200 per month (I work full day and pay dog walker to take the dog out lunch time, no family/friends around to take her out)

Some things in this sample budget do not look good for me - I pay about 100 for travel to/from work but I do not have a car and related expenses or any form of insurance (health/life/house/contect - nothing).

Not sure if my daughter's travel could be included in the SOA?Also... I smoke - I know it is easy to say "you have to give up" but....I definitely do not have over £1006 "spare" money per month as it would have seem from my pathetic attemp at SOA above

gettingready

Oh and all the DEBT figures above got extra zeros in them, what did I do wrong?

Should be:

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
credit card7800
loan7300
credit card7000
personal debt (daughter 3500)
catalogue3500
credit card240
overdraft2200
loan3200
Unsecured Debt totals34740 -

Cash_Waster

No mortgage or rent? If not, you are not insolvent and not not even close to being, On that salary I think you will be paying off debt, not even sure you would qualify for a IVA with them figures

gettingready

I know I do not qualify for IVA, would not go down that road anyway.

I do pay rent but it is council rent so only comes to about £360 per month.

The post above with my SOA got muddlep up somehow, no idea why - the figures had extra zeros in them etc.

Cash_Waster

Sorry, I can see it now. so roughly a £1000 surplus. How much are all the payments a month?

gettingready

Cash Waster - a bit off topic but your nick on here makes me smile, so honest, we should maybe all be called that, just with a number at the end:A

Just got off the phone with a lovely lady at CCCS, need to call all my original creditors and find out what the figures for the debts are as of now and if they were sold on to anyone and whom to and have those details ready when someone from CCCS calls me on Thursday the 3rd December to discuss the situation.

I have a feeling they will advice me against going BR and suggest a DMP instead as (theoretically) I seem to have quite a decent surplus but I think I still prefer to go BR if at all possible.

Right, on the phone now to find out all the debts where they are now and who they are with now.