very confused and need help

marcuszs

hi people i dont know what to do i have got myself into a complete pickle with my finances and to make things worse im going to be out of a job in a couple of weeks.

i owe around £6-£7000 to a number of diffrent creditors, i set myself up on a dmp about 6 months ago and im paying back £310 a month which was fine at the time.

since then my girlfriend has fallen pregnant which wasnt planned but its completely changed the whole money side of things, and to make things worse shes a student nurse so shes only bringing in around £500 a month tops and im bringing in £1000.

now with the costs of living in our own house paying for car insurance fuel ect ect i dont know what to do.

we are lucky that between my girlfriend and he sister they inhearted enough money to buy a house outright so we only have to pay half the rent but the pot is still very tight.

i just want a fresh start,a clean slate and start again iv learnt my leson big style .

is decalringing myself bankrupt an option,whats involved and what complications does it have.

any avdice would be great.

philnicandamy

firstly you need to speak to one of the free debt helplines...they can have a natter with you and discuss the options you could think of now

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

meanwhile anything else ask away & the great peeps here will try & help

marcuszs

im already on a dmp with payplan so im assuming that they would be able to talk me through it?

philnicandamy

just to cover all bases try national debtline or cccs as well wont hurt to get as much info as you can (payplan might not be as helpful once you mention your thoughts)

fair bit of reading here

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

and an option here (with some restrictions)
http://forums.moneysavingexpert.com/showthread.html?t=1385275

marcuszs

if you are declared bankrupt does it affect things like direct debits for gas water and electric?

MicheH

water no, gas and electric may need to be put on a meter. i didn't but I was prepared for it, individual circumstances, different company policies

edit..Oops, should have said prepayment meter

marcuszs

also how long are you listed as bankrupt for? how long do you have to wait to get a mortgage?

philnicandamy

your bankruptcy could last up to 12mnths or in some cases discharge can be earlier sometimes......it sits on your credit files for 6yrs and a mortgage could take a hefty deposit (IF) you can find a provider a few years after discharge

So_Sad_Angel

Hi,

Welcome & well done for posting for help....thats the first step to sorting everything out.

Definately speak to the debt charities asap. Check out any benefits that you may be entitled to as well. Having a baby is a real wake up call to sorting the debt once & for all.

Good luck & keep asking questions....you will get loads of support on here.

Angiexx

marcuszs

So_Sad_Angel wrote: »

Hi,

Having a baby is a real wake up call to sorting the debt once & for all.


Angiexx

thanks for the advice, yes it is its really open my eyes to everything, the way im trying to look at it is that im only 21 at the moment and would it be the end of the world to declare myself br?

i would like to pay my debts off but i have so much more now that is important and needs my money thats why i feel stuck.

philnicandamy

Bankruptcy is a LAST resort for everyone....some people may make it sound like its an easy thing to do a quick way out but sadly its not..once BR your debts are sorted but any chance of credit for 6yrs will be very difficult BUT most people here including me would say its the best new start we ever did