Considering my options, just wondered if anyone could answer these little questions

BigCraigJohn

Hi, well basically I have £20k of unsecured debts, i'm 29 and i'm stuck living with my parents due to money. I'm self employed(sole trader) and have no assets.
I am fighting a losing battle as the balances are not going down, I have 3 accounts 2 months in arrears and over the limits all with 35% apr making up about 65% of my total debts. Business is struggling as I cant offer the service I should be as its been a choice between paying debt or shipping customers orders which is not on.

As far as I can see I dont have a great deal to lose, i'll be paying those debts long into my grave and to be honest have had enough of being chased now and its putting stress on my parents who are both coming on 60. I know my business could really blow up with less going out on debts a month, ive made an ok profit 6 years running but with more money to invest. I want my life back really, i'm single and whether its true or just in my head, I wont find a partner while I feel like this. Its on my mind 24/7 and it feels like an inadequacy on my part.

Few questions:

Will I struggle to rent a place?, and if not am I likely to be able to use a guarantor?

Now I know I wont get a sniff of credit for 6 years but tbh I never want credit for silly things ever again however 1 day I would like to be able to buy a house so what affects would the bankruptcy have on being able to get a mortgage later in my life and would I always have to declare that ive been bankrupt?.

Will I have to shut my bank account even if its not connected to any creditors?

Will business stock have to be sold and would I be able to keep a mobile phone contract which is used for business?

I use an online site to sell products where I pay them a commission at the end of the month, is this as a problem?, as strictly speaking they do give me credit but it isnt on my credit record nor was there ever an agreement, infact its very flexible.

Sorry to waffle and thanks for your time.

debtinfo

BigCraigJohn wrote: »

Hi, well basically I have £20k of unsecured debts, i'm 29 and i'm stuck living with my parents due to money. I'm self employed(sole trader) and have no assets.
I am fighting a losing battle as the balances are not going down, I have 3 accounts 2 months in arrears and over the limits all with 35% apr making up about 65% of my total debts. Business is struggling as I cant offer the service I should be as its been a choice between paying debt or shipping customers orders which is not on.

As far as I can see I dont have a great deal to lose, i'll be paying those debts long into my grave and to be honest have had enough of being chased now and its putting stress on my parents who are both coming on 60. I know my business could really blow up with less going out on debts a month, ive made an ok profit 6 years running but with more money to invest. I want my life back really, i'm single and whether its true or just in my head, I wont find a partner while I feel like this. Its on my mind 24/7 and it feels like an inadequacy on my part.

Few questions:

Will I struggle to rent a place?, and if not am I likely to be able to use a guarantor? It can be difficult with letting agencies, most independant landlords dont care as long as you pay your rent each month.

Now I know I wont get a sniff of credit for 6 years but tbh I never want credit for silly things ever again however 1 day I would like to be able to buy a house so what affects would the bankruptcy have on being able to get a mortgage later in my life and would I always have to declare that ive been bankrupt?. If they ask (which they usually do) then you would always have to tell them that you were bankrupt, The affect lessens as time goes by though.

Will I have to shut my bank account even if its not connected to any creditors? Most of the big banks wont let you have an account with them whilst bankrupt, the notable exceptions are the basic accounts with co-op and barclays.

Will business stock have to be sold and would I be able to keep a mobile phone contract which is used for business? Stock will most probably be sold if you go bankrupt as the business ceases at the date of the bankruptcy order. (you can start again the next day). What sort of business is it,

I use an online site to sell products where I pay them a commission at the end of the month, is this as a problem?, as strictly speaking they do give me credit but it isnt on my credit record nor was there ever an agreement, infact its very flexible. As it is in effect credit if the amount you hold for them is more than £500 at any time then you will need to tell them that you are bankruptcy.

Sorry to waffle and thanks for your time.

Hope that helps

BigCraigJohn

Great thanks for that.
I sell records online and also diet products(not online) I dont carry much of the diet stuff as it goes off, probably about £2k(sold value), £300(cost to me) of vinyl at any time so guess i'm best not to buy any more for the moment. Good thing is I can borrow £100 to buy some stock and get started again straight away after.

As for the commission, I guess I can just keep an eye on it and never go over £500. Its 5% of my sales on there site so i'd have to sell some serious records to do that.

Out of interest, would that just be while I was undischarged?

debtinfo

yes just whilst undischarged