I need debt advice

queenschina

Hi I live in scotland and owe total of £14,625, between 3 companies which are RBS CREDIT CARD £1064, RBS LOAN£5439 & LINK FINANCIAL LOAN£8122 FOR A CAR, which was scrapped 4 years ago. I was offered 50% of the two RBS debts by lowell financial on the phone yesterday which i agreed to because my friend thought they could help for a full and final settlement =£3251. My friend at first said they would pay the settlement offer by the end of march and i told the company, now my friend has had to back out. I have no other option to declare myself bankrupt,but how do i contact lowell to tell them this? Have i made a total mess of everything? I will be filling in the bankruptcy forms next week as it was arranged at my local money matters who done a budget and i am in a deficit of 200 a month so i couldn't pay any other way and thats why my friend thought they could get the funds to avoid bankruptcy. I'm very stressed and unwell because of this debt and worried about my future prospects of a job etc because of this. thanks very much for any advice you can give.

Tixy

If you are going to go bankrupt then I would say nothing to Lowell. Don't contact them at all, just don't make the payment. If they contact you just say you are no longer able to make the payment and tell them to write to you.

Whatever you do make sure you don't tell your creditors you are going to go bankrupt.


If you want specific advice on bankruptcy and the impact it can have then post for advice on the bankruptcy board here on MSE where there are a number of people who have been through the process and understand it well.