Bankrupt or CCCS?

PlacidCasual

Hi All, newbie here so wanted any heklp or advice.

To be fair, as you can imagine i feel pretty low about this all, the wife and i worked hard, got our degrees (off our own backs financially) got engaged, married and bought a property with a northern rock 120% mortgage. Long and short is we have struggled against the tide for so long, and barely got by with shifting debt on 0% cards who now have lumped them up to 25%+APR and with overdrafts maxed out, we are one breakdown or another boiler failure away from having nothing. We are living completely within credit, and have a huge amount of negative equity within our property.

I was wondering if anyone could advise if CCCS or bankruuptcy is the was to go?

I filled in a cccs and they stated that all things cosidered, we can pay for 4/12 years £750+ (ironically more than we pay now on debts) and it feels that it isn't realistic, our debts (loan, overdrafts& Credit cards) hit near £40k, our take home is much less than this and it feels that facing up to £750+for 4.5 years is more daunting than we are paying right now.

We have no assets, bar a car (which i need for work), and in truth i can't see how and when things are going to get any easier or better.

Can we be turned down for BR?

I know these are vague but i just wanted to know if anyone else here decided CCCS wasn't right for them and bankruptcy is, or someone who went bankrupt but wishes they went CCCS route.

Thanks all, hope someone has some good advice,

SG

IF

Hello and welcome pc, You do need more advice from a different debt charity. You are obviously struggling. And yes for some reason CCCS has done this before. These days the judge always asks have you had advise before going bankrupt, so do contact one asap.

And anything else we can help with ask away.


Click on here and read what other Debt charity you can contact

http://forums.moneysavingexpert.com/showthread.html?t=1385275

Hope this helps x

sizzler

ifwishes is right take as much free advice as possible its free from the charitys.

If you go BR you have to of taken advice and must be insolvent.

Any questions ask awy.

sizzler:)

PlacidCasual

I will go an have a look at all, but it seems so much to look through and i am not sure who is telling me the right thing. For example we have no equity in our property and realisitcally won't for quite some while, therefore we can't be forced to sell our home? Also can anyone demand money from us down the line?

Do i have to stand before a jufdge on this, and can you ever be turned down?

IF

PlacidCasual wrote: »

I will go an have a look at all, but it seems so much to look through and i am not sure who is telling me the right thing. For example we have no equity in our property and realisitcally won't for quite some while, therefore we can't be forced to sell our home? Also can anyone demand money from us down the line?

Do i have to stand before a jufdge on this, and can you ever be turned down?

Okay ring CAB your local office. You will have a face to face meeting, and before you go write down all your debts, assets (car and house).
It's so hard to advice anybody personally, you have to speak to another debt charity and when they have discussed your options, we can then guide you through the bankruptcy route. All these questions will be answered for you.

Sometimes yes you stand before the judge, I've never known anyone turned down but please go for another debt charity, they are more on that link Above. x

confused76

people only get turned down if they are not insolvent or haven't taken advice - give a different debt charity a call, national debtline were very helpful for me

PlacidCasual

just had to google that CAB was the citzens advice burea! i have Thursday off (between jobs, really!) so will spend time with them on this.

thanks guys, believe it or not you have been a great help, also nice to see a place where others like me are...like a pub, for debt!

IF

PlacidCasual wrote: »

just had to google that CAB was the citzens advice burea! i have Thursday off (between jobs, really!) so will spend time with them on this.

thanks guys, believe it or not you have been a great help, also nice to see a place where others like me are...like a pub, for dept!

That's good, after you spoken to them tell us how you have got on.

Take care,
If...x