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Considering bankruptcy - I'm at rock bottom
Goldielocks
Posts: 123 Forumite
Hello to everybody,
I'm new here, so please be gentle with me.
I'm at the end of my tether, not sure which way to turn. The worry and stress of my situation is now making me ill and affecting my whole life.
Basically I am in 68K of debt. I'll give you some brief background history so you can understand how I've go to this grim situation. Back in May 2004 I was made (unexpectedly) redundant from my job. At that time, I had some debt - not sure how much - but I would consider it as reasonably 'manageable'. Had a few credit cards and a loan with Barclays which was nearly all paid up. I could make all the payments every month and still have a bit spare to keep a reasonable standard of living. I was hoping to work my way up the ladder and get a better paid job, so have more disposable income in order to reduce my credit cards.
The redundancy came as a big shock. Then that very week I met a new man, who I started to date. To cut a long story short, this man turned out to be a professional conman and fraudster. I believe it was his aim to con as much money out of me as possible. We were together nearly a year and during this time he told me the biggest heap of lies imaginable (only with the benefit of hindsight now do I realise this) and took tens of thousands off me in various ways and had no intention of paying me back. Last year it all blew up big time. I suddenly 'saw the light' and found him out and realised what he really was. It culminated with me being arrested as well as my father and brother. I was locked in a police cell, which was the worst experience I have ever had in my whole life. This man made false allegations against me and my family, in order to 'save his own bacon' so to speak. I, nor my family, were ever charged with anything and the CPS dropped the whole thing as they could see it was a load of rubbish and this man was making things up.
During this period I was not working. In the first instance I was so very very depressed indeed, I was having trouble even functioning, feeding myself etc, let alone think about being mentally clear enough to do a job. I was not sleeping and was having nightmares every night about having to go to court and a judge saying 'send her down' - even though I was innocent. My crime (to myself perhaps) was to love a man and to trust him. What a fool I was.
A brief description into how he conned me out of money: he maintained the appearance of being a successful businessman who ran his own business. He implied he had many staff working for him (in fact was pretty much a one man band). Shortly after we met and I had been made redundant, he asked me if I would like to work for him, building up his home office. At the time, I thought yeah that sounds like a good idea. He said he would give me £1000 a month salary. During our time together I think he paid me once - one month of £1000. He then tried to buy a new car for his business, but was turned down for credit at the showroom (I guess alarm bells should have rang at this point for me) - but of course he always had an excuse or a 'plausible' explanantion. He sweet-talked me into taking out a loan in MY name - for £20,000 so he could buy the car. He said he had a loan going through with his bank but it was taking time and he needed to buy the car asap before someone got it. He promised me that as soon as his loan came through, he would just transfer the whole lot to me, so I could clear my loan - thus leaving him with a loan in his name for him to be responsible for. Well guess what happened??? His loan was not agreed, so i was then saddled with the loan repayments of just over £400 a month, for the next 5 years!!! He said he would make these payments. Of course over the following months, it became apparent that he was having severe cash flow problems - so even though he made a couple of the monthly repayments - that soon stopped - I was liable for them, so had to make them. So how did I make them?? I took cash off my credit cards in order to pay the loan. All the time during this period, he was feeding me lie after lie after lie i.e. he had this amount of money due to him that would be arriving shortly and this bloke and that bloke owed him money. The lies kept coming - he was constantly being turned down for credit here there and everywhere, but he woud always bullsh*t the person involved and tell them a pack of lies and it was always the banks fault or the bank had 'messed up'. Never him to blame of course!
He also asked me to lend him cash as he was having a cashflow crisis and couldn't pay his 'staff'. Stupidly I lent him over £4,000 - again, cash i took off a credit card. Later on in this debacle, he even managed to take £1500 off my dad (who is retired, does not work and does not have much money!) in order to pay the deposit on a new house that we were moving to. Which is another con - as I later found out that he did that as a matter of course. Rent a property, giving false details on the form - stay there for 6 months, default on the rent, rack up HUGE bank debts, credit card debts, then simply make a 'flit' to the next property.
Funnily enough - I have been in contact with one of his ex landladys, who he ripped off for about 3 months rent. We've been comparing notes on him! In July she managed to get him into court, where he was charged with gaining property by deception. He was found guilty and the last I heard, he is awaiting sentencing. But what will he get? A smack on the wrist probably or a few measly hours of community service.
Me - I am left with an enormous amount of debt, a lot of which is not my own debt so to speak. I managed to get the car back off him last year, but thats another story - thats when I got arrested! I sold the car for £8,000 which was pretty sick seeing as it cost over £20,000 the year before, but this man had racked up so many miles on it, it had dropped its value substantially.
In order to try and sort things out - I took out another loan with Barclays for £25,000 over a longer period (7 years) to pay off the other loan and to try to make the monthly payments less for myself. I started working last November, it's not a great paid job, my salary is about 15K.
There is no way I can carry on like this. I have 7 credit cards, a few of them I have never really used, just transferred other balance onto them for the 0%. The minimum payments on these plus the loan repayment each month, pretty much equals what I take home every month, if not more!
I am a 31 year old female and at the moment I am living with my dad as obviously I have no where else to go! I have no children. I have no assets really, apart from my car which I would say is worth about £2,000 but I need that to get to work really.
I have been dealing with Debt Free Direct, who said that an IVA would be an option for me. They sent me the proposal but I'm not happy with it. I told them I give Dad £200 a month for rent and bills - but they phoned back saying could I ask him 'to knock a bit off' as they needed more of a disposable income for me in order to consider an IVA. She then told me they'd put the figure in as £170 a month that I give to dad. They work out that my monthly contributions to them will be £417. Where in the country can I rent somewhere including all utilities for £170 a month for gods sake!!! That means my prospect is to live with my father for the next 5 years. He's thinking of selling the house and moving abroad, so that's not an option for me is it - also I'm a 31 year old woman, I really cannot live with my dad for the next 5 years.
When I phoned DFD to say that I was not happy with the proposal and was now considering bankruptcy as the best option for ME (not THEM!), the guy on the phone got very funny with me and was panicking as to why i had changed my mind. Of course he's panicking - they stand to make £6,000 of fees if I go ahead with the IVA!
And so that's the story so far. Up until 2 months ago, I was up to date with all my payments. 2 months ago I paid £20 to each credit card (below the minimum they set) and I forgot to pay 2 of them. This month I paid every credit card £2 - this was the advice from DFD, make a token payment rather than nowt.
Now the phone calls have started and letters. I feel sick with it. Every day, the same phone number rings my mobile about 3 or 4 times and also my homephone anywhere between 3 and 6 times a day. Also I have received 3 text messages, one of them from this infernal RMA place! I just cannot believe that after a couple of months only of not meeting the full minimum payment....they are harassing me so much.
I'm not sure how to handle things from now on and would welcome any advice from you guys who have been through it or are going through it right now. I believe that bankruptcy is my best option at the moment. As I said my salary is approx. £15K and my debts total 68K. I don't see a DMP as being a realistic option, neither the IVA. I have spent hours and hours trawling the net and also reading this brilliant forum, so I feel I understand the implications of bankruptcy reasonably well. I guess part of me is so inflamed with anger at having to carry the burden of debt from somebody, who is basically a criminal - that I just feel I want a fresh and new start from it all and can see bankruptcy as being that option.
I have a few questions which I'm hoping people can help me with on here. The most pressing issue I have is how to deal with my creditors right now as they are phoning constantly and I'm not sure what to say. I went down to my local CAB earlier (I've had to take a day off sick from work as I am so mentally ill from this) but they were 'full' weren't able to see me.
Should I answer the phone to these people or not? Should I call them - or is it better to write to them. What do I say to them?? Is there a 'standard spiel' that I can give to them. Right now at this moment as it stands, DFD have all my details and assume that they are going to put forward an IVA for me. As mentioned before, I don't agree with this as basically I have fiddled my living costs to their benefit so the figures look more attractive to the creditors. It's not a practical solution that I would be able to maintain for the next 5 years.
They still have all my copies of payslips, statements etc. What I want to know is - If I phone them up and say I have changed my mind, I don't wish to do an IVA - I wish to declare myself bankrupt - are they going to get funny with me. I have not signed on the dotted line or agreed to any fees of theirs up until this point, but obviously they have put manpower into prepping the proposal and I can imagine they will be really miffed when I tell them I've changed my mind. I need the paperwork that they have of mine (payslips, statements etc) to show to the OR if I do the bankruptcy. Are they likely to make things difficult for me and hang onto these papers?
And so in summary - I guess my most pressing queries are as to how to handle the harassing phone calls & texts right now and also how am I going to handle DFD, when I let them know that sorry - you're not getting a £6,000 fee out of me!
Oh and also - when going bankrupt, can the judge enforce you to do an IVA first? I think when I put my realistic living costs down on paper - not the ones that DFD have made me 'tinker with' somewhat - it will show that the IVA is not really an option as my return on the pound will not be enough.
Also quite frankly - I don't want to spend the next 5 years paying off debts, the majority of which where due to me being conned. It's depressing as hell. With bankruptcy, my salary contributions would be for 3 years, which is better than for 5 years.
Really would welcome some advice and help on the above matters. I cannot carry on like this, it's affecting my health and my life and my relationships with others. Sometimes I get so down I just cry and think about packing my case and running off to another country and never coming back.
Look forward to hearing your advice.
F x
I'm new here, so please be gentle with me.
I'm at the end of my tether, not sure which way to turn. The worry and stress of my situation is now making me ill and affecting my whole life.
Basically I am in 68K of debt. I'll give you some brief background history so you can understand how I've go to this grim situation. Back in May 2004 I was made (unexpectedly) redundant from my job. At that time, I had some debt - not sure how much - but I would consider it as reasonably 'manageable'. Had a few credit cards and a loan with Barclays which was nearly all paid up. I could make all the payments every month and still have a bit spare to keep a reasonable standard of living. I was hoping to work my way up the ladder and get a better paid job, so have more disposable income in order to reduce my credit cards.
The redundancy came as a big shock. Then that very week I met a new man, who I started to date. To cut a long story short, this man turned out to be a professional conman and fraudster. I believe it was his aim to con as much money out of me as possible. We were together nearly a year and during this time he told me the biggest heap of lies imaginable (only with the benefit of hindsight now do I realise this) and took tens of thousands off me in various ways and had no intention of paying me back. Last year it all blew up big time. I suddenly 'saw the light' and found him out and realised what he really was. It culminated with me being arrested as well as my father and brother. I was locked in a police cell, which was the worst experience I have ever had in my whole life. This man made false allegations against me and my family, in order to 'save his own bacon' so to speak. I, nor my family, were ever charged with anything and the CPS dropped the whole thing as they could see it was a load of rubbish and this man was making things up.
During this period I was not working. In the first instance I was so very very depressed indeed, I was having trouble even functioning, feeding myself etc, let alone think about being mentally clear enough to do a job. I was not sleeping and was having nightmares every night about having to go to court and a judge saying 'send her down' - even though I was innocent. My crime (to myself perhaps) was to love a man and to trust him. What a fool I was.
A brief description into how he conned me out of money: he maintained the appearance of being a successful businessman who ran his own business. He implied he had many staff working for him (in fact was pretty much a one man band). Shortly after we met and I had been made redundant, he asked me if I would like to work for him, building up his home office. At the time, I thought yeah that sounds like a good idea. He said he would give me £1000 a month salary. During our time together I think he paid me once - one month of £1000. He then tried to buy a new car for his business, but was turned down for credit at the showroom (I guess alarm bells should have rang at this point for me) - but of course he always had an excuse or a 'plausible' explanantion. He sweet-talked me into taking out a loan in MY name - for £20,000 so he could buy the car. He said he had a loan going through with his bank but it was taking time and he needed to buy the car asap before someone got it. He promised me that as soon as his loan came through, he would just transfer the whole lot to me, so I could clear my loan - thus leaving him with a loan in his name for him to be responsible for. Well guess what happened??? His loan was not agreed, so i was then saddled with the loan repayments of just over £400 a month, for the next 5 years!!! He said he would make these payments. Of course over the following months, it became apparent that he was having severe cash flow problems - so even though he made a couple of the monthly repayments - that soon stopped - I was liable for them, so had to make them. So how did I make them?? I took cash off my credit cards in order to pay the loan. All the time during this period, he was feeding me lie after lie after lie i.e. he had this amount of money due to him that would be arriving shortly and this bloke and that bloke owed him money. The lies kept coming - he was constantly being turned down for credit here there and everywhere, but he woud always bullsh*t the person involved and tell them a pack of lies and it was always the banks fault or the bank had 'messed up'. Never him to blame of course!
He also asked me to lend him cash as he was having a cashflow crisis and couldn't pay his 'staff'. Stupidly I lent him over £4,000 - again, cash i took off a credit card. Later on in this debacle, he even managed to take £1500 off my dad (who is retired, does not work and does not have much money!) in order to pay the deposit on a new house that we were moving to. Which is another con - as I later found out that he did that as a matter of course. Rent a property, giving false details on the form - stay there for 6 months, default on the rent, rack up HUGE bank debts, credit card debts, then simply make a 'flit' to the next property.
Funnily enough - I have been in contact with one of his ex landladys, who he ripped off for about 3 months rent. We've been comparing notes on him! In July she managed to get him into court, where he was charged with gaining property by deception. He was found guilty and the last I heard, he is awaiting sentencing. But what will he get? A smack on the wrist probably or a few measly hours of community service.
Me - I am left with an enormous amount of debt, a lot of which is not my own debt so to speak. I managed to get the car back off him last year, but thats another story - thats when I got arrested! I sold the car for £8,000 which was pretty sick seeing as it cost over £20,000 the year before, but this man had racked up so many miles on it, it had dropped its value substantially.
In order to try and sort things out - I took out another loan with Barclays for £25,000 over a longer period (7 years) to pay off the other loan and to try to make the monthly payments less for myself. I started working last November, it's not a great paid job, my salary is about 15K.
There is no way I can carry on like this. I have 7 credit cards, a few of them I have never really used, just transferred other balance onto them for the 0%. The minimum payments on these plus the loan repayment each month, pretty much equals what I take home every month, if not more!
I am a 31 year old female and at the moment I am living with my dad as obviously I have no where else to go! I have no children. I have no assets really, apart from my car which I would say is worth about £2,000 but I need that to get to work really.
I have been dealing with Debt Free Direct, who said that an IVA would be an option for me. They sent me the proposal but I'm not happy with it. I told them I give Dad £200 a month for rent and bills - but they phoned back saying could I ask him 'to knock a bit off' as they needed more of a disposable income for me in order to consider an IVA. She then told me they'd put the figure in as £170 a month that I give to dad. They work out that my monthly contributions to them will be £417. Where in the country can I rent somewhere including all utilities for £170 a month for gods sake!!! That means my prospect is to live with my father for the next 5 years. He's thinking of selling the house and moving abroad, so that's not an option for me is it - also I'm a 31 year old woman, I really cannot live with my dad for the next 5 years.
When I phoned DFD to say that I was not happy with the proposal and was now considering bankruptcy as the best option for ME (not THEM!), the guy on the phone got very funny with me and was panicking as to why i had changed my mind. Of course he's panicking - they stand to make £6,000 of fees if I go ahead with the IVA!
And so that's the story so far. Up until 2 months ago, I was up to date with all my payments. 2 months ago I paid £20 to each credit card (below the minimum they set) and I forgot to pay 2 of them. This month I paid every credit card £2 - this was the advice from DFD, make a token payment rather than nowt.
Now the phone calls have started and letters. I feel sick with it. Every day, the same phone number rings my mobile about 3 or 4 times and also my homephone anywhere between 3 and 6 times a day. Also I have received 3 text messages, one of them from this infernal RMA place! I just cannot believe that after a couple of months only of not meeting the full minimum payment....they are harassing me so much.
I'm not sure how to handle things from now on and would welcome any advice from you guys who have been through it or are going through it right now. I believe that bankruptcy is my best option at the moment. As I said my salary is approx. £15K and my debts total 68K. I don't see a DMP as being a realistic option, neither the IVA. I have spent hours and hours trawling the net and also reading this brilliant forum, so I feel I understand the implications of bankruptcy reasonably well. I guess part of me is so inflamed with anger at having to carry the burden of debt from somebody, who is basically a criminal - that I just feel I want a fresh and new start from it all and can see bankruptcy as being that option.
I have a few questions which I'm hoping people can help me with on here. The most pressing issue I have is how to deal with my creditors right now as they are phoning constantly and I'm not sure what to say. I went down to my local CAB earlier (I've had to take a day off sick from work as I am so mentally ill from this) but they were 'full' weren't able to see me.
Should I answer the phone to these people or not? Should I call them - or is it better to write to them. What do I say to them?? Is there a 'standard spiel' that I can give to them. Right now at this moment as it stands, DFD have all my details and assume that they are going to put forward an IVA for me. As mentioned before, I don't agree with this as basically I have fiddled my living costs to their benefit so the figures look more attractive to the creditors. It's not a practical solution that I would be able to maintain for the next 5 years.
They still have all my copies of payslips, statements etc. What I want to know is - If I phone them up and say I have changed my mind, I don't wish to do an IVA - I wish to declare myself bankrupt - are they going to get funny with me. I have not signed on the dotted line or agreed to any fees of theirs up until this point, but obviously they have put manpower into prepping the proposal and I can imagine they will be really miffed when I tell them I've changed my mind. I need the paperwork that they have of mine (payslips, statements etc) to show to the OR if I do the bankruptcy. Are they likely to make things difficult for me and hang onto these papers?
And so in summary - I guess my most pressing queries are as to how to handle the harassing phone calls & texts right now and also how am I going to handle DFD, when I let them know that sorry - you're not getting a £6,000 fee out of me!
Oh and also - when going bankrupt, can the judge enforce you to do an IVA first? I think when I put my realistic living costs down on paper - not the ones that DFD have made me 'tinker with' somewhat - it will show that the IVA is not really an option as my return on the pound will not be enough.
Also quite frankly - I don't want to spend the next 5 years paying off debts, the majority of which where due to me being conned. It's depressing as hell. With bankruptcy, my salary contributions would be for 3 years, which is better than for 5 years.
Really would welcome some advice and help on the above matters. I cannot carry on like this, it's affecting my health and my life and my relationships with others. Sometimes I get so down I just cry and think about packing my case and running off to another country and never coming back.
Look forward to hearing your advice.
F x
0
Comments
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Might be worthwhile but I don't know the many ins and outs of bankruptcy. Just read this morning that bankruptcies have increased by 66% in the first 6 months of this year, compared to last year. It is definitely becoming more of an option to more people. Perhaps someone else on here can give you the benefit of their wisdom. I know there are a few on here who have gone down that route and can probably help.
Good LuckDebt at worst: £33000
Debt now: £0, (Ok, a £650 overdraft)
£3000 Credit card (aiming to get this down with 0% card)0 -
Welcome to the board.
Your post made me want to cry - and kick this man in the head.
I'm not sure I can give long and detailed help but I think you should stop dealing with Debt Free Direct before paying them a penny. I'm not sure about the fact that they've got your paperwork - yes they might drag their feet about giving it back, but it's your property and you'll have to be insistent - maybe write them a letter straight away demanding it back: get the ball rolling rather than wait and see whether they're going to be nice or not. Don't worry about them being "miffed" - they're a company, not a member of your family. Put yourself first.
Shame about the CAB experience - they are always snowed under, I know. Have you rung CCCS or Payplan? they're busy too, but should deal with you over the phone, will give you the best advice for YOU and won't charge you a thing.
My feeling is that bankruptcy may be the best way for you to go and that the court would be sympathetic. You need a clear start.
Much sympathy and good vibes coming your way.
Blimey, there've been some heart-rending stories on here today.
HFMEverything turns out all right in the end. If it's not all right, it's not the end.
__________________0 -
Dear Goldielocks,
Where do I start but to sympathise with you completely. I was conned into getting loans in my name for my soon to be EX husband due to him having bad credit / self employed, and the lies of people owing him money etc etc.
At the point of the break up I was too in debt of 68K. I really tried to get rid of this and pay it off by getting 2 more jobs that bought in an extra £500 a month and I did bootsales every weekend but this did me in and the debts were rising cos I was also trying to pay for a solicitor for the divorce and the EX then assaulted me etc. I did shave approx 4K off the entire joint debt.
Anyway this resulted in me having 2 months of work for severe depression. I am know back at work and have been since april (main work have been really great), I have kept up 1 of the other jobs and occasionaly do a shift for the other one.
I even borrowed money from family (which I hated doing!). I am of a similar age to yourself (27), and I earn approx the same take home from 2 jobs £1300 a month
My advice to you is phone up Payplan (they are free and offer very good advice). I spoke to them and they explained that obviously I would need over £200 a month disposable income to do an IVA but with my share of the marital home used once it is sold I could use that, cos at the moment I only had £30 a month left. Anyway EX was a pain and I could not take anymore. I had not fallen behind on payments until July but could not afford my share of the mortgage. I sat my parents down and had another cry (had been crying a lot!) and blurted out that I was going to end it all and go bankrupt. It was not an easy choice but the debt and my ex were destroying me.
I phoned up the local crown court and got the forms posted to me, filled them out and phoned them back up to make an appointment (which was less than a week!). Unless you get certain benefits you will need tp pay the court £475 in CASH on the day of your appointment.
Anyway I got to the court at 9.20am and by 9.50am I was bankrupt! The judge simply asks whether you know the affects of bankruptcy etc and dies not try to change your mind - in fact I was only with a judge for 3 mins!!That night was the best nights sleep I've had in approx 18 months. I have worked out my new budget and have moved into a rented property. Bankruptcy may not be the best choice for some but by hell it was the best choice for me.
Sorry if I have ranted on a bit, I hope this helps and feel free to PM me anytime.
Bluezone x
P.S forgot to mention that if you get more phonecalls then just tell them that its harassment and that they must put everything in writing to you from now on.
And bankruptcy only lasts a year but wiill stay on your credit file for a further 5 years (so 6 yrs in total) but hey your credit rating is probably as screwed like mine so it would have been screwed for 6 years anyway!
😁0 -
I really do feel for you Goldielocks, I cant offer much help at the moment just wanted to send you lots of (((((hugs))))) and l'm sure there will be people along shortly to give advice about your situation.
I think bankruptcy only lasts a year nowadays and if what happened to you had happened to me then I would definately go bankrupt, but thats just me
When I started paying my creditors token payments after claiming Incapacity Benefit, I used to get phone calls all the time, I ended up changing my sim card as I only had a PAYG mobile so I could have a new number. I also wrote to my creditors with my income/outgoing ratio and said I would pay £1 per month which the majority of them have eventually accepted, stating I would only deal with then via written communication and not via the phone etc.
I would ditch the IVA with that company if I was you, £6,000 is a hell of a lot of money, hell its more than I get paid in a year! There are free organisations like Payplan and CCCS which will do similar for free.Official DFW Nerd Club - Member no: 126 :j
The road to Hell is paved with good intentions...0 -
Oh sweetheart what a mess ((((HUGS)))) you have come to the right place.
My advice is to go bankrupt ASAP:j
I know a lot of people would suggest other things first but I really think bankruptcy is the way forward for you.
Why should you pay £7000 for the privilege of paying a debt that you shouldn’t have for five years.
As per above going bankrupt is quite straight forward, get some forms, fill em in, pay fee £475, see judge TA DA done! :T
If you call CCCS or Payplan you are going to get this advice as it really is the best option for YOU and us charities have to offer best advice.
Sod DFD if they don’t like it then tough, it’s your decision!
Good luck sweetie
All comments and advice given is my own opinion and does not represent the views or advice of any debt advice organisation.
DFW Nerd #1320 -
It does look like bankruptcy would be the way out, especially if they had to tweak your numbers like that to do an IVA. As suggested above I would call payplan or cccs - as well as giving advice on bankruptcy vs iva, they'll be able to advise you if you can get help with the bankruptcy fee.
One thing - would a bankruptcy affect your job at all?Still wish I could buy a TARDIS instead of a house!0 -
I am no expert but it really does sound as though bankruptcy may be the best option for you.
With regards DFD, my friend went to them around a year ago (pre MSE, if I knew what I know now I would have recommended payplan or cccs). He started the IVA proceedings and got as far as sending them all the paperwork they requested. He changed his mind about the IVA in the end and buried his head in tha sand and didn't contact DFD to let them know. After about a month they sent him a standard 'Sorry you have decided not to use our services' letter and enclosed all his paperwork.
Give payplan or CCCS a ring first, then give DFD a ring and just explain that you don't feel an IVA is right for you and could they please return your documents. I'm sure they'll be fine about it and it really is the least of your worries.
Good luck with whatever path you choose to take...0 -
If you've got no assets to protect ( and you haven't ) go bankrupt.
The IVA is not going to work .. you know that already from looking at the figures ...so you'd probably go bankrupt after the IVA failed, after months or years of stress & worry.
The Court doesn't 'make' you do an IVA first. You need to go through your numbers with an I.P.or debt councillor ( via CAB ).
Lots of companies (DFD ?) push IVA's because they make money from them., not because they are the most appropriate. You do what's best for you, not them. If they're miffed ... tough !
Generally only deal with the creditors/DCA's in writing. If you decide to go bankrupt soon, maybe just stall or make token payments. Whatever you offer it'll never be enough they'll threaten and push.
Try to get to a 'money advisor' via the CAB. Someone who doesn't have a vested interest in ignoring the bankrupcy option. Having 68k of debt on a 16k salary living with dad for the next 5 years with effectively no life ... is not a very attractive option.
The only reasons for NOT looking at bankrupcy would be if it would screw up your job/career path, or if you had assets (property) you wanted to protect. A 2k car should be ok to keep, or if the OR got picky he might expect you to get a cheaper old banger. Not a huge loss though.
Good Luck0 -
Sweetheart go bankrupt!
Don't pay for this bast***s crime.
Start afresh. Rebuild your life, you're still young and sound very intelligent. It may seem like the end of the world but if the debts out of the way then you can start planning and for one get your own place.
Sending you big hugs ((((((((((goldielocks)))))))))))
You'll get there and we're here for you
Little L
xxDebt 28/12/06 £26,467
£20 grocery challenge per week
Savings £400
£2 coins - £8.00
DMP £357 pcm (CCCs) commenced 1/10/06
DFD :think: proud to be dealing with my debts0 -
Goldielocks wrote:Oh and also - when going bankrupt, can the judge enforce you to do an IVA first? I think when I put my realistic living costs down on paper - not the ones that DFD have made me 'tinker with' somewhat - it will show that the IVA is not really an option as my return on the pound will not be enough.
Basically when you file for bankruptcy you have, in effect, an interview with the Judge. He will look at the facts and decide whether or not to declare you bankrupt. Looking at what you owe and what you earn, I don't think there will be any reason for him to refuse the application.
You're at the right position in your life to do it, i.e no assets to lose and no family to worry about. Not quite sure how it'd affect your dad with you being at the same address but AFAIK your father would have to send a statement to the credit reference agencies stating that you are not financially linked which would be placed on his credit file.
As for the future? I was bankrupt for two years under the old rules and have been discharged for over 3. Just successfully remortgaged to free some capital for a conservatory (works out cheaper than moving ) so it's not the end of the world and the mortgage advisor said they don't even consider it two years after discharge.
BUT YOU MUST USE IT TO GIVE YOU A FRESH START and not just as a get out of jail card free option to go back and do the same again.0
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