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Bankruptcy or insolvency
vinylmusic
Posts: 1,200 Forumite
I have a £6000 credit card debt which I cant seem to shake off
I've been through several 0% balance transfer offers and the last one I tried (MNBA) refused me
With rent MOT, Tax and insurance all due in September I'm seriously on the brink of throwing in the towel.
Bankruptcy or insolvency? I dont know which road to go down yet
I work from home with a small business that I'd like to keep going
My question is does either mean having bailiffs(legalized thugs) knocking down my door and trashing everything and taking anything of value
If so I'd like to know what my rights are.
What can they take or not take?
From what I hear insolvency is the best route because I believe I'm allowed to carry on my business and keep a bank account
Can anyone with experience offer some good advice
Thanks
I've been through several 0% balance transfer offers and the last one I tried (MNBA) refused me
With rent MOT, Tax and insurance all due in September I'm seriously on the brink of throwing in the towel.
Bankruptcy or insolvency? I dont know which road to go down yet
I work from home with a small business that I'd like to keep going
My question is does either mean having bailiffs(legalized thugs) knocking down my door and trashing everything and taking anything of value
If so I'd like to know what my rights are.
What can they take or not take?
From what I hear insolvency is the best route because I believe I'm allowed to carry on my business and keep a bank account
Can anyone with experience offer some good advice
Thanks
IWasLookingBackToSeeIfSheWasLookinBackToSeeIfIWasLookinBackAtHer.....
0
Comments
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I don't think that you should be considering bankruptcy if your debt is only £6,000.00 as this will also affect your business. I think that you should contact CAB or PAYPLAN first.
Good Luck.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Hey there. Before you commit to anything why not post an SOA (an amended one if you've already done one before). The experts on here are dab hands and finding ways of cutting back so you can pay back that credit card without having to consider bankruptcy. Southern Scousers sticky for first time posters will have all the info you need on an SOA.Debt Free Nerd No. 89, LBM: April 2006, Debt at highest (Sept 05): £40,939.96
NOW TOTALLY DEBT FREE!!!!!!!! Woooo hooooooo!!! DEBT FREE DATE: 23 December 20090 -
Thanks but,Molanole wrote:Hey there. Before you commit to anything why not post an SOA (an amended one if you've already done one before). The experts on here are dab hands and finding ways of cutting back so you can pay back that credit card without having to consider bankruptcy. Southern Scousers sticky for first time posters will have all the info you need on an SOA.
excuse my ignorance but what is an SOA?IWasLookingBackToSeeIfSheWasLookinBackToSeeIfIWasLookinBackAtHer.....0 -
i think you mean Bankruptcy or IVA...both IVA and bankruptcy are forms of insolvency ie being unable to pay your debts when they fall due, or debts exceeding assets.0
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an SoA is a statement of affairs which shows your income, your spending and details of your debts and saving.
Without these details its not possible to give advice.
see this thread for more details
http://forums.moneysavingexpert.com/showthread.html?t=1072800
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