Is bankruptcy the answer

Packman_2

I hope someone can help.

I came out of a 13 year relationship a little over a year ago. And due to this I've been lumbered with a lot of debt. My expartner couldn't get credit because of her poor credit so as my credit was ok I got everything. I got a car for her for about £8000 which she wanted to keep and agreed with me to carry on paying me the installments which she fell back on and I couldn't make the repayments so the car was reposessed. I've now been lumbered with nearly a 6 grand bill. I also have 2 credit cards which total £2500. So in total I owe £8500.

I'm now in a new relationship and we are now expecting a baby. I moved in with my new partner just after xmas and she's now worried about the debts because I'm on low income and really don't have any way of repaying them.

I'm looking for advice with this as I don't want to bring all my debt into a new relationship when the cause of my break up with my ex was down to money.

My new partner owns her own house and everything in the house is bought and paid for by her. I literally left my ex with a bag full of clothes and no assets as I left everything with my ex as she has my 2 daughters living with her and I didn't want to take anything away from them.

Basically we need a fresh start, I don't want creditors calling every 2 minutes and I don't want anyone calling to the house as although I live here I still feel like a guest.

A family friend has advised me to go bankrupt and the way hey explain it it seems easy. But after scouting the internet and reading up on it it doesn't seem that way.

If I file for bankruptcy will my partner be at risk?

Cheers Mark

IF

Hi Mark and welcome, If you and your partner have no financal ties (joint bank accounts etc) she should be fine. The first thing to do is make a list of all your creditors, debts, assets.
Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial.
They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

Please click on Blue links below.

For ‘essential’ info this is Fermi’s sticky at top of the forum:-

http://forums.moneysavingexpert.com/showthread.html?t=1056083

These are the most used Debt charities:-

http://www.citizensadvice.org.uk/index/getadvice.htm

http://www.nationaldebtline.co.uk/

http://www.cccs.co.uk/

More Debt charities also on Fermi’s link:-

http://forums.moneysavingexpert.com/showthread.html?t=1056083

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

Manoona

If you only owe the 8500 have you thought about Debt Release, im not very clued up on it but it is designed for people with less than 15k of debt and no assessts! Although similar to bankruptcy it may be another option for you....there is a sticky at the top of the page but any of the debt charities listed before will be able to give you some advice on it too!!

We're all going thru it, or been thru it, chin up :-)

Packman_2

Thanks for your advice, I called CCCS today and they seemed to understand what my problem is. I've to wait for a phone call from them tomorrow to go into a bit more detail about my debts.

Cheers and I'll keep you posted

Packman_2

Spoke to CCCS again today to give them more detail into my debt. They've advised me to go for the DRO so I'll be receiving my application form through with in a matter of days now.
I was wondering something tho, because my new partner is expecting my child in August, we were wanting to get married just before. Only a registry office job and a drink afterwards, no big expense or anything.

Now will this affect my DRO arrangement? as the lady I spoke to today said that the arrangment will take place and not be affected as long as my circumstances don't change. I mean if were married is that taken into account as my partner has a mortgage and assets.

Cheers Mark

IF

Hi Mark, not sure about DRO's but if you post your question also on the the DRO thread top of the forum you will get more answers x

https://forums.moneysavingexpert.com/discussion/1385275

All the best x