Bankruptcy Questions Please Help

PACKARD_3

Hi Deciding To Go Bankrupt Get £866 Per Month Wages.outgoings Are:
Rent £350
Council Tax £83
Water £36
Elec £50
T.v Lience £11
House Insurance £9.00
Horse Insurance £15.00
Ntl £40.00
Mobile £10.00
Food, Bus Fares Etc £100.00
Which Equals £704. My Boyfriend Sometimes Stays So He Buys Food Etc.
My Debts Are:
£10.000 Loan
£3.250 Credit Cards
£3.000 Overdraft
£33. Sofa
Which I Am Suppose To Pay:
£335.00 Altogether Per Month
So I Am Stuggling And Getting Very Depressed So I Think Bankruptcy Is My Only Option. I Know Abit Of It But I Have Got A Couple Of Questions:
I Have A Sofa On A Interst Free Credit Agreement Which I Pay £33.00 A Month Its Over 3 Years And Have 1 Year And 4months Left And Up To Date With The Payments Can The Sofa Be Taken Of Me If I Go Bankrupt?
Also I Have A Outstanding Electricity Bill Of £679 Which I Pay £50. A Month And Never Missed A Payment Have Spoken To Powergen And They Said They Can Do A Payment Plan Over 12 Months Including The Arrears And What I Use Of £153. A Month Which I Carnt Afford At Present As The Told Me £30. When I First Moved In And The Electricity I Was Using Was £80.a Month So Thats Why The Bill Got So High I Was Mad With Them, Can I Put This Bill Into The Bankruptcy?
I Also Have A Horse Which Is Loss Of Use So Worth Next To Nothing
I Get His Livery Free With My Job As I Am Head Groom Where I Keep Him So Apart From Insurance I Dont Pay Anything Towards Him, Will This Effect The Bankruptcy Cos I Dont Want To Lose Him. Thanks If Anyone Can Help Me.

james32_uk

Hi Packard! You really shouldnt be thinking of going bankrupt for less than £20k of debt. There's lots of other options open to you including a voluntary plan wheremost of your creditors would freeze interest and allow you to make repayments that you can afford. This is called a Debt Management Plan (DMP). Everyone in this position who rings CCCS or Payplan says they feel so much better even after the first phone call where they have their options explained to people. Both CCCS and Payplan are non-profit making organisations who will NOT take money or charge for a DMP. Do not speak to anyone else who will rip you off!

Good luck!

PACKARD_3

hi yes have rang cccs and gave me a plan which would take me 9years to pay off. i did feel quite stressed after the phone appointment and did mention bankruptcy so they sent me some booklets which did help me. thanks anyway for your reply

james32_uk

Sorry, I remember how annoying it was when people preach and dont even answer your questions It's only because we've been around here a while and have been through the experiences you're having now. Just remember that in 10 years time the likelihood is that you'll look back regretting your bankruptcy as it can follow you around for years. You'll be asked the question 'have you ever been declared bankrupt' at an application for a morguage for example.

In answer to your questions, it's very unlikely they'll claim back the sofa as it will not be of high enough value. I think you can include utility arrears though I'm not sure what action a utility may take. ie will they continue to supply to you? I dont think keeping the horse will be a problem. Especially if it doesnt cost any upkeep.

Good luck with whatever you choose!

NMB

With all due respect to the this site, its maybe not the best place to be advised on a decision such as bankruptcy. Try https://www.debtquestions.co.uk/debt_forum/

ps the sofa wont be taken as long as it wasn't bought on a hp agreement (rare for furniture, 99% are personal loan agreements), the utilities are a proveable debt in bankruptcy and the horse would stay with you.

cas26

Can't really offer advice on bankrupcy but if you look at it in another way, if they say it will take ten years to pay off then hopefully you would be able to save at the same time and you hopefully will be able to progress career wise to a better paid job so you would be able to pay off your debt quicker. There are loads of ways to save money if you look at the different threads they may help.

Aine9

Packard

I would suggest that you do everything in your power not to go bankrupt - as cas26 says. You never know what direction your career could take in the next ten years or so - being bankrupt could be a handicap to you then.

Why not treat the whole thing as a challenge and get yourself out of it one day at a time. With some part time education, you could even be earning double what you are earning in no time. Otherwise there are many things you could do to generate some extra income.

Good luck to you and just go for it. By the way, I do know what you are going through as I've been there and worrying gets you nowhere.

Aine