bankruptcy at 27 years of age

mrslawrence2003

misscampbell wrote:

thanks for the advice, I will pass it on, good luck,
kind regards
Jane

if either you or your daughter want to discuss this or her situation further feel free to pm me.

it's tough but i will make it through! at the mo should be debt free in approx 5 years time - but it's going to be very difficult for the next couple of years. and tbh, there are times when i've thought 'sod this - bankruptcy seems to be the easy option' as i dont have any valuable possessions like jewellery / car / property / tv etc etc that they could take away. but then i also think that's a naive view and also i take pride in the fact that i am being responsible to pay back what i borrowed. ok, so most of my debt was created from funding myself through uni (in london) and then upon graduation getting a low paid job for the next 2 years (starting on £14,000K) but some of it did go on having a good time.

Lara44

Hi misscampbell

If she interested in interior design then I think there is a good availability of work in stying for interior design magazines. I know two stylists' assistants and they really enjoy their jobs.

Perhaps your daughter could consider trying to find a well paid part time job and combine that with work experience/freelance styling/her own business?

When applying for my MA I found quite a few very interesting part time jobs (usually in the university sector) that could tide her over. A good site is https://www.jobs.ac.uk but I'm not sure what job she already has... If she combines this with the home working that lots of us do such as ebay/competitions/quidco/amazon etc. then I think she could be in a position to repay her debts and start her business.

Is she paying a lot of interest on her credit card debts? Could she switch them to 0% deals etc? What about her own finances? Why doesn't she post her SOA and the lovely people here could try to save her some money...

Best

Lara

Reuben_3

Misscampbell


You'll notice this is my first post on MSE.
I've been browsing for a while but after reading some of the more harsh comments posted earlier I felt it necessary to contribute.

I declared bankruptcy recently. This was not an easy decision and I took a long time to make it, but given my health, financial and employment circumstances it was definitely the right decision for me at this point in my life.
Mudslingers form an orderly queue........!!:cool:

I contacted three agencies - CAB, National Debtline and Debtfree Direct and they all advised me to take this route.

As I said, this was the right decision for ME. Bankruptcy is not a sin, but it's not necessarily the best solution. Your circumstances are different and you need to be aware of all the possible implications particularly as you're planning to go into business very soon. I suggest you get advice from more than one (independent) agency as there may be better options. At least if you decide to proceed it won't be a rash decision.

May I also suggest you take a look at the DebtQuestions.com Bankrutcy forums as there are many contributors' on who are considering or have been thru' the process and you can learn a lot by reading their posts. I have no affilliation with them, I just found the site very useful for this particular topic and advice is given in a non-judgemental and non-patronising manner.

Jane, I'm glad your daughter is sharing her problems with you - I told my mum afterwards!

I know what it's like to be stuck in a job you hate with no light..........
Best wishes.

misscampbell

Reuben wrote:

Misscampbell


You'll notice this is my first post on MSE.
I've been browsing for a while but after reading some of the more harsh comments posted earlier I felt it necessary to contribute.

I declared bankruptcy recently. This was not an easy decision and I took a long time to make it, but given my health, financial and employment circumstances it was definitely the right decision for me at this point in my life.
Mudslingers form an orderly queue........!!:cool:

IMay I also suggest you take a look at the DebtQuestions.com Bankrutcy forums as there are many contributors' on who are considering or have been thru' the process and you can learn a lot by reading their posts. I have no affilliation with them, I just found the site very useful for this particular topic and advice is given in a non-judgemental and non-patronising manner.

Jane, I'm glad your daughter is sharing her problems with you - I told my mum afterwards!

I know what it's like to be stuck in a job you hate with no light..........
Best wishes.

Thank you so much Reuben, your post has really heartened me, I will forward this to my daughter. The very best to you.
kind regards
Jane

Mike_St_Helens

Me and my OH are also in a similar boat, we owe £130k and im 29.

here are some great advice sites for you :

http://www.debtquestions.co.uk/debt_forum
http://myvesta.org.uk/media/video/bankruptcy/index.html This is V good
http://www.insolvency.gov.uk

Here is my last thread with a load of questions also...

http://forums.moneysavingexpert.com/....html?t=239324
http://forums.moneysavingexpert.com/....html?t=250085

Hope they help... Please Please PM any one of us if you want anything else

Reuben_3

Sorry Jane, re my earlier post I meant DebtQuestions.co.uk too, not DebtQuestions.com (never used them). Also please pm me if you need to.

Mrs_Sparkle

misscampbell wrote:

That is very kind of you, but I think all mothers would do the same.

Oh Jane if only that were true. My own mother wouldn't dream of taking an interest, let alone being so concerned. As a mummy-to-be now I am determined not to make the same mistake. I wish your daughter lots of luck in her future career and money choices

misscampbell

Reuben wrote:

Sorry Jane, re my earlier post I meant DebtQuestions.co.uk too, not DebtQuestions.com (never used them). Also please pm me if you need to.

Thanks for that Reuben

misscampbell

Mrs_Sparkle wrote:

Oh Jane if only that were true. My own mother wouldn't dream of taking an interest, let alone being so concerned. As a mummy-to-be now I am determined not to make the same mistake. I wish your daughter lots of luck in her future career and money choices

You will be a great mother
kind regards Jane

Kevicho

misscampbell wrote:

I am 27 years old, £23,0000 in debt and in a position where I am wanting to be able to start up my own business.

I am considering going bankrupt to alleviate an increasing or unmoving debt. This would allow me to break a cycle unfulfilling administration jobs that have no relevance to my training, and will subsequently allow me to pursue a career in my field of design.

Any one who has been in a similar position, or knows of anyone who has; feedback would be greatly appreciated.

Many thanks.

Im sure this has probably been said before, but i havent read the thread, as i havent really go time.

Some points i would like to make.

23K of debt at 27 is a lot, but im sure it is pay backable.
Bankruptcy will do you no favours when it comes to raising money, harsh as this seems but you have racked up 23K of debt! Why would anyone trust you with there money?
Businesses do cost money.

I personally think your best course of action is self employment for a while, to build up your customer base, you say you have been in a circle of admin jobs, so maybe you havent got the job experience necessary to sell your services yet.
No proven track record is a huge negative when people will assess your business.

However..... all is not lost

Congrats on wanting to improve your life, becoming a business owner is a huge step, a good one, but nontheless I hope you are ready for it.
Im in the same boat, although i am working full time in the week, then weeknights and weekends on the business.

With regards to getting your work out there (design right), you will need a website with some work demonstration on there, maybe if you start this part time, do some work for local charities etc, that will start building your portfolio of work.

Also you may be better off applying at an established business in your career field, this will give you opportunity for more training, build up some clientele, and also give you the feel of the business side of things.

You should also check into grants etc (the princess trust help 20-30 year olds for example)

Hope some of this helps, by all means pm me for more info on starting your business

All the best and good luck

Kev