Help needed! £70,000 owed

SimplyBroke

Hi,

I'm a first time poster and need a bit of advice. I've looked around on here for advice on bankrupcy but didn't see any (probably didn't look hard enough!) so thought I'd start a new thread.

I'm 29 and approx £70,000 in debt.

I've tried CCCS but most of the companies I owe money to have totally ignored any repayment attempts- thus making around a third of what I owe interest!

I only have one option now (barr winning the lottery) and that's bankrupcy. Has anyone got any helpful hints they can give me, ideas on what will happen?

Thanks in advance

all_hours

Hi,

If you post a full SOA (statement of affairs) - see southernscousers sticky thread for first time posters at the top of this forum for a template - other posters will be able to offer you advice.

The SOA should include full details of income and all outgoings and a break down of the debts. Include APRs, credit limits and balances for cards - for loans state the monthly repayment and term of the loan and how many months left to pay.

Bestthingsinlifearefree

Welcome aboard the good ship MSE :beer:

lazy&indebt

SimplyBroke wrote:

I only have one option now (barr winning the lottery)

Try....6 9 13 35 36 44

On a more serious (and hopefully helpful) note, you should definately post your SOA...

[Deleted User]

It may be unrealistic to try to pay off a debt of this amount. Unless your income is now quite good and you are able to negotiate the freezing of interest you will have this huge debt for some time to come.

Are you able to commit to it for the long haul?

You need proper advice before you make any decision - but for this amount of debt, bankrupcy certainly would be an option. Some might see this as taking the easy way out - but you need to get your life back as well.

Bankrupcy is not the easy way out - you do lose EVERYTHING - but you will also get back on your feet far quicker.

I suggest you take all your paperwork relating to your debts and other outgoings, plus full details of all your income - to the Citizens Advice Bureau where they can fully assess your circumstances and advise and help you.

SimplyBroke

I have tried for a few years now to repay it at frozen rate etc.

I've been with the CCCS for a while and they've advised me to go bankrupt.

I've not been in touch with them for months now though, after trying very hard to repay my debts (really didn't want to go bankrupt) with no joy I've stuck my head in the sand.

I'm definately going to do it, sick to the back teeth of it creeping up behind me everytime I forget about it and the endless letters and threatening phone calls!


My salary - £1,330.00


Total - £1,330.00

Monthly Outgoings:

Rent - £500
Council Tax - £90
Gas - £25
Electric - £20
Water - £20
TV License - £10.99
Sky £50
Phone - £30
Food - £300
Car Insurance - £65
Petrol - £50
Other car - £15
Tube - £85
Contact lens - £30
Medical - £12
Pet insurance - £25

Total: £1,327.99

If I actually wrote down who I owed what to I would be here all week, but it's around £70,000.00 - to be frank it's literally go up £100's by the week due to interest and fines.

Basically, even with cutbacks I'm only just breaking even every month.

headcase

I'm in a similair postion. Take a look at cutting back as much as you can. Look at cutting the costs to the bone. Look at the debts and see if can get 0% if can and the time it would take to pay off everything.
Can you get a better job or increase hours or second job ????
Once done that see what you feel like about the differ' options- sleep on it. Then decided on whats best for you. Takes time but have everything there for you..........

seraphina

Sorry to hear about your problems but you're in the right place now.

I had a quick peek at your SOA and one thing that strikes me is you're paying for the upkeep of two cars and a monthly tube ticket as well. I would suggest that you get rid of the cars if you're on the tube network.

Someone with some better advice will be along shortly.

all_hours

You can claim back any unfair charges for the past 6 years.

If you do go bankrupt I don't think you'd be able to keep sky at £50 per month - I understand they allow only the basic package.

How many people does £300 feed?
You have 2 cars?

I don't have any pets but from other posters £25 for pet insurance seems high.

sgx.saint

Why not consider an IVA?

bluezone

Firstly welcome to MSE

I doubt you they would allow you to keep SKY as its seen as a luxury - they may even say no to your mobile. I was only allowed to keep mine as I dont have a landline and I'm a part time carer but on call 24/7

Phone up your local court and ask for some leaflets to be sent out