I am looking forward to the end will it ever come?

in-debt

I presently owe £33055.98 for credit cards, bank loans, catalogues, overdraft on current accounts, store cards the list is endless. I pay £500 a month and my estimated payment date is March 2012 when I hope will be debt free. I have paid £14318.67 up to now off the debts. Its quite frightening when you add it all up and see it all written down.

My experience from this is if I cant afford it I dont buy it, I ask myself before buying anything do I really need this?

I have another six years of paying yet at £500 a month which is frightening but I just want to get this paid off. Sometimes I wonder to myself which is the easiest way either going brankupt or paying it off for another six years.

Has anyone ever declared themselves bankrupt and if so what is the outcome to life afterwards.

Regards
in-debt

Dan2779

Hi In Debt

Sorry I dont know anything about bankrupcy I am affraid but it does seem a bit of a last resort kind of thing. Have you posted your SOA? then maybe we can have a look at your situation and see if there is anyway of paying you debts off sooner. Keep up the good work!

GOOD LUCK!!

Dan

homersimpson_3

have paid £14318.67 up to now off the debts.

You've done briiliantly and stories like this are really inspiring- how long did this take you?

I have another six years of paying yet at £500 a month which is frightening but I just want to get this paid off. Sometimes I wonder to myself which is the easiest way either going brankupt or paying it off for another six years.

why the change of heart? some regard bankruptcy as an easy option- it isn't - read forum for examples of its effects- the bankruptcy will not be discharged for 6 years but which time your total debts will be paid off. why are you even considering this course of action- have you spoken to cccs, payplan, cab etc.
post your full statement of affairs and if people can save you money that can be targeted towards debt and hopefully reduce the time you have to pay them.

please don't tell me you are paying fees to a debt management company etc!

in-debt

I am paying to Payplan and have been doing for the last couple of years. I did go through the National Debtline and they told me about Payplan. I just thought bankruptcy would be another option.

Which part do I post the statement of affairs in? Do you mean a list of everything I owe to? Incoming and outgoings etc or what? Only joined a couple of days ago so its all new to me.

Goldielocks

I guess people consider bankruptcy - when the outlook of them beng able to pay their debts back on a DMP or IVA are unrealistic. i.e. if you have debts of 100K and your disposable income per month is £100......well do the math!

By the way I correct the post above, bankruptcy stays on your credit files for 6 years - you do not have to wait 6 years to be discharged. You are discharged after 1 year or sooner if you are lucky.

G

yung

in-debt wrote:

I am paying to Payplan and have been doing for the last couple of years. I did go through the National Debtline and they told me about Payplan. I just thought bankruptcy would be another option.

Which part do I post the statement of affairs in? Do you mean a list of everything I owe to? Incoming and outgoings etc or what? Only joined a couple of days ago so its all new to me.

Just post your S.O.A here then you will get more help