I think I've kinda come to a decision

Legacy_user

Well, although I may be getting a LOT better at moneysaving and not taking extra credit, i've kinda decided I can't wait 6-7 years to be free of my debts so i'm considering going bankrupt.

To be honest, it wont "affect" me in a negative way in one sense, and that is that I never want credit again. Credit is an evil thing, or it can be.

Now I know I used to be staunchly <sp> anti bankrupcy, even a few weeks ago. but I have kinda decided life is too short and paying back the money is making my life a complete misery. It currently is the horizontal and vertical of my life. I know its wrong, but paying back the money is becoming the #1 ruling thing in my life, im putting it before everything, to even think twice on going to a friends leaving do, with whom I have worked for a long time. Every single bit of money I make ends up with the creditors. I have to think twice before buying a basic pair of shoes

Now for a little advice, I currently own my house (Well the bank does but you know) now the mortgage is still greater than the amount I borrowed, but also the GF wants to go on the mortgage, so I believe if we are together and share it, as we always intended too, she can buy my share of the house for £1. Is this correct, I have read up on insolvancy from the gov site, and just want to check.

I know its wrong, and I guess im looking for someone to just tell me what post bankruptcy is like, as well as will I be allowed to go bankrupt owing "just" 17K

Cheers

13000

immoral_angeluk

TBH I think bankruptcy should be a very last resort as it'll be marked on your record for ages, and it won't just effect getting things like credit cards.. because even BT do a credit check when you open a home phone account... plus getting a bank account will be difficult.
Please talk to your gf about it and make sure you speak to someone like the CCCS before going ahead and be sure it's 100% the right way for you as on the whole £11,000 worth of debt isn't that much in the grand scheme of things..

Phoenix79_2

How much do you owe? Your post says £17k but your sig says £11k?

My view is that you spent the money......you should pay it back.

Willsnarf1983

12 k isn't that larger a debt and if the missus is coming in onto the mortgage then surely she will be paying some of it and u'll have more money left

are you working a second job?


Will

Toomuchdebt

I agree with the others-I owe almost twice what you do if you owe £17K(am also confused as to why your signature says £11K) and I am a single Mum of 4.No one here to share my bills with or to help pay my debts.In my opinion you're taking the easy way out by wanting to go bankrupt on something that you could probably pay off a lot quicker than I can pay mine off.

Bloke_with_a_simple_life

Hello 13000

Please post an updated & accurate SOA so that we can help assess where else you can cut expenses and throw these at the outstanding debts.

In may view, 13000 should be a "saveable" position based on what I have read elsewhere and what others are doing to address the their position (e.g. look at Toomuchdebt's comments above).

Good luck!

all_hours

According to your sig you paid off £1k in 3 months from april to july. That's £4k per year, why is it going to take 6 - 7 years to pay off £11k or even £17k?

Would redoing your SOA help?

livinginhope

Don't take this the wrong way,but I think you are looking for a quick way out.On the grand scale of things your debt isn't that huge and 6-7 years isn't an eternity,most loans are for 7 years now!
If you sell your share of the house to the GF and then go BR,the OR will want to know about it and will know you have done this to avoid losing your home,I believe,you have to declare any assests you have sold or disposed of within the last year.
Are you just in a panic? I know being in debt gets us down,but yours will go in no time,I am on a DMP for 58 years!
Stop looking at the quick way,it is not as easy as you think and really should be used as the last resort,

System

Hi Everyone,

RE: the sig, well it WAS going well, until other debts reared their heads, and I kinda lost the will to try and keep it up. I know what you are saying is sensible.

I have not made any hard and fast decisions yet, but the thought of relief was enough to actually make me smile for the first time in a long time.

Re: The better half aka the GF From what I read on the insolvency website run by the government, it actually states that you can sell your stake in your property for £1 as long as you owe more than the value of the house (which we do)

Im just kicking the idea round in my head atm.

Bloke_with_a_simple_life

13000 ... from your last post, it appears that you would get good advice if you post a new SOA - with everything on it (including the newly identified debts)!

Please please put an SOA up!

rog2

13000 wrote:

Hi Everyone,

Re: The better half aka the GF From what I read on the insolvency website run by the government, it actually states that you can sell your stake in your property for £1 as long as you owe more than the value of the house (which we do)

Im just kicking the idea round in my head atm.

I can only advise that you get some very good advice, before you consider bankruptcy 13000. It really is not 'an easy way out' I promise you.
Why not come and read through the Bankruptcy Club thread, and, in particular, today's post by sandralovescats, to see how it could impact on the future.
You will be made more than welcome.
Cheers
Rog2