I think I may try bankruptcy

uptomyeyeballsindebt

Hi there,

I can see no way out of my debts,I am seriously thinking about bankruptcy.
I do not want to,but it seems like the only option.
The CAB have closed my case now,Lloyds and MBNA are saying no to token payments,and threatening bayliffs.I live with my parents,and they are saying that they must produce receipts to show that posessions are theirs and not mine....and I don't want my baby growing up into a debt ridden lifestyle.
I really thought they would issue CCJ thingies first.....
My questions are:

As I live with my parents,can my bankruptcy affect their mortgage,credit rating etc??

And when I phone these creditors up that I am currently having trouble with,do I tell them I am filing for bankruptcy in hope they will leave me alone while it goes through??

Any advice would be great.Thanks in advance.

Phoenix79_2

How much do you owe? Do you work?

itsarichmansworld

how much debt are you in hun?

can you do a soa see if we can help?

moozie_2

Hello and welcome

We really can't offer much advice until we have more details such as how much is your income, what are your outgoings and a list of your debts, including limits, APRs and state of play i.e in arrears etc

If CAB have closed your case, it may be worth speaking to CCCS or National debtline- links at the top of this page.

Bankruptcy may appear easy but it's not and I am pretty sure the creditors will not be quiet while you are filling for it. If you do a search on this forum for bankruptcy, you will see many threads about the subject.

Good luck and hope you post more details.

madduck

Have to reiterate the advice of previous poster - get in touch with CCCS or Payplan asap. I've been in contact with CCCS re a DMP for a couple of years now and they have been great.

From memory from previous posts - creditors can't send in the baliffs until they have gone to court. They will threaten you with that kind of thing - and potentially worse - but most 'eventually' start to accept DMPs.

If you contact CCCS or Payplan they have loads of experience in dealing with credit industry. It is a double win from your point of view - they are respected by the credit industry and they also know quite how sneaky/nasty they can be. You get great impartial advice. They will be able to tell you what your options are and what the implications are. Will also be able to give you advice on any impact on your parents. Wouldn't have thought that there should be any impact on them though. Impact would be on anyone who was financially linked to them ie if you had a joint bank account/mortgage.

Emmzi

Why did the CAB close your case? Usually that is if you default on an agreement you made through them?

edgebarber

From personal experience I advise you very very strongly to contact an organisation called the Bankruptcy Advisory Service, who are based in Hull, speak to a lady called Gill Hankey, she is exceptionally experienced in advising where and what you should do in such circumstances, there telephone no is 01482 633034, or you could email >gill@bankruptcyadvisoryservice.co.uk<, there website is WWW.banruptcyadvisoryservice.co.uk
All Best
PLM

lynzpower

edge barber that link doesnt work

Is that a company??/

lynzpower

yes, they are a company, and they will make money out of your debt. Dont call them - try CCCS, or Payplan links above they are free, and dopnt fund themselves and thier profits through your payments

rog2

1. MBNA can NOT send Bailiffs without a CCJ.
2. If you are declared bankrupt it will not affect your parents, unless you have any joint account with them or are otherwise financially linked.
3. Post an SOA (tell us your income and all expenditure and debts) and we will be able to advise you better.

skylight

And dont call them to tell them you are going bankrupt *if* thats what you chose to do after speaking to Payplan or CCCS.

It justs gets their backs up - they hear this a lot from people every day and dont bother to take it seriously, they see it as threatening and get annoyed, secondly, if they do take it seriously, you are likely to be swamped even more with with calls etc. as they will now do anything to get their money back.