I think I may try bankruptcy

uptomyeyeballsindebt

Thanks to all of you - it really helps me feel a lot better about the situation that I am in to just be able to share the problem with you.I hace copied my soa from my first post below:

Right,here goes,it's only a rough one....

My Salary....was around £800 per month,but I have been on Maternity pay since April,as of the 15th of October,I am on unpaid leave.I have an appointment at the Job Centre tomorrow to see if I can claim IS or Mat.Allowance
I recieve child benefit,£69 per month and Child Tax Credit of around £250 - can't remember exactly because I was getting WTC,and it was paid altogether,but that has stopped now.

My partner buys everything that baby needs - we are very much together,but live at different addressess - he lives with his Nan,I am still with parents.

Board money £100 PM
Car Ins. £30 PM
Car tax every 6months £97(I think)
Petrol £30 PM
Pet insurance £25PM
Pet supplies £35PM
food £120 PM
personal care items £15 PM
Mobile phone £5 PM
Internet £15 PM

Why can't I think of anything else.......!

What I owe

2 bank loans with Lloyds
1@£8533.83 ,1@£6092.03

mbna credit cards x 3
1@£876,1@£1092.22,1@1143

lloyds card £5953.54

egg card £3713.29

capital one card £2807.01

citi card £832.42

barclaycard £874.34

Some of these amounts may have risen,I am copying from the sheet the CAB gave to me back in April,and as I said,MBNA and Lloyds aren't being co-operative.
So sorry if this isn't enough info - I'm trying to find it all out,type it in and feed baby at same time!!
I don't know at this time any of the interest rates(I'm too scared to phone them in case they ask for the money)
I just want to be debt free,the payments that I am making are no where near to getting me free of my debts.Thanks again to all of you.The CAB told me that they close all cases after 6 months,something to do with it being voluntary,and I have to wait another 6 months before I can apply again.I have never defaulted on any of my token payments,and pay these every month.In total,I am in around £31000 of debt...I would there to be an alternative for me....thanks again you are all so helpful....

James&Shell

I cant add much more than the above but it is very hard with debt and a new baby.

Have you checked that your taxcredits are correct?

Is it posible to get a parttime job and you should get working tax credit

I just want to wish you good luk on what ever you choose

madduck

From what you have said I'd strongly recommend getting in touch with CCCS or Payplan. They are very experienced in their field and will be able to give you unbiased advice.

fatbelly

The problem that the CAB have is that we don't 'manage' cases in the same way as CCCS/Payplan. We just try to get the offers accepted, then hand it over to you to make the payments.

On the positive side, both CCCS and Payplan have minimum payment amounts. We don't. If you're in £1 per month territory, they probably could't accept you on a dmp.

We do have problems with LTSB in that their timescales are about ten times longer than anyone else (only a slight exaggeration!) and there is pressure to close files. I am just getting acceptances through on my February cases, so you may still find that their Brighton office will accept the CAB's offer in a couple of months.

Looking at your soa, I'm a bit surprised that the CAB didn't recommend bankruptcy. Was any reason given?

uptomyeyeballsindebt

Bankruptcy was suggested along with the token payments,I chose the latter due to not knowing much about it at the time and being a very stressed out 8months pregnant!!
I am still unsure as what to do - I still can't believe I have so much debt.
I am going to try CCCS or payplan and see if they can help me anymore.

rog2

I would think that CCCS would reccomend bankruptcy, as you do not have sufficient disposable income for a DMP. However, this is NOT the end of the world, and you would, effectively, be given a fresh start. It will be difficult to get credit, but you would probably be better off without it anyway.
The Bankruptcy period lasts, normally, for 12 months, and you will be so busy with your new baby that that time will soon pass.
Why not have a look through the Bankruptcy Club thread and see how others have coped.
Good luck.
Rog2

The_Tax_Mans_Cash_Machine

Out of intrest, what did you spend the money on? Not being judgmental, but thats a lot of debt, especially when compared to your salary at the time. I can't believe the amount of credit that banks are willing to extend to people these days. I remember when I was about 18 (I'm 37 now) & I went overdrawn at LTSB by about £100 just before I went on holiday. By the time I got back I had a pile of the nastiest letters you could imagine - these days they'd probably have been sending me loan applications!

uptomyeyeballsindebt

I really can't justify why I am in this much debt,and that's the worst part of it for me - I have nothing to show for the mess that I am in.I have never paid my credit card bill of completely,just minimum amounts,and I suppose 16 years of this has added to the problem.I have just got in touch with CCCS,just waiting now to see what they suggest.
Thanks again everyone.

Rgc_3

uptomyeyeballsindebt wrote:

I really can't justify why I am in this much debt,and that's the worst part of it for me - I have nothing to show for the mess that I am in.I have never paid my credit card bill of completely,just minimum amounts,and I suppose 16 years of this has added to the problem.I have just got in touch with CCCS,just waiting now to see what they suggest.
Thanks again everyone.

Hi
i think very few of us can justify it mate so dont dwell on that point...i see loads of posts on here with posters saying exactly the same thing...i think what happens is its debts that built up years ago and when we get round to paying them off it does nt leave room to replace the things we bought on credit that got us into the mess in the first place...hence why loadsa debt and nowt to show for it

good luck and best wishes:beer: