Don't know where to turn

on_the_right_track

Thank you so much to everyone for taking the time to reply. I have been reading up on various different options. I am going to contact the CCCS over the next few days, I'm really scared and would rather try and get my head round some of it before I call them. I have a few questions though,

1. If I went down the route of dmp/iva/bankruptcy would anyone find out e.g my parents. The reason I ask it because my brother has recently had to be bailed out by my parents (who can't really afford it) and I know they are really disappointed with him. I would do anything to make sure they don't find out. I wouldn't mind so much if they were really angry with me but I can't bear them to be disappointed with me.
2. Again if I went down the route of dmp/iva/bankruptcy would I be able to overpay if I got a better job. What would happen if I lost my job & couldn't afford to pay anything.
3. How long do these affect my credit rating for? I'm obviously not looking to get credit just now and hope never to in the future but I would one day like to get a mortgage.

I've got loads of other questions but if anyone could help answer these questions I would really appreciate it.

x

on_the_right_track

Should I get another bank account to have my wages paid into? They currently go into a Halifax account (one which doesn't have an overdraft) is this ok?

Thanks x

lemonpopsicle

Don't you get a mileage allowance if you are travelling to various locations?

pmf63

lemonpopsicle wrote: »

Don't you get a mileage allowance if you are travelling to various locations?

Good question. I would also be concerned about your car insurance. Technically you are using it for business so do you have business insurance? If you were to have an accident your insurance would be invalid if you were going to a client!

Superbiatch

Forgive me for asking, but having working in care in the past I know the salary isn't great and I'm wondering how on earth you even got those loans in the first place

Also, what was the money used for? You need to be careful you're not regularly overspending and relying on credit to do so.

EDIT: that will teach me to read properly, you were in a better paying job so that answers my first bit

billymadbiker

Is there any chance of getting a part-time (weekend or evening) job. Working in a pub/fast food/supermarket etc?
All should be resonably local (so low travel costs) and don't generally need any qualifactions?
Even if you could earn another £50 a week (or £10 a day with weekends off) that would give you an excess of £40p/m to start repaying toward your debts.

on_the_right_track

Thanks for your replies guys!

My company don't give me anything towards my mileage, I need to claim this through HMRC in April and even then I won't be given as much as I should :mad:. I do have business insurance with my car, I paid it all upfront in Septemer which is why it's not on the list of my outgoings. The debts started when I was 18 & went to live abroad for a few months. I had no savings etc and used cc's and overdraft to get me through the summer telling myself I'd pay it off when I got back. When I got back I was unemployed for a month or two and just continued to spend. Part of that is also my car as well. I know I have been stupid and I've just frittered away all this money but I have changed and really want to sort it out. The job I have at the moment has different hours every week. My boss is usually on the phone to me 7/8 times a day changing my rota for the following day. So unfortunately an additional job isn't an option while I'm in this one I think I'm going to have to look for another job as although I love this one I can't go on like this.

x

NeverAgain_2

Were I in your position, I would declare myself bankrupt.

There is no chance of you paying off £30K of debt, let alone interest, on £800 a month.

Unless there is a well-paid job on the horizon, why delay the inevitable?

Earning a low wage is almost an advantage in bankruptcy because the Official Receiver is likely to accept you have nothing left over to pay your creditors.

Do this right, and in a month or two you could be having all your wages to spend with no loan repayments and no one hassling you.

Think how nice that would be.

Bankruptcies are no longer advertised in the local press, so you may be able to keep your guilty secret from your parents, although you might have to explain one or two brown envelopes landing on the doormat - depending on how curious they are.

You asked about a mortgage in future.

That is the least of your worries, but you are unlikely to get one for six years, after which your bankruptcy drops off your credit file.

Bankrupt or not, you are also unlikely to get a mortgage on £800 a month, so you need to concentrate on at least doubling that income in future years.

An advantage of bankruptcy is the removal of financial pressure, which will enable you to devote some of your time and energy into looking for a better job.

on_the_right_track

Thank you so much NeverAgain you have put my mind at rest a bit. On my next day off I am going to contact CCCS and have a chat and see what they think. Thanks again everyone.

x

NeverAgain_2

....On my next day off I am going to contact CCCS and have a chat and see what they think...

Yes, the advice to take advice is good advice.

Apart from anything else, the district judge often asks if you have taken professional advice before declaring you bankrupt.