End of tether

gettingitsorted

we went through payplan and found them better to deal with ,i had no other choice but to go bankrupt due to circumstances beyond my control and was advised to do so,the thought of this made me ill but now im happier than i was b4.if you need to talk pm me im happy to be of any help possible .

JGWT8M

have a ready of the Bankruptcy Supports Thread before making a final decision, if you get a decent deal on an IVA, you're still going to be paying £600 a month for 5 years to clear just 40% of the debt (the other 60% will be written off - and that's if you get a really good deal), if you miss one payment on the IVA, they can make you bankrupt, and stastics show most do fail.

What you have to ask yourself is this (it's what I was asked a week ago) - What is worse? 5 years of hell slogging your heart out or 2 weeks of heatache admitting defeat?

I cannot afford an IVA, and if I went down the DMP route, it would take me 78 years to pay my debt off - I'd be dead before that time - so my only other option is BR, it's taken me 7 months to come to this decision and it was that question a friend put to me last week that finished it for me, but to be honest it's the only way out that I can see short of winning the lottery (that I never play).

gningo

SOrry, could I ask what is meant by SOA?

joeblack066

Hello and welcome! My best friend's partner has just gone down the bancruptcy route and he's never felt better!You wil get the advice you need here. Good Luck! Debs x

furndire

I think I would be very tempted to go bankrupt. Ok you will have problems with credit etc., but at least you won't have the worry of where the next meal is coming from.. Not so many years ago, there was a stigma attached to being declared bankrupt, but not nowadays.
Friends of mine went bankrupt through no fault of there own, he is now a councillor, (about 12 years ago)and they have picked themselves up well. If you can't make IVA payments, you will end up doing this anyway in a few months. Good luck to you whatever you decide.

By the way Gningo, SOA is I think statement of accounts, where people write down exactly what they have coming in and going out.

Psykicpup

((hug))

1) your work HAS to make sure any repayment caused by an over payment by themselves is at a rate u can afford
2) you have over £100K debt at mo but are not working ....bankcruptcy(sp) is the only way to go as far as I can see (I might well be wrong- please correct)

sueshells

You have my sympathy - it's the anything that can go wrong, will go wrong scenario.

After years of depression, stress and suicidal thoughts due to debt I took the step to bankruptcy and was declared bankrupt in October. It has changed my life. I now look forward to each day, sleep at nights and feel I have a future. It would certainly be worth considering but you would be sensible to take advice first from the CAB, CCCs or Payplan. Everybody's circumstances are different. I am in my 50s, long term sick and have no assets, so i had nothing to lose. Bankruptcy is now much easier to apply for and you get discharged much sooner but, for younger people with the prospect of good jobs and possible mortgage applications there are other implications. On the other hand - you could be free from debt in a couple of weeks.

Good Luck

Sue

JGWT8M

That's the trouble with debt, it's a long downward slope that just get's worse and worse unless you're very lucky, a few years ago my view was different, but now I have nothing but sympathy for people in these situations (I have no sympathy for myself, but that's another story ).

I think that anybody who decides to go Bankrupt has got to the stage of not caring about the Credit situation, I don't now and have for some time quiet literally lived in a cash only world and once done, I'll never apply for credit again - nor do I have any wish to buy property - my situation has also scarred the !!!! out of my family to the point where most of them have cut up their cards as well, which if it stops one other person getting into this situation, is a good thing to happen.

DramaQueen29, I suppose what everybody is saying is take a step back and work out on paper how long it will take you to pay off the debt, and then ask yourself is it really worth the effort - look at it this way, you get an IVA and spend 3 years paying £600 a month then loose your job, then you're Bankrupt anyway - so is it worth the 3 years to be back here again? (take it from someone who works in the retail sector - this recession we're in is nothing compared to what's coming), unless there's some specific reason for not wanting to go BR, like jobs in the financial sector etc., then there's no shame in it and if anybody does look down on you - ask them how much they owe - I fronted up to someone the other day and was amazed when they admitted they owed more than me, but not more than 2 minutes before was condemming me for considering BR.

But of course, talk to a professional first, like CCCS or Payplan, or Myvesta.

Verbatim

What's Myvesta? Are they a fee charging debt management company?

lynzpower

Verbatim wrote:

What's Myvesta? Are they a fee charging debt management company?

yes.

they are getting recommended a lot on here and Im not sure why?