Is it worth spending money to go BR?

delta5

Roughly owe £60k on several credit cards etc.
No assets since stopping work and repossesion almost a year ago.
Income under £660/month which just about covers rent/bills.

I am assuming if any of them go for a CCJ as income/expenditure will show nothing left over they cannot get anything?

If this is correct then as it costs money to go BR, would there be any point in doing so?

(letters don't bother me and if they called in person they would only do so once.)

Ineedaname

If you went BR today then you would be able to start rebuilding your credit file in about 16 months time and the BR and all your debts (providing you clean up your files post discharge) would drop off your credit reports 6 years from today.

If you sit on everything and ignore all your debts then it could take several years before any of your creditors make you BR, if at all. In the meantime it's not just letters and calls at the door you have to worry about, it's any CCJs and/or other Court action. Also the potential for Bailiffs to be called in to attend your house and take your possessions.

In the meantime your credit reports will remain stuffed.

IF one of your creditors were to make you BR, then the first paragraph applies.

So I guess it depends on how quickly you'd like to be clear of debt, able to rebuild your credit reports and get on with your life.

delta5

If they want to spend money making me BR thats not a problem, I have no assets or excess income. Not looking for credit so that is not an issue, life died with my wife so not looking to get on with anything.

It is more what they could do without BR involved. If income is equal to or less than expenses and they go for a CCJ could they be awarded any money? If necessary I would deal with any bailiffs who called.

philnicandamy

if your thinking a creditor will make you bankrupt then you'll have a loooooong wait it costs them considerably more to do it than you would pay....the only people that usually would are HMRC AMEX and some council tax offices..

stroodes

Delata5, if you are in Scotland the cost of bankruptcy is £100 and well worth it for the peace of mind, also there are no bailiffs in Scotland.