Will i qualify to become bankrupt and whats the worst???

m90axx

the car still had 9k outstanding on it when i gave it back and it got auctioned and made about 3ish k on it which made like 6something k left outstanding which i'm liable for.. do you understand? Does it matter where the debt came from i'm wanting advice on what to do now.;)

tiredofworrying

I would call national debt line they were brill for me! I wished I had done it at your age and not left it 10 yrs till it got worse!!! Give them a call they can tell you your options maybe a IVA could be good for you rather than BR or a DMP these are the things they will explain to you so you can make the right choice for your situation.

TOW

kepar

m90axx wrote: »

the car still had 9k outstanding on it when i gave it back and it got auctioned and made about 3ish k on it which made like 6something k left outstanding which i'm liable for.. do you understand? Does it matter where the debt came from i'm wanting advice on what to do now.;)

I am trying to understand your opening post.

You now say that you received £3k from the insurance and bought another car, how come the car company didn't want this.

So why can't you sell the car, stay at home for a while and start repaying your debt.
You do not have enough debt to go br, you will have to do a DRO instead.
Although your current employment finishes next year, how do you know you will not get any further employment.

To go br at this stage of your life and have against you for life should be the last thing to do. Surely by looking at your lifestyle there must be a way of avoiding it.

sheffield_soldier

10k debt, 21 years old. Thats not all that much to be honest but if you think you will struggle to always pay it back then do it - fresh start in my eyes.

tigerfeet2006

Sheffield soldier as Kepar has said it might not be appropriate for the OP to go BR, it might be that a DRO is more appropriate which would be easier and cheaper for the OP. The only way he is going to find out is if he takes advice from one of the debt chRities that IfWishes linked to. If BR is suggested then we will help and support him through the process. If a DRO is suggested then the IVA and DRO board will help and support him.

So m90axx please use the links posted by IfWishes and get that advice.

wildheart83

I think the OP might be in Scotland, since he mentions signing a trust deed. If he has agreed a trust deed, he can't then go BR.

However, like others have said, the best bet is to seek proper advice from national debtline etc because there may also be restrictions on being able to sort out a DAS if he's in a trust deed.

coolcait

m90axx wrote: »

... I signed a trust deed in may ....

wildheart83 wrote: »

I think the OP might be in Scotland, since he mentions signing a trust deed. If he has agreed a trust deed, he can't then go BR.

However, like others have said, the best bet is to seek proper advice from national debtline etc because there may also be restrictions on being able to sort out a DAS if he's in a trust deed.

wildheart is absolutely correct. If the OP is in a Protected Trust Deed then that is the debt solution he/she has chosen. It's binding.

The OP can't apply for bankruptcy, and can't apply for the Debt Arrangement Scheme.

OP, you need to get advice from one of the debt charities, and then you need to speak to your trustee in the Trust Deed, to find out exactly how things stand.

You seem to have drifted into a finance agreement or two, and ended up with debt, drifted into a potentially dodgy set-up with your current car (and involving your mum in that), and drifted into declaring yourself apparently insolvent.

You need to stop drifting, and get some face-to-face or over-the-phone advice.

tigerfeet2006

Thanks wildheart and coolcait, I completely missed the Trust Deed thing.

I definatly concur with Cait you need to ring for some free professional advice

Information for those in Scotland.


Advice on bankruptcy.

• Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: 0800 138 3328
• National Debtline (Scotland) - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline Scotland - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Some of this may be useful too

Accountant in Bankruptcy (equivalent of the English Insolvency Service).

Main website: www.aib.gov.uk

For general queries about insolvency (but not debt advice) you can contact: General helpline - Tel: 0845 762 6171 - Email: [EMAIL="Helpline@aib.gsi.gov.uk"]Helpline@aib.gsi.gov.uk[/EMAIL]

Bankruptcy

Low Income Low Assets.

Debt Arrangement Scheme

Trust Deeds

Bankruptcy after 1 April 2008

• DAIP - Debt Advice and Information Pack
• Debtor's Guide
• Creditor's Guide
• Bankruptcy Restriction Guide
• Trust Deeds Guide