Should I go bankrupt?

bradpop

Right here goes... my first meaningful post... Please help if possible.
Should I go bankrupt?
I have debts of around £33,000 and £100 per month maximum to share between the creditors. Although I'm more than happy to pay this and make additional minor payments when possible, it's painfully slow progress. The CCCS suggested bankruptcy around five years ago when my debts were around £40,000.
Any help is much appreciated.
Thanks

IF

Hi bradpop and welcome again, First thing make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities again. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

For ‘essential’ BR info this is Fermi’s sticky - Click here

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
  

Others:

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

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

NeverAgain_2

At your present rate of progress it will take 25 years+ to repay your debts.

Going bankrupt would wipe those debts at a stroke, but you should be aware of long term consequences for your future financial existence.

Your housing situation is a big consideration.

If you are currently renting, you have even less to lose by going bankrupt.

bradpop

Apologies for not coming back to you sooner, been laid up with the man flu. Thanks for your help, it really is much appreciated. :):)
I've decided to investigate fully again over the next couple of months and then make the big decision early 2012. It's frustrating... For exampke, I live in private rented modest house and have a 100 per cent payment record for over 6 years yet I have no chance of a mortgage, it's madness.
Please note that I've not accessed any more credit since I faced my problems a few years ago, nor will I to cover this Christmas either. It's the lack of progress or light at the end of the tunnel that's the major issue really, it's my responsibility and I'm happy to pay but it will take forever at this rate.