Help and advice needed re BR options

generaloneill

For the past few years Ive been paying little over the interest on my Credit Cards, however, I have been made redundant in the past 6 months and I am on Jobseekers Allowance currently, the minium payments on all my cards amount to my total income on JSA, meaning I can buy nothing else.

My credit file to now has been good, as I have always paid at least 1p over the minimum amount and would have liked to avoid bankruptcy, however, realisticly, the interest rate are getting higher and higher and it just seems like there is no way out of this trap.

I currently owe approximately £9850 in debt to 4 CCs and 1 store card. 2 of the cards are covered by redundancy insurance. I have 2 mobiles (nder contract) one for the daughter @ £15 a month and one for my job hunting @£35 a month.

Can I discuss this over the phone with a CAB operator or will I have to go to a meeting first, will I be able to bring someone (my partner) to the meeting with me? The whole thing scares me a lot, but I feel there is no longer any alternative.

Thanks for reading this and I hope you guys are easy on me.:A

dojoman

Please contact one of the below, they will be able to offer free and impartial advice:)



https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/

IF

Hi generaloneill and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. 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. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


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.

.
.
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

Bankruptcy before 1 April 2008 (follow for links)


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

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.

Thread by DoshDolt you may find helpful:-

http://forums.moneysavingexpert.com/showthread.php?t=2560009&highlight=doshdolt

Doshdolt has done several more threads to find them click on link :-

http://forums.moneysavingexpert.com/member.php?u=1075187

Doshdolt has done several more threads to find them click on link below and go to Statistics and Find all threads started by DoshDolt:-

http://forums.moneysavingexpert.com/member.php?u=1075187


Best wishes
If...x

IF

generaloneill wrote: »

Can I discuss this over the phone with a CAB operator or will I have to go to a meeting first, will I be able to bring someone (my partner) to the meeting with me? The whole thing scares me a lot, but I feel there is no longer any alternative.

Thanks for reading this and I hope you guys are easy on me.:A

With CAB you have to go in and speak to someone face to face and yes your partner can go with you for support. I would ring National Debtline too for another view.

If...x

generaloneill

Thanks, phoned CAB Helpline and they gave me the number for the local office, but the lines closed just now, going to try again later.

What is defined as assets? as I have a 2 piece suite worth under £2,000 and a £500 television. I am still making payments on the suite.

Anyone know what the charge is for Bankruptcy in Scotland if you are on benefits? Ive been told that its free, but am taking that with a pinch of salt, as I see that its around £525 in england and wales without the court fees.

IF

generaloneill wrote: »

Thanks, phoned CAB Helpline and they gave me the number for the local office, but the lines closed just now, going to try again later.

What is defined as assets? as I have a 2 piece suite worth under £2,000 and a £500 television. I am still making payments on the suite.

Anyone know what the charge is for Bankruptcy in Scotland if you are on benefits? Ive been told that its free, but am taking that with a pinch of salt, as I see that its around £525 in england and wales without the court fees.

Sorry didn't realise you were a Scottish poster I've ammended my post 3, please have a read of all those links.

If...x

tigerfeet2006

In Scotland I believe it is £100 fees. The rules are slightly different in Scotland so I wouldn't be surprised if it is free.

The TV is not an asset. How old is the sofa? How much have you paid off?

ETA: SG rocks!!

generaloneill

on the sofa, we have paid off one third of it. I have not included it in the £9850, should I? I was counting it as a non credit card/store card, so if I was to list it, it would be £1000 extra. But id rather keep it and transfer the payments into my partners name, dont know what to do with that really.

generaloneill

been on hold to CAB for an hour now, can just picture a really small office with only one member of staff.

IF

generaloneill wrote: »

been on hold to CAB for an hour now, can just picture a really small office with only one member of staff.

Oh dear hope you managed to get through!!

If...x

generaloneill

Just an update, got through to a really nice guy, he got some information from me, name dob creditors etc.

He worked out the options and they were as follows

Debt arrangement scheme, I can freeze the interest on my debts and pay them off @ £90 a month over 10 years or £180 a month over 5 years.

A trust deed, £100 to £120 every month for 3 years, which is more damaging to my credit rating.

Low income Low asset Bankruptcy, which is the most damaging to my cedit rating, its a £100 charge for this in Scotland.

Im not really bothered about what this does to my credit rating as im just getting hammered with interest right now.

Hes sending me out a pack containing all this information and he gave me my ref number, so I just need to send it all back.

Oh and most importantly, he told me to change my bank account to one which I dont owe any money to.