bankruptcy... sensible or selfish

partyparks

hi, im new to this but thought i would ask people who had been or are going through bankruptcy or iva.
im mid 20's,still living with parents, no real assets, but have had over the past couple of years a gambling/spending problem.
this is now to the tune of around £6000 in loan and £8000 in credit card.
i earn around £200 per week and dont have too many outgoings per month, other than as i stated,gambling and the obvious card/ loan bills.
is it too severe to seek bankruptcy,or too selfish?
the main purpose is too have money spare to start again,and bankruptcy seemed to fit,as credit is a problem for me this would become a non option.

i just wonder if i would get told to stop being stupid and stop spending money!

any advice would be great, thanks alot in advance!

Spleen_2

Hi Partyparks

I don't speak as an expert, just someone who's going through the process.

Don't make any move until you've had some professional advice. I used the guys at CCCS who were amazing, and gave me some fantastic advice and direction.

0800 138 1111

http://www.cccs.co.uk/

They won't judge you in any way. They've spoken to thousands of people in your position, and I will absolutely guarantee you'll find someone knowledgeable and sympathetic.

Give them a call, and let us now how you get on.

Spleen

partyparks

my worry about talking to people like this is did i have to pay for the service and would they try to steer me in a direction that may suit them. likei say i know nothing about this so will give them a ring tomorrow and hopefully get the ball rolling. finally admitting i have a problem has already made me feel better. thanks

Spleen_2

Just to set your mind at rest, the CCCS service is totally free. They're a registered charity, and not trying to make any money.

Glad you're giving them a call.

Spleen

sundays

CCCS as CAB and National Debt Advice give free advice, they are no there to sell a product or judge.
Bankruptcy has many issues to it and clearly you know very little from your post, it certainely is not a get out of prison free card, it has tons of implications and you may find that there is little spare cash as many are expected to pay a chunk of their salary to the OR.

Your young , living at home, and working so my opinion would be dont look for a bail out but tackle the suitation, One thing for sure going bankrupt wont give you credit for a long long time so your unlikley to rack up debt again, so maybe you need to manage your money and get advice on how to do that first and foremost .

IF

Hi partyparks 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.

Also please contact Gamcare 0845 6000 133 Website:- www.gamcare.org.uk as getting help will be looked on favorable with the OR.

Amigas thread may help you too.

Amigas Thread -Click here

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

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.

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

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

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.

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

Anubis_2

Agreed, speak to someone. If your debts are under 15 thousand then a DRO may be an option for you rather than BR, but there are criteria.

http://www.adviceguide.org.uk/england/debt_e/debt_help_with_debt_e/debt_relief_orders.htm

I would advise clicking in all links in the helpful post above.