Taking action, no more burying my head in the sand.

drgreenthumb1238

Hi there folks. It's come to the stage where I can no longer bury my head in the sand. My debts have been out of control for a number of years, and I've just ignored creditors and not paid anything in over four years now. I've suffered from depression as a result of my debts, but like I said just ignored everything. I need to take action in order to move on with my life, and put this horrible period of my life behind me.

I lost my job in 2008 and was unable to secure permanent employment since. I have around 22k of unsecured debt, some of which has now become CCJs. I can't see any alternative to bankruptcy, as I am in receipt of JSA.

I was wondering how much it will cost for me to declare myself bankrupt? As obviously I'm on a limited income, if it is a high amount, then it will be difficult for me to do so. Also, as I'm in receipt of JSA will I have to make a repayment to my creditors out of that? Again, this would be very difficult. If so, for how long will I need to make repayments. If/when I do manage to get a job, I'd have no problem in repaying what I can afford.

I'm sure I have other questions, but these were the ones that popped into my head. Thanks in advance for your help.

mazman83

Hi

Please take a look here Look here first - Bankruptcy Help: Important topics, factsheets and links as it will answer most of your questions.

You need to take advice from one of the free debt charities like CCCS or CAB.

To go bankrupt it will cost £525 plus £175 in court fees, you may be exempt of the court fees if you are on certain benefits.

As your only income is from benefits you will not be asked to pay into the BR also know as an IPA.

During your bankruptcy if you do find work then you may then get an IPA, this will last for 36 months from the start of the IPA.

Hope that helps.

IF

Hi drgreenthumb1238, mazman83 has answered your questions and please do 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 others 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 *

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 ~

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

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