bankrurtsy

sweetangel63

can't spell it sorry....

been on the phone to cccs.....for an hour on half
was given 2 options. do token payments.....or go bankrupt!
i dont own a house. my car worth £500. I am with housing assocaition. I do want to go to uni but i can still get a student loan as its means tested.

im on benifits

what do you think?

angela xx

saffronflowers

It is an option, and if you dont intend on buying a house in the next 6 years it might well be worth considering it

SFx

sweetangel63

pro and cons what are they........i can;t see me getting a morgage ever ....
guess i have never thought about it! clean slate would do me good......i dont know

dancingfairy

Maybe head over to the Bankruptcy board as tey are going through it- have been there- so maybe can offer advice. I know that it affects you getting some jobs though. Just bear that in mind. I guess it depends how long it would take to pay it off, what affect it would have on your life and if you have addressed the problems that led into this situation or not.
GoodLuck with whatever you decide.

scootw1

It would help us if we knew what the debt was.

danno, don't think you read the original post. The OP said they are on benefits so why would they need the car for work? I don't think the OR would be interested in the car anyway as it is worth so little but they COULD take it if they want.

as the OP has no assets to protect they may be better off considering bankruptcy but whether they want to wait for the creditors to do it or do it themselves is up to them, it would just cost them more if they do it themselves

rog2

If CCCS have reccomended bankruptcy, then this PROBABLY is the best option for you. It will affect your credit rating, for the next six years, but that is probably already the case.
It should not affect your application for student loans, but will probably affect any application for additional financial help whilst you are at Uni, but this is not necessarily a bad thing as you will finish uni with the minimum of debt, plus you should be able to find some part-time work to help you.
The OR is MOST UNLIKELY to take your car.
Perhaps, before taking the final decision to go down the road of bankruptcy you might wish to talk with PAYPLAN, for a second, professional opinion.
You can also look over on the bankruptcy forum, where you will find that you are not alone in your dilemma.
Good luck
Rog2

sweetangel63

well thinking about going via the token route for a while, i have opened a new baisc bank account and see how i go there. I might see light at the end of the tunnel........if things are no better I might look into bankruptsy........