Help please so confused im ill!

liver09

Hi
PLEASE HELP I DONT KNOW WHAT TO DO.

Hope someone can offer first hand advice or recommend someone to speak with.
I am so depressed cant sleep (recently lost my Dad and relationship ended due to the financial worry on top of it all!)

Had my home repossessed last month leaving a 30k short fall now they have sold it. Been living on sofas and spare rooms. Presum I now have CCJ??

I owe approx £14k credit cards
5k unsecured debts (council tax, fees etc)
3k tax.

After 11 months unemployed I GOT A JOB! (9 month contract only. I have not signed on during this time out of pride and hope of getting a job) The job though needs a car (doing 500 miles a week and a flat to live near the site)

1. So should I put off bankrupcy until I have worked a while?
2. Go bankrupt now but they may take my car or I cant get accomodation and they take left over wages so work for nothing?
3. OR Just keep negotiating with creditors hard but this has been 3 years now!

Any sound advice please I have lost alot just want a life and cant see anyway out.

rossireps

im no expert but cant recomend calling national debtline highly enough.
they will help and offer support. please try not to worry there is always a way. hugs x

sniggings

first step is get advice from debt line, CCCS or CAB there are others out there.

You could get your home life sorted first, then go BR

or

You may not get an IPA anyway so no point waiting to go BR, if you don't earn enough after your expenses then you don't get an IPA.

It's hard to say what you should do as we don't have all the details but my guess on your situation would be to get my home sorted then go BR as soon as your head is in the right place as no point putting it off, many people on here including me thought we should have gone BR a lot sooner as it really was a weight off our minds and was not nearly as bad as we built it up to in our minds.

Contracts_Engineer

get yourself straight to Citizens Advice, do not pass go, do not collect £200

rossireps

hi liver09
hope you are ok this morning?
try and give national debtline or someone a call monday if you can
come on here anytime too,even just for someone to listen .

liver09

Thanks All for your time

I have actually spoken to CAB once to talk about the house and didnt find them that helpful. I have been paying the credit cards for few years still getting no where.
Someone advised me it would be better not to take this job and be unemployed and go bankrupt so I would have nothing to take but I cannot pass up the opportunity.

I have a gut feel that it may be a case of getting somewhere to live (would have to buy a bed and sofa etc so dont no if they would refuse me going bankrupt because I have spent money on a car and these kinds of things??)
Need Internet for work so can I pay for that up front so they cant take it when I go BC.
I think maybe work for a few months and then going bankrupt and with the little I will left over each month let them take that for a period of time just to be rid off this life of misery to be honest.

How long can they take money off you?
Will I have to go back to the mortgage company CC card etc and discuss the situation?

Would speaking to a financial advisor help?
Just want to be able to start living -

I know its tricky you guys dont have the full info but I appreciate your time to respond. Just want to know people can come through this.

debtinfo

ok as with many people it seems to me that before entering into bankruptcy you need to sort your own personal circumstances first as it is easier to do at this time and it should take precedence. If you are only using your income and not credit then the OR (in a later bankruptcy) will not object to you using your money to pay what is necessary to look after your immediate wellbing such as deposits, rent and moving costs.

If you know you are going to lose the ouse eventually then there is nothing stopping you moving house now and sending the keys back to the mortgage company, it will take time to get the house finally sorted but that matters not if you are going to go bankrupt later anyway, as i said the most immediate thing is to sort your new living arrangements.

When you do go bankrupt, the OR will assess your income and expenditure including all the normal things you need to pay for including rent, food, utilities internet etc. If you have an amount left over after that they will ask for that to be paid over for 3 years. I know that sounds like a long time now but do not worry that you will be stuck having to make payments that you cant afford again. The IPA can and does change over that period to account for your circumstances, so if you earn more you will pay more, but if you earn less you will pay less, the key is good communication with your OR so that you inform them as soon as possible about any changes

rossireps

seriously try nat debtline .
i had nothing no money no friends no nothing,i went br alone and a year later its over. you can and will get through

jayk

Hi

I second that National Debtline were very good and at time I did not know where to turn I did go BR and although not yet discharged was the right thing for me. Hope you get the help you need. This forum has a lot of helpful information and support.

liver09

Thanks debtinfo Do they always take any left overs for the three years or if the amounts make no real difference to the paying back then they leave it after a period? You are discharged after 12 months is that right? What does that mean exactly?
I have not used any credit for nearly 18 months(cards overdraft etc) so any thing I buy like sofa or a bed will be from my wages when paid.

debtinfo

Hi Liver, yes they would always take the surplus for 3 years, There is no set amount to pay back, it could work out as a small percentage or a large percentage, the Idea is to give certainty as to how long you will pay for as opposed to an IVA (in which they could ask youto pay more if you have not met a certain amount) In an IPA the 3 years keeps counting and you pay £0 per month if for instance you lost your job and couldnt pay for a while (ie you dont have to make up missed payments if you are not earning enough) it would still end after the 3 years.

After you are discharged, even if you are still paying some of your income, then you get to keep any new assets you received, for instance an inheritance or a lottery win, The restrictions (such as ones about obtaining credit) are also lifted after discharge, the only bit that continues are the income payments.