Help please so confused im ill!

liver09

Thanks so much. So i presume the way forward once it happens is to ensure that there is not a great deal left over each month!
I didnt know it was 3 years. Good to know.
Bit by bit I am getting things straight in my head but just done want to miss anything or be put in a worse situation by not knowing something. (not that it could get much worse!!

debtinfo

I should add that i can only tell you about bankruptcy i cant say that this is the best option for you, it is something that you need to choose yourself and be happy with the decision and the advantages and disadvantaged that come with it, as the others have said, it is vital that you do talk to one of the debt charities to discuss all your options.

Its not so much ensuring that you dont have much left over, it is more about making sure that you have accounted for all your expenditure so that you can live a reasonable lifestyle whilst paying the rest to fund both your bankruptcy and a return to creditors

mrsrwallace

liver09, just want to say I hope you get the help and advice you need soon so you can get your life on an even keel.

I may be going down the BR route too in the near future, my shortfall is a LOT and I have a lot of joint debt which I really have no hope of clearing. I know what you mean by being ill, the stress of it all really does take its toll.

I have experience of an IVA but a professional will better equip you with what may suit your situation better than anything I can advise.

alastairq

Hi Liver......I fully concur with what has been ably posted above!

From experience, it is absolutely essential you get your domestic life properly settles first and foremost.

I cannot emphasise that more.

By all means, go for the contract......it will certainly make you feel better to earn something...and will give you capital to use for essential items....[as mentioned above, should BR come your way, the OR won't mind such expenditure.....]

The shortfall, and credit cards can be 'ignored' as they are debts of only secondary importance.

The debts which could have more significance are the Council Tax and Income tax debts.

With Council Tax debts, the LA will pursue via Bailiffs, so you will have to deal/cope with that problem as and when the time comes.

With Income tax debts, HMRC can and do petition for individuals' bankruptcy.

With regard to the latter....since you have already realised that BR may well be the final option for you, then to be made BR by a creditor [HMRC?] has an upside, in that they pay for the petition, not you!

In that respect, it may well be a better option to hold off with a personal petition for BR......and see what happens?

[which course of action would nicely tie in with the first advice, about 'getting settled domestically'?]


So...........get all-your-ducks-in-a-row before worrying about BR, but watch out for action by the local authority over council tax.....and try to get major issues like renting somewhere to live early on, before HMRC spoil your credit rating with a BR?