Bankruptcy?

awga6605

Hi All

After some advice really, I owe about 40K and pay about £160 a month to various creditors and now thinking should i go bankrupt? I have spoke to CAB about it and they recommended it, but just not sure myself.
Is it as bad as it seems, does it affect your life for the six years as stated or does it improve after a shorter period?
Do i need to keep paying my creditors or do i write to them and let them know what i'm doing?
Your thoughts would be appreciated

Many thanks

gettingitsorted

Hi awga,

i suppose it depends on how you view bankruptcy really ,i for 1 did not think its anywhere near as bad as i thought it would be ,the 6 years is how long it stays on your credit files for but iv heard of people on here that 3 years down the line have a mortgage .
i would offer your creditors £1 token payments for the time being as if you tell them your going bankrupt they wont believe you so its not worth telling them ,find out all the information b4 you actusally decide to go for it .

i would get a second opinion aswell either of these 2 are debt charities and are both great https://www.payplan.com or https://www.cccs.com also take a look here
http://bankruptcysupportersclub.co.uk/default.aspx

Conor_3

I got a remortgage after 3 years. Can't get a credit card though, not that I want one. Not sure about loans - I've not applied.