Everything is going wrong!

Hurrah78

I am obviously new but don't know what to do so was hoping for an input from you guys as you all seem to know so much! Basically, I have an ok job earning about £25,000 per year but owe about £36,000 on credit cards and loans. I currently live with someone but the relationship is going wrong and the house etc is all in his name meaning I will have nowhere to live and no money to rent. Would bankruptcy be an option in this case or would I have to move out first. Really don't know what to do. Also have two rather large dogs to take care of so am worried that I won't be able to find anywhere to rent that will allow pets. Also not entirely sure how safe my job is. Oh my god just about sums everything up.

rundownrich

Firstly and I appreciate its easier said, "Calm down"

Talk to your employer perhaps a appraisel and find out so you stop worrying about it.

Find alternative accomodation that excepts dogs, so at least your ready if you want to move out.

Are you up to your maximum limits on you credit cards, if not what is left and think before you go bankrupt. Speak to someone and find out what the difference is in going bankrupt for 36K and 50K. When my friend went bankrupt they took out more credit and used it to get cash out. Went for nearly 80K when originally owed 50K this might be illegal please don't take my word on it.

Be prepared,

Hurrah78

I want to go but don't know how, I haev no family living nearby so nobody to stay with while I sort things out (also who would want me + 2 dogs staying with them)

Conor_3

To add.

Most letting agents do a credit check nowadays so you'll need to try and find somewhere before declaring ideally. The upside is that if you lose your job, you can claim housing benefit to cover the rent.

Is it possible that the reason for the relationship going south is due to the stress you're under from the debts? Maybe if you could see a way of soving the debt problem, it would ease things. But that's only me hazarding a guess.

Penelope_Penguin

rundownrich wrote: »

Firstly and I appreciate its easier said, "Calm down"

Talk to your employer perhaps a appraisel and find out so you stop worrying about it.

Find alternative accomodation that excepts dogs, so at least your ready if you want to move out.

Are you up to your maximum limits on you credit cards, if not what is left and think before you go bankrupt. Speak to someone and find out what the difference is in going bankrupt for 36K and 50K. When my friend went bankrupt they took out more credit and used it to get cash out. Went for nearly 80K when originally owed 50K this might be illegal please don't take my word on it.

Be prepared,

Obtaining credit which you have no intention or means of paying off is most definitely fraud and a criminal offence.

Penny. x

rog2

Hi Hurrah 78 - Welcome to 'Bankruptcy & Living With It'.

I think that most of us can understand your current problems and, in answer to your initial question, yes Bankruptcy could be a solution.
HOWEVER, it does appear, from your post, that you MAY be looking at Bankruptcy without considering all of your other options.
Bankruptcy is the 'final solution' - a bit like going straight to jail, without passing go on Monopoly - and there could be other alternatives for you to consider - such as a Debt Management Plan, or an IVA.
I would reccomend that you talk to one of the debt counselling charities, such as CCCS, PAYPLAN or the CAB, where you will be given free impartial and professional advice. There are links to there websites at the top of the page.
It may well be that they reccomend bankruptcy, in your case, but they will also point out the consequences of bankruptcy, both positive and negative, and the impact that bankruptcy will have on your future.
Another option, for you, is to post your Statement of Affairs, listing Income, Expenditure and Debts, so that we, and those on the DFW board, can advise you of other ways to tackle your problem.