Bankruptcy is it for me??? please help?!?!

kenneth77

Hello

I'm new to this site so hello all ive been reading through some people experinces on this on here and would love some help from people who have been through the same problem i owe about 14k= 3k of this is credit cards and the rest is loans and overdraft. Im not behind on my loans but ive been overdrawn by a grand for about 2 years and im very behind with credit cards esp one with capital one although i only have £700 on this my credit limit was 200 so i'm always being charged a few for being over limit - i tried to ask them to wave the fee if i agreed to pay 60 a month but they declined and so paying about 20 a month and being charged about 12 a month from them, im sick of paying constant charges for this and overdraft and never having any money left for myself i earn about 15k a year and live at home with no assets and not sure i'd be allowed to go BR is there certain criteria???? i also have a very bad credit rating currently and even got refused for a new bank basic bank account recently so a consolidation loan is out the question!!! im gettin really down about this, even though it may not sound like a lot of money!!!

philnicandamy

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm
If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can between us all offer the best support and advice that you’ll find anywhere on the Web.
For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:
http://bankruptcysupportersclub.co.uk/default.aspx

There is no set criteria, you can either petition yourself for bankrupcy and pay all relevent fees (you can get a reduction in fees if your in receipt of any benefits) or in rare cases your creditors may, it may not sound a lot to you but when it's getting so bad £1 owed may as well be £1000000000 if you aint got the money to pay...in the end bankrupcy does have its pros and cons & it's YOUR decision after speaking to any of the above you may find bankrupcy might not be an option there are other routes to take...just as a note though I had no assets no funds & lost my job due to ill health & I petitioned for my own BR & only owed £12,000

(thanks rich here's one we made earlier!)

NekoZombie

philnicandamy wrote: »

(thanks rich here's one we made earlier!)

that cake has been baked a fair few times, and now I see other people have the recipie...

MaryJoe_2

Hello, I wonder if you can help me please.

I owe a finance company just over £8,000 from an existing loan. Over the past 9-12months I have experienced not only financial problems but also emotional problems with my immediate and extended family. I explained to the company and also apologised to them for not getting on contact with them earlier due to personal problems. I offered an initial payment of £100 to them and they told me that they would need to have the account cleared with 18mths and that it would work out from their calculation that I would have to pay over £500 to them which is more than my mortgage. I told the adviser who did seem to be interested in my offer and his supervised had instructed that I pay the £500 per month or seek bankruptcy. I told him that I would not do that just because they had a company target to achieve.

I have had credit problems but I am slowly maintaining my other bills which are manageable.

This company have sent a letter and accompanying to instructing that if I do not come to a suitable agreement within the next 18 days they will start proceedings. I am really scared and I don’t want to file for bankruptcy. The company have not been helpful and I desperately need help please. I would be grateful if you could advise me please.

tight_jock

MaryJoe wrote: »

Hello, I wonder if you can help me please.

I owe a finance company just over £8,000 from an existing loan. Over the past 9-12months I have experienced not only financial problems but also emotional problems with my immediate and extended family. I explained to the company and also apologised to them for not getting on contact with them earlier due to personal problems. I offered an initial payment of £100 to them and they told me that they would need to have the account cleared with 18mths and that it would work out from their calculation that I would have to pay over £500 to them which is more than my mortgage. I told the adviser who did seem to be interested in my offer and his supervised had instructed that I pay the £500 per month or seek bankruptcy. I told him that I would not do that just because they had a company target to achieve.

I have had credit problems but I am slowly maintaining my other bills which are manageable.

This company have sent a letter and accompanying to instructing that if I do not come to a suitable agreement within the next 18 days they will start proceedings. I am really scared and I don’t want to file for bankruptcy. The company have not been helpful and I desperately need help please. I would be grateful if you could advise me please.

The first thing you need to do is get in touch with one of the agencies as listed above by Phil.

It`s unlikely they will seek to make you bankrupt in the first instance due to the cost to them.
:beer:
TJ

MaryJoe_2

Hi TJ, thank you for your reply.

To be honest I am very scared, I don't want to be made bankrupt; it would be the death of me.

MaryJoe

fermi

Hi MaryJoe .

TJ is correct.

I really would recommend getting in touch with one or more of the organisations in my signature. But I'll repeat:

[SIZE=-1] You can contact:
[/SIZE]

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

They should be able to advise you on your situation, and be able to let you know how real a prospect it is that they would petition for your bankruptcy.

I suspect that since it is very expensive for them to do this, then it is purely a scare tactic. But I would get some professional advice that will either set your mind at rest, or let you know the best approach to stop this going any further.

MaryJoe_2

Thank you for the advise given.

MaryJoe.