Thinking Of Going Brankrupt..advice?

Eyepunky

Hi all,

My story is think, owing 15K to two loan companies (natwest and virgin) and 3 credit cards. All in all, it comes to about 15K

I am currently living at home with my parents at 29 (sad i know but will be moving out soon!).

I earn roughly about 1100 pcm and after my debts have been paid and bills, i'm left with about 200 per month.

I currently have a fixed hire car purchase that is due up in december, in which i will have to get another car (as i live in a remote area).

Once this hire purchase goes, i'll have about 350 pcm.

But i've had these debts for about 7 years and I will be currently debt free in about 4 years.

What would be best to do, go bankrupt or ride it out? as scared of not being able to gain credit ever again, as once my situation improves more, i would to get a new car.

Thanks for any advice?!!!

jude47

Hi Eyepunky
Could you post your SOA so people here could see whether BR is really your best option? With the amount you'll have left each month, chances are you'll have to pay into the BR for 3 years and BR will undoubtedly affect your ability to get credit in the future - if you could be debt free in 4 years, why not think about that first? You could get advice either online/by phone from cccs.co.uk or National Debtline or CAB. Matthew and Emily from CCCS post on here, so you could get advice that way.

Good luck!

Jude x

Eyepunky

great, as was thinking it was a bit extreme to go bankrupt. As i think my situation my well change in about 6 months (i.e 2nd job, lower living costs, etc) So i think i will just ride it out!

I just get a bit down sometimes, thinking of now and not what the future will hold.

thanks alo

jude47

Hi Eyepunky

Only you can decide, but I'd still recommend you get advice from one of the debt charities - remember, you never have to pay them for any help they give you. And do post your SOA so the regulars on here can advise on ways to cut your costs and clear your debts more quickly. They've have some amazingly clever suggestions for other posters - and you might find you're in better shape than you thought!!


Jude x

philnicandamy

before you decide anything...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 and only if you’re advised that bankruptcy is the most suitable solution to your
financial problems then the guys & gals here will help any way they can.
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