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£46k in debt.....at 24.
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Unsecured Debts
Description....................Debt......Monthly.. .APR
Court repayment................46000.....1700......18
Total unsecured debts..........46000.....1700......-
what this?
give us more detail and we could skim it down please?“Life isn't about finding yourself. Life is about creating yourself.”
― George Bernard Shaw0 -
OP lost a court case and had a judgement against him so 'only' one debt. Probably shouldn't speak on his behalf but he's a proud young man and wouldn't see bankruptcy as an option - and good on him :T.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Great work in getting yourself in a better state, and that ebaying was perfect timing! Its a horrible thing to go through but at least you know your 30's will be financially amazing..... it comes soon enough and you'll be an old fart with no debt!
Goal to Clear Debts £4592 Total Progress since 03/10/2020 £2802
Overdraft £1000 PAID OFF JAN 2021
iPhone £817 PAID February 2021
CC was £2775 now £1790 Savings - £42.11
Check out my debt diary here: https://forums.moneysavingexpert.com/discussion/6197423/keto-cash-credit-card-debt-goals-for-2021/p1?new=1
Weight loss since 2018 following a FRUGAL Keto lifestyle Lost so far - 115lbs -85lbs To go!
Follow my Frugal Keto journey here: https://www.youtube.com/user/juicyjackie0 -
Nothing if you have no way of meeting the debt - which the OP does. No idea if you can actually include court debts in bankruptcy anyway?What's wrong with going bankrupt?A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Nothing if you have no way of meeting the debt - which the OP does.
The OP has an interest rate of 18% on a debt of £46000. That means the OP is paying £8280 per annum in interest before he can even tackle the actual debt. He's paying £1700 per month, which equates to £20,400 per annum in just meeting his debt repayments. He's not actually working full-time at the moment and he is selling just about everything he owns.
It just doesn't seem to me that he can meet the debt.No idea if you can actually include court debts in bankruptcy anyway?
I checked out whether court debts are included in bankruptcy:
"Court Fines imposed for an offense and liabilities from a confiscation order made under S.1 of the Drug Trafficking Act 1986 0r S.71 of the Criminal Justice Act 1988 are outside of bankruptcy."
http://www.harringtonbrooks.co.uk/bankruptcy/debts-excluded
The OP can check if he meets this criteria.0 -
Sorry iv not replied, been in touch with a few of you via PM though. House is alot tidier and more relaxing with no clutter! Just need gf to catch up on the washing and it will look so much better. Glad we bought when we did, prices just keep on rising round here.
Im not even considering going bankrupt, im servicing my debt with the amount owed coming down by at least £1,000 PCM(iv overpaid for Feb so higher than this) on a minimum payment of £1,700.
As it stands my debt free date is around 36 months away so 3 years........thats without living in poverty and i dont understand where you are getting the decade to get debt free from?
Got a long weekend but still worked Friday and Saturday, took yesterday and today off as busy clearing out the last of my garage and van. Work is picking up, should be busy most weekends over the next few months at least. Its July where i think i can make a serious overpayment. Iv 3 weeks paid holiday booked off and i will work at least 2 of these so be getting double wages everyday. That should allow me to pay double to service the debt that month.
Love these forums, cant stress enough what a help they are.:eek:Living frugally at 24 :beer:
Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post697977710 -
Fab update very inspiringGoal to Clear Debts £4592 Total Progress since 03/10/2020 £2802
Overdraft £1000 PAID OFF JAN 2021
iPhone £817 PAID February 2021
CC was £2775 now £1790 Savings - £42.11
Check out my debt diary here: https://forums.moneysavingexpert.com/discussion/6197423/keto-cash-credit-card-debt-goals-for-2021/p1?new=1
Weight loss since 2018 following a FRUGAL Keto lifestyle Lost so far - 115lbs -85lbs To go!
Follow my Frugal Keto journey here: https://www.youtube.com/user/juicyjackie0 -
Everybody makes mistakes. I really admire the way you are doing your best to get yourself out of the financial mess.Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 12st determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 100% through my pb challenge.0
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Well done, great progress :beer:.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0
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