Bankruptcy Versus Voluntary Arrangement.

WoodruffsDad

I have completed all of the necessary details with the Consumer Credit Counselling Service.

They recommend bankruptcy but say that a voluntary arrangement is an alternative.

I would prefer a voluntary arrangement because I am just beginning to make a bit of money on eBay and I would like to retain a bank account and PayPal account etc. in order to be able to continue trading.

I am 64 years old, married, with no savings and living in a council bungalow.

Any advice?

Tr@cker

Whats the state of play with your creditors and how much do you owe ?

WoodruffsDad

Total debt of about £80,000.00. Up to date with creditors at present except for 3 credit card companies who are pressing me heavily!

Tr@cker

Its a no-brainer then given your age and presuming low income-bankruptcy.

Tr@cker

maybe you could get somebody to trade for you.

CCCS_Matthew

Hi there,

Just wanted to point out in case you haven't already been informed that you would still be able to maintain a bank accout if you went bankrupt. It would be a case of having a basic bank account, but it would still allow you to carry on using direct debits/standing orders, so there is nothing to suggest you wouldn't be able to carry on using eBay & PayPal. Hope this helps

CCCS

Broken_hearted

I would go bankrupt. CCC's advises it to most people now anyway.

wherediditallgo

Broken_hearted wrote: »

I would go bankrupt. CCC's advises it to most people now anyway.

Is that true, CCCS_Matthew?

CCCS_Matthew

wherediditallgo wrote: »

Is that true, CCCS_Matthew?

Not at all,

The advice we give is completely impartial and is based solely on the best option in reference to the individual’s circumstances. If bankruptcy is in our mind the best option for the person we speak to then we will certainly suggest it as a possibility. We look at as many options as possible in finding a realistic way of dealing with situation. It is important to point out that everything discussed in an appointment is advise, so no client is obliged to entertain the advise, because it’s always up the individual on how they feel they would want to deal with their financial situation

Hope this helps
CCCS

southernscouser

Broken_hearted wrote: »

I would go bankrupt. CCC's advises it to most people now anyway.

How do you know this BH?

Seems a bit of a sweeping statement! :undecided

rog2

I have never openly advocated bankruptcy as a first option to debt, unless this has been reccomended by a professional body, such as PAYPLAN, CAB or CCCS, who, in my opinion, would never give that advice without looking at ALL the facts and considering every alternative.
Bankruptcy would certainly appear to be the best option, given what has been said, in the OP's case, and he would be more than welcome to visit the 'Bankruptcy and Living with it' sub forum, where he would find the support and advice, of others who are going through, contemplating or have been through bankruptcy, very useful.