Struggling with Loan Repayments

mambo69

if you were only planning the party where has the money you borrowed gone?

CLAPTON

there is no need to choose to go bankrupt

it is unlikely the the bank will force bankruptcy upon you as you have no assets

DCFC79

mambo69 wrote: »

if you were only planning the party where has the money you borrowed gone?

Its a huge amount for an engagement ceremony, yes where did the borrowed money go.

itsjimmy

DCFC79 wrote: »

Its a huge amount for an engagement ceremony, yes where did the borrowed money go.

As I said, A large chuck was used to clear my overdraft and other minor debts, and the rest was to be used for my engagement.

itsjimmy

Sorry for the late replies guys, unfortunately i have limited Internet access these days.

Belfast1978 wrote: »

Doesn't being a bankrupt close certain doors for you like joining the police etc?you never know what you might want to do in a few years.

fair enough your credit might be screwed now but I would think BR is the last resort. infact in 1999 my finances were so bad I couldn't even get a bank account I now own 2 houses outright a nice car outright and I remember at the time seeing no light at the end of the tunnel it may seem bleak but don't worry just talk to your lender explain the situation and organise a payment plan.

remember its never as bad as it seems.

Thank you for the kind words, I sure do hope things get better for me too. Btw, awesome story. Well done, very pleased for you.

Apples2 wrote: »

And ignore any contact from anyone offering to wipe out your debts.
all they do is take your money for themselves and let you fall further into ruin.

Thank you Apples2, appreciate it. I wouldn't have really asked them anyway, but its from that spam call that I got the idea.

andyfromotley wrote: »

Sad story mate, ONLY deal with charities Stepchange, CAP etc.

Cheers Andy, again much appreciated.

meer53

OP, good luck with whatever you decide to do. Next time, if your GF suggests an engagement party, tell her it's much more romantic if there's just the two of you

itsjimmy

meer53 wrote: »

OP, good luck with whatever you decide to do. Next time, if your GF suggests an engagement party, tell her it's much more romantic if there's just the two of you

Oh trust me there won't be an engagement party ever again, with whoever I am.

In my case it seems you can never trust a woman.

swardean

Hi Jimmy, you would not qualify for an IVA on various criteria, also you would be crazy to go BR for such a small amount (relatively speaking)

Assuming you have no assets (property) your creditors will also not make you BR, as they would get nothing from this and it would cost them circa £700.

The best option for you is to speak to Sainbury's themselves. Explain the situation and workout what you can afford (and maintain). Ask that you be put in a payment arrangment for this amount until your circustances change. Initially they will kick and scream but eventually you will get through to them that if this is all you can afford, they will need to accept.

Let us know how you get on.

ViolaLass

itsjimmy wrote: »

As I said, A large chuck was used to clear my overdraft and other minor debts, and the rest was to be used for my engagement.

To do what? Buy the ring? (Sell it) A party? (It didn't happen so you should still have the money?) What did you do with it?

RuthnJasper

itsjimmy wrote: »

Oh trust me there won't be an engagement party ever again, with whoever I am.

In my case it seems you can never trust a woman.

Take heart Jimmy, we aren't ALL parasitical leeches! There'll be a nice girl out there somewhere who knows how lucky she is to have you.

Good luck to you; I hope you get your finances and your love-life in a happier place very soon.