Paying for Bankruptcy

sandy_t

Hi all, I'm new to the forums so excuse me if this has been answered before!
My partner and I have decided the answer for us is to go bankrupt but we can't afford the charge of £450 each. I applied for a loan from Nationwide but as we don't have good credit rating it was refused as I expect it would be from any bank. How have other people managed this? Is it just a case of borrowing from friends/family.

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 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

Its worth a note that some of the major utility companies offer a trust fund & in some cases may help with payments towards bankrupcy costs BUT they will insist you seek advice from one of the charitys listed above first otherwise they will throw the application out...some members posted here have had all their costs paid for this way some have been granted an ammount towards the cost..see how you go

have a look here....








http://www.edfenergytrust.org.uk/documents/UtilityTrustsandSchemesforVulnerableCustomersDec06.pdf

fermi

Raising the bankruptcy fees when you financial position is such that you are going bankrupt anyway is often a pain in the *** to put it mildly.

The approach taken by lots of people who are firmly committed to going bankrupt is to stop paying all debts except priority ones. Since by the time you have reached this stage it is likely that a significant portion of your income each month is going on loan/Credit card repayments etc, then cutting these out and putting the money towards fees can often save the required fees in a matter of one two or months.

By the time your creditors even think of taking things further than nasty phone calls and letters (this can be a surprisingly long time) most people can have the fees saved up.

As said, this is only a good plan if you are committed to going bankrupt, but it's the best option for many.

owetoomuch

On the advice of the CCCS I stopped my direct debits for loans and stopped paying minimum on other non essential bills and could go BR quite quickly as these were for more than the BR fees.

sandy_t

Thanks for all your replies, I went on the CCCS site but it wouldn't let me enter the real figures for shopping and telephone charges, it had recommended amounts that you can't change to higher. This resulted in me being told that I have enough to meet my monthly payments.
Does everyone else manage on £25 per week each for food and toiletries?

PixiePie

sandy_t wrote: »

Thanks for all your replies, I went on the CCCS site but it wouldn't let me enter the real figures for shopping and telephone charges, it had recommended amounts that you can't change to higher. This resulted in me being told that I have enough to meet my monthly payments.
Does everyone else manage on £25 per week each for food and toiletries?

Well, it is 'possible' on £5 per person per week, but it's not great and it means not buying toiletries (or getting into couponing at Tescos) - and being hungry a lot Realistically I think we could eat three meals a day on £25 per week for both of us per person (so £50 a week) but that's real basic food (seriously basic, I'm not talking 'oh, just no takeaways' I'm talking pasta one night, beans the next, eggs the next, and then back to pasta with a little fruit and little (one night) meat and some bread) with no snacks (of any sort, not just 'oh no, we don't have loads of crisps and bickkies in the cupboard) and no toiletries at all. Sorry I can't help on the CCCS website though - it doesn't like me and I can't get past the front page it seems :mad:

If you want to do an Income and Expenditure here people are pretty good at thinking out of the box to reduce things (and how to substitute) or prepare for the SOA for BR.

madoldbat

Yes you can manage on 25.00 per person pw but it requires more planning than most of us are used to .My idea of shopping was to wander around the supermarket popping things we might,could and did need into the trolly.
Now I make a list of do needs only and buy very few ready meals only odd pizza thing as a treat for the kids.Its not as scary as it sounds cooking your own stuff its all that pretty packageing that costs.
We dont buy the cheapest of everything (Econommy toilet paper:eek: )but we do check the prices and buy the best we can afford so it might be roll on deoderant at 1.00 rather than big name at 1.80 ,shampoo do you realy need the 4.00 bottle or would a nice family name at 1.50 do?We like bogofs for things likhe washing up liquid,washing liquid conditioner or anything else realy but only if we need it.
We dont eat a lot of red meat so only have to buy that once a month ish but we do like fish and chicken and cheese.Again not top of the range no plaice ,free range or stilton but good quality in smaller amounts.
Also we NEVER buy lunch only ever packed not sad as a fresh lunch box with fruit,salad sarnies,home made cake or muffin looks much nicer tastes nicer (my kids are always been asked to share theirs with mates at school whos mums buy pre packed) if anyone ask why you take pack up well your treating your body to a detox,healthier,better life or simply trying to lose a little weight.
Sorry I have gone on a bit but hop I have given you some ideas.
Oh! its not easy but Im getting better at it:rotfl: :rotfl:

NekoZombie

IMHO, if it requires that much planning then its not a reasonable expense - you clearly need more than £25! I would budget for a higher amount in your I&E - of course whether you choose to spend it all is up to you.