Applying for Help with Bankruptcy Fee

SarahPennySaver

Hello
I've finally got to the point with my debt and financial situation that I've been advised to consider bankruptcy. Basically I've got about £30,000 to pay, no assets at all and I'm about to lose my job due to sickness.

The problem of course is raising the fees! At the moment I'm not sure if I would have to pay the £180 or not but will probably be on benefits by end of September so may not have to pay it if I go bankrupt then (?). However there is no way I can raise the £525 and I am therefore going to need to apply to the EDF/BG energy trusts for a grant. My question is - has anyone else done this and were you successful? I'd also be very interested to know what information you put in the 'why do you need help' section. Do you put your full life-story?!

Any help/advice about this would be really appreciated.
Thanks
Sarah

SarahPennySaver

PS: I'd like to start a diary again but not sure where 'going bankrupt' diaries go. Do I just start it here or should I be posting in the debt-free diaries section? Don't want to get into forum trouble
I have a diary from 2013 which unfortunately shows how little I achieved then and how deep my head has been buried for the last two years! :eek:

fermi

SarahPennySaver wrote: »

PS: I'd like to start a diary again but not sure where 'going bankrupt' diaries go. Do I just start it here or should I be posting in the debt-free diaries section? Don't want to get into forum trouble
I have a diary from 2013 which unfortunately shows how little I achieved then and how deep my head has been buried for the last two years! :eek:

Goes wherever you feel most comfortable with. I see you've started one in the DFW diaries section.

https://forums.moneysavingexpert.com/discussion/5298240

I've subbed to that, and if you want it moved over here at any point then let me know.

owlet

If you are definitely going bankrupt you can stop paying your creditors as of now and save that money for your fees.

If you are waiting till you finish work you can do as above but you won't have to pay the court fee if on benefits. You will still have to pay the £525.

Who advised the bankruptcy route? If you have paid - don't! You can go through Step Change or National Debtline etc who are free advisors.

When I went BR, I used step change. They talked me through & gave me a reference number. I then phoned my creditors and offered £1 a month token payment, which they all accepted. This gives breathing space while you save the fees & get sorted.

It's really important not to rush into it.

You need to get new bank accounts opened asap
Get wages transferred into it.
Cancel direct debits to creditors.
Prepare your SOA carefully.

Hope that helps

owlet

You don't need a full life history in the why are you going br section.

Use a date time line and keep it concise with no waffle.

SarahPennySaver

Thanks for the replies, especially the no waffle, I'm an expert waffler!
I have had professional advice. A couple of years ago I was planning to go into an IVA and at that point stopped paying creditors except for £1 a month. Unfortunately due to sickness my income has not been reliable and I have nothing left each month for payments even on a very tight budget. Recently I have had advice from CAB and a really helpful long phonecall with Debtline who advised me that bankruptcy was really my best option now especially given size of debt and lack of income.

As fermi mentions I've started a diary in the diaries section which includes a rather waffley summary of my debt history and I'll keep it updated with what happens next.

Thanks again for the help
Sarah