Newbie I aint got a clue about BR please help

xoximpyxox

Hi plz help me.

I was told that i may be able to declare bankruptcy.
heres the basics.

I live in a 1 bed flat (housing association)
i owe about 7k
to 4 different ppl
main loan 5k
credit card 1k
and other catalouges etc about a grand.

Obviously when i got all this stuff i was working and like every1 else got the loan to help myself out when my girls was born

Im now on job seekers allowance at the mo about £55 a week, fiver of that is CSA and cant find much work in my field.
i own a £500 L reg Fiesta that my g/f bought me But not much else apart from the basics a tv dvd player and a few dvd's

I have 2 kids that live with their mum but stay at mine weekends

can i declare bankruptcy?
i dont understand any of it as its not been explained to me in full and basically need info
I understand theres a fee for doing it about £400 and stays on ya credit file for a year.

But as ive already got a bad credit rating for 7 years anyways doesnt really bother me

plz help be greatful cheers

scaredwitless32

I would start by reading this:

http://www.insolvency.gov.uk/guidanc...bankruptcy.htm

Then checking out many of the other factsheets at:

http://www.insolvency.gov.uk/guidanc...ets/Guides.htm

and perhaps: http://bankruptcysupportersclub.co.uk/default.aspx

and then come back and ask anything that you are still unsure of.

Plus if you are seriously considering bankruptcy you need to get professional advice.

[SIZE=-1] You can contact:
[/SIZE]

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

(This was originally posted on another newbie thread by Fermi,I hope he/she doesnt mind ?)

scaredwitless32

The BR usually ends after 12 months when you are discharged, however you can also be discharged sooner than that, depending on your situation. It stays on your file for at least 6 yrs I think, but could and maywell affect your credit ratings etc for a considerable time after.

Some one with more experience will give you more advice soon, if I were you I would read up on it as much as you can, and seek a second opinion from one of the debt charities above if you havent already......

xoximpyxox

cheers scared i had a look at the links and had a read up.

I understand the principle of it all but just cant get me head around it.

I owe 7grand and i have a bad credit history for 6/7years
I dont work get JSA and cant pay em so they getting on my case.

Bankruptcy i cant get rid of that 7grand debt and have a good credit rating as quick as 12 month (in some case's)

my brain cant comprihend that seems a little Oxymoronish really if ya understand me.

i mean if thats the long and short of it, as above who do i then have to apply to do i have to inform a court? feel in a form to get the ball rolling?
I mean i have nothing not a pot to you know in, apart from my car my miss's bought me but i need that to collect my kids and it will help me for getting work so i cant see them taking that defeats the object

straightandnarrow_2

HI,
please make sure you have it clear that you will not have a good or even half good credit rating after a year. You will be affected for at least 6 years if you go BR. It might be worth considering a DMP (Debt management plan) first, as relatively 7K is not that much for a BR.
I may be wrong, but I get the impression that this seems like an easy way out to you, please don't think that! Try any other option open first. Being BR is long, difficult and you will have to live with it for a very long time. It's only worth doing if you are really at the end of the road and have tried other ways first.
I hope I don't come across as ranting, but I feel very strongly that I wouldn't want anyone to go through the pain of BR if they can possibly avoid it.
Good Luck xx

xoximpyxox

i understand what ya saying and yes maybe is the easy way out.
But i also understand that i will have a affected credit rating for 6 years but as most of the debts have all been passed over to debt collection agencies i already have that now.

Also 7k may not seem alot but to me it is.

I agreed to pay £10 a month to most of them and did so for about 6 months but then they wanted to up the amount, and as u must respect i do have my own flat (housing association) so i do have to pay for bills ie electric gas food and other stuff like that on £50 quid a week and have to try and get stuff for my girls aswell which is hard as me and their mum aint togeather anymore.
Yes i can give my flat up i spose, but at 29 living on my own after 5 years going home is a no no and besides i waited 7 years for it and that would be stupid this is the only grounding i have.

So yes maybe the easy way out to you but ive tried other options but if uve ever had debt collectors thretening you with banging your door in to take random stuff like my TV ooo thats a tenner towards the bill (which im sure you have) then your know why im here

gettingitsorted

I would really advise you speak to one of the debt charities www.payplan.com or www.cccs.co.uk they will go through your circumstances with you and then give you all the options available to you ,i for one dont think that bankruptcy is your only option .

scaredwitless32

Speak to cccs, they will give you information straight away if you go onto their website and fill in the information on the 'debt remedey' form, after you have completed that it will give you a reference number together with your own debt remedy booklet and options to deal with your debt ,taking into account your circumstances...........then when you have done that use the dedicated phone number to discuss options. Its well worth it believe me! You have nothing to loose in doing that.