Pay for bankruptcy support?

robert542

Hi,

I've been trawling the internet reading information on bankruptcy recently, as recent developments (in short, a property I own with my ex partner which neither of us live in currently is about to become repossessed leaving a mortgage shortfall - on top of around £16,000 of personal unsecured debts) have led me to consider this option.

I have an appointment with my local CAB about my finances and whether this option will be right for me.

However, my situation is very complicated (situation with my property, the property I currently live in with my new partner but don't, the fact that I am self employed and my income is so variable and seasonal...etc...My unsecured debts go back years and some have been sold on multiple times. I don't have original paperwork for them. My finances are a mess and I'm not good at budgeting, especially with such varied income. The property I own is going to be repossessed but hasn't been yet. I know there is no equity in the property but I don't know how much of a shortfall we will be left with so don't even know what debt I am going to have. The bills (although we have had a tenant for some time - who has now stopped paying the bills and rent) - are in my name under an estate management company and I cannot transfer responsibility of these over to a tenant.... I don't know whether the mortgage for this property should go on the SOA form or not as it will be repossessed but it is still an expense right now etcetcetc).

I am becoming more and more confused and really don't know where to start. I am considering paying a company (I've found one online called Bridgewood Debt Solutions) who give free initial advice on your situation and offer bankruptcy support packages where they book appointment and fill in forms for you etc for a feee of around £500 (on top of normal fees to go bankrupt). I would need to borrow this amount from a family member as I don't currently have it, but I think it would be worth it for peace of mind and knowing that I was doing everything right. Has anyone else done this before? Would you recommend it? Has anyone has dealings with Bridgewood Debt Solutions?

I have called StepChange but really feel that I need to speak to someone face to face as my situation doesn't 'fit into the boxes', if that makes sense. For example, my earnings are unpredictable. Some months I earn nothing, so when they ask what my take home is each month, I can't give them a definite answer. I know that there must be other people in this situation but I get worried that the information I'm giving might not be the correct information or the right information the forms are asking for. When I call advice lines I don't know where to start with trying to explain and I'm so stressed and feel like I need someone who knows what they're doing to guide me with the process.

tigerfeet2006

Talk to Business Debtline.They will understand about your income. Do not pay for advice,

https://www.businessdebtline.org/

elljay

Agree. Talk to Business Debtline if you are self employed. They were wonderful. Like you I had income that was all over the place, a business, bits of self employment, paye jobs, pensions. A real muddle. They totally unpicked it all and gave me a way to move forward. In the end the OR said my forms made her job easy as they were so clear!

CAB should help too. Please don't pay for advice, these companies only exist to make money out of your misfortunes - so low. The advice won't be any better than a charity, in fact possibly worse for you, as they will want to find the solution that makes most money for them.

Incidentally your situation won't be any different from any that the charities have heard before, it may seem unusual to you but to them, it's really just a different permutation of issues they've had to solve for other people.