Is there nothing I can do

badmark

Ive been really stupid and over the years have accumulated according to my creditors about £70,000 in debt, credit cars, loans,store cards etc. Its really getting to me, In some cases ive paid off the original debt and owe the interest. In one case a ive paid about £6000 on a £5500 loan and they are saying I owe £17000, the interest was 30%. That loan was taken out in 1992 and will be paid off in about 150 years the way things are I also have a few more from the same time.
The problem is that I have lived in the same address for 40 years and always been in touch with them all the time, making small payments when i could, if id skipped they probably wouldnt be able to find me

None of them are secured (as I dont have any house)

Is there anyone who can HELP !!!!!
M

Broken_hearted

Go bankrupt.

BWZN93

It would help if you posted a full statement of affairs so we can see a true picture of what is going on and we will try and help in any way we can. The only way we can give you the best information is if we can see exactly where everything is going and what the best course of action might be.

Get a nice cup of tea and have a sit down with all the figures, and dont panic!

Jo x

fermi

There is plenty you can do.

As said, posting an SOA will allow everyone to get a clearer picture of your situation.

See here for a guide on the sort of info to include: http://forums.moneysavingexpert.com/showthread.html?t=107280

If you really have hit a brick wall with you finances, it would also be worth getting some free 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]

These organisations can give you advice on your debts and the best options/approach to deal with them. This can range from simply better budgeting and payment of the debts, right up to options such as bankruptcy and everything in between.

plumduff-2

Agree with broken hearted.. consider bankruptcy...

Cotact CCCS who can go through everything with you - give you a 2nd opinion nd explain BR and how it will affect you.. x

badmark

Thanks everyone its nice to know helps there
X M

McSaver

Yeap Bankruptcy is the best choice you havent got anything to lose. But this will ultimately affect any credit given in the future once your discharged from bankruptcy.

you will have a court fee of a few hundred pounds to pay though. (which will be needed to raise beforehand.)

debtfree1day

I cant believe I am about to do this, but I am not sure all this advise about Bancruptcy is appropriate.

I have been on here only 4 months and dealing with my debt for 6. At peak I owed £79k, and yet after postiong SOA, review of employment, assets etc etc, the advice I got was split along the following lines

10% Bancruptcy
50% DMP
40% just go hell for leather - then surf debt to 0% as credit improves

not sure we have enough information to advise

I am no expert and have not giving anyone any advise ever, but thought Id share my observations

Lisa

spurs501_2

Out of interest, everyone is saying the OP is better off going bankrupt because he has "nothing to lose"?

At what point would it be better NOT to go bankrupt then?

i.e: If he DID have a property would he be better off trying to work his way through it? Does it depend on how much equity in his house? Would he DEFINATELY lose his house if he went bankrupt?

Sorry for all the questions but the subject has intrigued me.

Thanks.

badmark

One of my problems is that the house I live in is the "family" house, and its up for sale, my father owns it but i will be getting £200000 on the sale, if I go bankrupt when I get the money Ill have to declare it and that will obviously be an asset.
I know this makes me sound like an ungrateful twit but ive still got the £70000 debt, people ringing all the time and I have about £40.00 disposable income after gas, elec, phone, car ,food, etc etc which ive spread between creditors.

There have also been a couple ive tried to make payments to above what I can afford to "keep" them in case I can get straight.

And then theres the shame which for me is a big one
Thanks for all the advice I know ill get sorted but feel sorry for myself today
M

badmark

Thanks for post, but didnt quite understand the 40% bit ?