Bankruptcy V Iva...i Own Nothing Helllp

blancomcr

HI fellow debt people,Im a 30 yo man,single,i own nothing except a blender and a tv. I am in debt for 25k plus. Up to 3 years ago i was debt free with an excelent credit rating and a credit card of 35k.(i payed for private cancer treatment on my 30k limit credit card,at the time is was the least important thing.) Now i am in a huge debt AND the company i work for went bankrupt last month. So in conclusion,im on the dole,i own nothing,im in debt for 25-30k..what do you think is the best choice an IVA which prob wont work because i have no income or bankruptcy (i dont have the funds). i was on an arangement to pay with my debtors but now on good old benfits (1st time by the way) i can barely afford to eat.HELLLLLPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP PLEEEEEEEAAASEEEE

debt_doctor

Then I assume that your on job seekers allowance of £ 59.15 per week, full council tax benefit and maximum housing benefit. I think you would get a better response posting this on the bankruptcy sub board.
It seems that you could be a good candidate for bankruptcy but we need to know much more about your situation to be able to assist you, and you need to take some formal proffessional advice form one of the debt charities.

The bankruptcy would cost you £ 335 ( exempt from £ 150 court fee). If you buy your gas / elec from certain companies they have charity trusts that sometimes help with the £ 335 bit, and also there are occupational charities that do the same.

Best wishes

DD

james32_uk

Bankruptcy certainly looks the best decision in this case. Best bet is to speak to payplan or CCCS who will be able to advise you your best options.

If you want to go bankrupt simply stop paying any credit card bills and save the money towards bankruptcy.

rog2

Hi blanco - I must agree with the advice that you have been given, above.
Why not have a look at the Bankruptcy and Living with it board, where you will see many other people who are, or have been, in a similar position.
Take the advice - talk to CAB or CCCS - it is unlikely that you will be eligible for an IVA as your income is made up entirely of benefits.
You have no assetts (OR is NOT going to take your 'Blender' from you) and, I guess, you are currently under a great deal of stress.
Bankruptcy would certainly appear to be an option that you should seriously consider.