What do i do now!!!!!!!

Boohoo

Hello all.
I have about £55,000 of debt on 8 credit cards and 1 unsecured loan.
I have had to move into my parents home about 4 months ago after my OH had enough of my debts and i am realy struggling to pay any of them.
I am self-employed and have not been working much over the last 2-3 months and i have missed at least 1 payment on all debts and it will be 2 missed by the end of the month.
I only earn about £300 a week when i do a full week and people have told me to sign on the dole but i dont know.
I am thinking about going BR as i cant pay these bills and i have no assetts at all,no car,home nothing.
My parents are scared to answer the phone or the door incase its a debt collector or worse.
Has anyone got any ideas please as i have tried CCCS and the CAB and they said talk to your credit card companys as thats all i can really do as i am self employed and dont earn that much and they have advised me to go BR as a last resort.
Thanks.

NekoZombie

£300 a week is far better than the £40 a week you would get on the dole.

Boohoo

Thanks for the replys.
I rented a flat with the OH.
My cc and loan payments are about £1400 a month and that is just the min payment.
If i work 5 days a week iget £300 but i still have to pay my own tax and NI out of that and that is b4 i pay the old man any money.
When i was on about signing on i meant how would that go for me if i went for BR route?

fermi

Boohoo wrote: »

When i was on about signing on i meant how would that go for me if i went for BR route?

Wouldn't matter for a second. In fact the Official Receiver see's a lot of people in a similar circumstance.

Unless there is a massive reason to avoid BR, it seems like it might be a good option for you.

debt_doctor

Hi, It could be that if you feel that Br is the right route for you ( and it seems reasonable) then if you were still on benefits when discharged then you would never get an IPA. That might be a good time to re start your self employment.

If you sign on and you are over 25yrs of age you will get £ 59.15 per week job seekers allowance or under 25 £46.50

Best,

DD

crystaltips52

Hi everyone. I just joined today and like the person on here who is over her head I am too. I have taken advice from the debt organisations quoted on here and both of them have said that BR is probably the best option. I have become practically suicidal over owing all this money and the only thing that is stopping me filing the papers is fear about my house in France.

I have a one bedroomed, half-renovated house which was owned 50/50 by my husband and myself. He died and his half under French law was redistributed between myself and our three children. I therefore own 5/8. Under French law, no jointly owned property can be sold unless all parties agree. None of us want to sell and I want to go back when I retire. I currently live with my daughter and family and have no other assets. I have searched the net for help and then came upon this site. Can anyone tell me if the OR can force the sale of this property?

I'm so glad to have found you all. I need to know that I am not alone in this as I feel so isolated and defeated about it all.

Take care
Crystal:(

backontheup

I am sure that they cannot force the sale of this property - but they may want your children to buy out your half.

They are very approachable about this (I went through the same situation with my mother over a house we jointly owned - and they were very reasonable)

How much is the property worth in its current condition? If it is a half-wreck, the beneficial interest in the property might be quite low.

tigerfeet2006

Hi Crystaltips I'm going to start a new post for you so that your post will get seen by more people and it doesn't get lost in someone elses thread.

Boohoo

Hi.
As BR looks like the only route for me to go can somebody tell what do i do now.How do i get the forms,how much will it cost,how do i fill the forms in and do i have to go the court and fill them in there or will i have to make an appointment and do all this.
Thanks in advance

backontheup

Boohoo - you will need to get professional advice beforehand - even if that is talking to CAB, or as I did, speak to national debtline. Also a call to the insolvency service counts as professional advice.

Everything you need in terms of forms and information can be found on www.insolvency.gov.uk.

fermi

The Insolvency Service can give you information on insolvency proceedings, but they are not allowed to give out financial/legal advice as such.

The best place to start is by reading the factsheet:

How to petition for your own bankruptcy: http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtopetition.htm

and then any of the other factsheets here that look useful:

http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm

Anything that you can't find an answer to there, then please come back and ask.