Am i in deep doodoo?

maxmycardagain

I have been self-employed 4 years, in april a customer went into liquidation owing me £12000, in a panic i used cash off cards to pay bills and now am not earning enough to repay the montlhy bills, work is slack, incoming payments are slow. I have 8 credit cards all maxed out, and am now seriously considering going bankrupt although I havent yet defaulted on any payments. I have no assets, property, savings, cars or anything to lose if i go BR. also i dont have many CC statements. or should i just do a runner?......:j

betterlatethannever

Hi Max. and welcome to the BR board.
The first thing you need to do is get some advice
Professional, free and impartial advice on debt problems can be obtained from several charitable organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart.
You can contact:
Your local CAB Office and ask to speak to a 'money advisor'.
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823.
or visit
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm

When you go BR the judge will want to know that you've taken advice from one of the above, so it is important. I believe that payplan don't deal with BR but with debt problems, so may be best to see the CAB or contact the CCCS.
Good luck, and keep posting any questions you may have.

maxmycardagain

cheers, ill do that i think. ive been offered a job but its only £15K a year and if ive got IVA's the OR will swallow my wages up so ill be no better off will i.

betterlatethannever

Not sure on that one. What you would have to do is post an SOA (statement of affaires) and someone will help you from there. Its amazing just how much money you can keep and still go BR without any problems.

PS don't worry about CC statements. i had none, most people don't. ohh and don't do a runner..its very tiring.

maxmycardagain

8 credit cards, about £30,000 total, a hsbc loan £6000 and hsbc overdraft £1000

is that enough?

betterlatethannever

We need more really max. Can you do a list off all your incomings and all your outgoings please.

Tao81

I can't be of any help with advice Max I'm afraid but I would just like to wish you well with all of this and hope things get sorted soon and wishing you all the best for your future.
Take care you are in my thoughts

maxmycardagain

incomings from my work at the moment

approx £250 a week (though i made a £8000 LOSS in the first 1/4 of 07-08)

wifes

£500 a month

wftc £400 a month

rent/rate rebate £200 (covers most of it)

child benefit £60 (i think) 4 wkly

rent
rates
leccy/gas
phone
water
shopping

around £800 a month

stubie

maxmycardagain wrote: »

cheers, ill do that i think. ive been offered a job but its only £15K a year and if ive got IVA's the OR will swallow my wages up so ill be no better off will i.

As already mentioned you will need to work out your income and expenses...i.e what you have coming in £ and what you have going out £. You can't go into court saying this is what I owe, please make me BR.

Spend an hour or two and list out your exenses and income to see exactly where you are with your money. As betterlatethannever has said get some advice, give one of the charitable organisations a call, don't worry about opening up to them, its great when you have spoken with someone about it.

betterlatethannever

Max, try using this. http://forums.moneysavingexpert.com/showthread.html?t=107280
it will help with any questions you have and give you an idea of how to do an SOA

maxmycardagain

and 18 months later.......lol