Please advise

firthjm

Hi i have had my lightbulb moment and i am really looking for some advice,

i'm 19 and live with my partner im claiming everything i can (housing and council tax benefit) i am working.

i have unsecured debts of just under 7000, i am seriously considering bankruptcy i have looked at DMP but it would take me nearly 12 years to repay as at present i can only afford £50 a month to repay.

I am looking to get a better job / improve hours / get more income in general however as im sure all of you know its not something which is instant.

Do you think i am being silly considering bankruptcy?

fermi

Have you spoken to any of the free advice agencies?

As per my signature....

[SIZE=-1]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.[/SIZE][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]

Plus have you posted about your situation on the Debt-Free Wannabe board? There is a wealth of advice and experience there regarding getting rid of even impossible seeming debts.

I'm not necessarily saying that bankruptcy is not a suitable solution in your case, but it is a very very serious step with far reaching consequences.

We can try and answer any questions about bankruptcy that you have, but it's not really our place to give advice regarding what is best.

firthjm

Hi have been in contact with CCCS & am going to give PayPlan a call tommorrow to see what they say.

CCCS advised a DMP, i honestly think bankruptcy is for me i have recieved a ccj lately and have a couple of defaults so my credit file cant get any worse.

and i figure instead of paying off for 12 years within 1 year i can have a fresh start and get a totally clean start in 6 years when my credit file gets wiped instead of in 18 years.

debt_doctor

Well Firth you seem really switched on but how did you get into such debt within 1 year or so ? Not saying bankruptcy is not an option but we need to know soooooo much more of this situation before weare able to help

firthjm

the problems occured over the last 18 months or so basically since i turned 18.

i was living fine with parents then due to family problems was forced to move out, relying on credit to live (banks seemed only to happy to lend). I was just about getting by when i was offered a "promotion" at work this meant relocating and added further to the problem, i accepted believing a higher wage and got further into debt.

i also honestly forgot about a couple of payments at my previous address once i moved with the stress of everything, the first i knew i had recieved 2 defaults (1 electricity and 1 for phone).

now i feel i have really learnt my lesson i would love to be able to pay the money back, but i am not in a position too and i honestly cant say i will be within the next 6,7 months or so and i want to get on top of my problems so i can live the rest of my life.

the debts although small compared to other peoples are getting me down and having a negative impact on my life making it more unlikely i will find another soloution.

now more importantly i am fairly happy in my rented house and bankruptcy will not affect my tenancy i am happy to stay here for next few years, i have no intention of using any more credit so that doesnt bother me either, and by the time this is all sorted out i should be just beginning a proper life as an adult.