Help With New Bankruptcy Application

stevie1958

Good Afternoon; well where do I start, I am in debt of about 28K, I am on national minimum pay no chance of ever getting catching up with my debts, I am only getting deeper in to debt I just had to take a long term pay day loan last week of £500.00.
I went on to the step change website I done a income expenditure and according to that I am over £700.00 per month short of what I need to pay my debts. Most of my debts are from years ago and been passed over to Debt Collection Agency's,However I do have a car on finance I got that in June last year as I was on more money then,I also have a mobile phone at £40.00 per month.
Should I let the car finance people repossess the car before bankruptcy ( do I just stop paying it ),would it be a good idea to pay back the pay day loan before bankruptcy.
I am due a tax refund soon about £800.00, I was planing on getting a cheap car to use for work etc before having my car repossessed,
If any one can give me any advice it would be most welcome.

TheGardener

Hi and welcome

The car finance would end anyway if you were BR - and the tax rebate would cover the BR fees (£650 I think) and any remainder could go towards the cost of a new 'old' car.
Do and SOA and post it here - this link http://www.stoozing.com/calculator/soa.php is a good start and there is a function at the end to format to post on this site.
Then read all the sticky posts at the top of this forum board.
If you intend to go BR then stop paying all credit debts and save like mad for the car. You don't need to tell your creditors - they would only ramp up their recovery processes in an attempt to get money from you before BR. It usually takes them a couple or three month to get really serious about recovery.