Struggling - Bankruptcy? Defaulting?

tinkerpee

hello

I have the following debts [rounded off as best as possible from memory for quickness here] :

£4500 Lloyds TSB loan
£500 egg credit card [which was defaulted by agreement a few months back]
£3500 lloyds TSB credit card
£60 3 phone bill handled by Moorcroft [hope to get rid of this v.soon]
£500 to my parents

I have recently moved towns to live with my partner, and have found only temp work which earns me £193 per week after tax. Even with this it is near impossible to pay anything significant to these debts once money has been taken for essentials.

On top of that I have been made aware that I'm no longer needed as of next week and am looking for work currently as rent is a priority.

However, I am planning on joining the marines in 18 months time and could do without this garbage following me into that. As such my food bill is quite high and I am looking for shift work or roughly 30 hours per week to enable me to train properly and prepare. Thus my wages wont likely be getting higher than they are now.

ANYWAY, with that said, i realise it's under £15k of debt so bankruptcy is out of the qu, but what else is there as I cannot see another way out of the debts other than continually making very small payments every week for the rest of my life...!! I know the debt relief order looks suitable but I read it wont come into effect for atleast another 18 months!!

any assistance appreciated! thanks. oh yes, I have no real assets [no car] and rent the house. thanks.

tinkerpee

:money:
get back to the top!

fermi

The £15K figure is the threshold normally quoted for an IVA not bankruptcy.

You can petition for your own bankruptcy if you owe £750 or more.:eek:

Before you seriously consider BR though you should get advice from one or more of the organisations in my signature. One of the few questions they ask at court is whether you have done this, so best to do it now.

Plus CCCS,CAB, NDL and Payplan can go through your situation and suggest any other courses of action that may be suitable for you.

tinkerpee

thanks for the advice!!

I've just had a good chat with national debtline and it looks like bankruptcy could be a viable option.

fermi

If you have any bankruptcy specific questions/worries then there is the Bankruptcy & Living With It board here.