Going Bankrupt - 26 & Scared

luvchocolate

This thread is getting off track, can we please get back to where we should be.
I have noticed the O.P has not been back for a while.

sourcrates

Keep the thread on topic please, the amount of money other individuals earn is of no consequence to the OP.

Hannah232

Hi All,

Sorry I have been busy working the last couple of days and have been catching up on all the comments, I am so grateful with how many people are trying to help me and never expected this type of response, if any at all.

To all those slating my salary, I am really happy in my job, I have a great team and I care about what I do. I have friends who earn less than me and I have friends who earn more than me. I have friends who went to Uni and even earn less than me. I am finally in a job where I am now in the career field I want to be and I am now starting to train. Please bare in mind that some of the comments can be seen as quite nasty.
Thanks to everyone who is supporting me. I would just like to clarify I am a hard worker and my aim is to work my way up but sometimes you have to make a career change or a side step or even sometimes you just don't get a lucky break.

I have taken some time to think as I was quite overwhelmed with all the information given to me but I have to really think about my next step.

I understand 100% that the car is a massive issue, but as previously stated I can't hand it back for another year so even if I didn't spend the money on petrol I would still have to spend £100 on a train and would I still have to pay for insurance and tax as well as my finance? I previously saw a post where someone said I may not be able to stop this and I am not sure if I have got this incorrect?

Also do I have to keep my car serviced as one will be due some point this year?

Sorry for all the questions and I do understand what a mess I am in that is why I am writing on this board to complete strangers about my life before making the biggest decision of my life so far. LOL!!

onwards&upwards

Hannah232 wrote: »

To all those slating my salary, I am really happy in my job, I have a great team and I care about what I do. I have friends who earn less than me and I have friends who earn more than me. I have friends who went to Uni and even earn less than me. I am finally in a job where I am now in the career field I want to be and I am now starting to train. Please bare in mind that some of the comments can be seen as quite nasty.

Don’t worry, I think sometimes it’s just because they want to brag about their own salary. :cool:

When I was your age I was on minimum wage, but I didn’t mind because I was on the bottom rung of a ladder I really wanted to climb. 10. years and a few promotions later i’m Now pretty comfortable on nearly 40k. Not rich, but not worrying too much about money, and most importantly I love my job! So if you are happy in your work and you see yourself progressing in the future, then that’s great, stick with it!

Bankruptcy is still not the answer though, please don’t be tempted into thinking it can solve all your problems. It can solve some but the ones it creates will be dogging you for years to come.

Willing2Learn

Hi Hannah and welcome back!!

I think you need a long telephone conversation with National Debtline or StepChange to discuss your circumstances and to plot a course for you to navigate your way back to solvency. I still think a DRO or DMP would be right for you. The stumbling block is the car. There is a solution. But you need to do the research...

And while I am here...I just wanted to say how fortunate you are to be in job that gives you so much satisfaction. You are a very lucky young lady. Some folks spend their entire life employed in work that they hate.

Bonniepurple

Welcome back Hannah. People like to brag (or even lie!) about their salary as it makes them feel better. It’s like with the traditional ‘property ladder’
- given that most FTBs are much older than in the past and therefore often have families, the traditional 1 bed flat-2 bed terrace-3 bed semi-4 bed detached doesn’t work - plus the amount of money you spend actually moving is astronomical. Trust me, it’s not worth paying an extra £20k for a view if you are working too much to pay the mortgage to actually see it.

You’ve had some good advice already. Did you actually do any car maintenance- oil/water etc? Mines overdue for a service but I make sure the basic checks are carried out so the engine won’t seize.

Regardless of how much you protest, your rent has to reduce. Full stop. If you do go bankrupt (which I think is wrong for you) then you won’t be able to help your parents out. Yes, you want to help them. They, like you, are adults, and, if homeowners, have far more options than you.

Good luck with whatever you decide.

Minkym00

You need to talk to your car lease company. Unlike what others have said it’s not as simple as just handing your car back. What you owe them isn’t just the current car, it’s also the debt from the old car.

That said, if you did hand the car back they would sell your car and whatever debt was left would be added to what you owe on the old car. This will likely still be less what you are paying them now. Call them and negotiate a way of paying this off.

I’ve been following this thread and you have had had some very good advice. Do not go bankrupt now, you will definitely end up worse off.

yksi

Don't fall into the trap of thinking a contract is a contract is a contract. For the phone, the car, the gym, these things generally DO have exit options. Call them and ask, call them and negotiate. Handing the car back might still have an amount to owe - which you can possibly pay off in instalments - and you might still be better off. The phone plan will have a "pay out" figure option which is worth asking about. The gym might be the most difficult but if you don't ask, you don't get, so it's worth asking, especially if you actually tell them you are facing bankruptcy - they might accept a settlement if they think it's the only way they'll get anything from you! Good luck and let us know how you get on.

DUTR

Sea_Shell wrote: »

Have you actually sat down yet with your parents and laid your cards on the table?

Why are so many trying to blame the parents?
£400 a month isn't that much for keep, looking at the other outgoings it appears a young person living beyond their means that has go them to the place they are currently at.

Jonathan_Kelvin

Hannah232 wrote: »

Sorry for all the questions and I do understand what a mess I am in that is why I am writing on this board to complete strangers about my life before making the biggest decision of my life so far. LOL!!

OK, it’s absolutely up to you, but if you won’t increase your wage, and you won’t cut your expenditure then what advice are you looking for?

You are spending more than your income allows, and bankruptcy will not fix this, it will also leave you with immediate issues about paying your parents.

Your issue is not the debt, it is that there is not enough money coming in for the life that you are living.