Applying for bankruptcy

sourcrates

Stepchange, or any other free advice centre, can only advise on what they think is the best solution for you.

In your case, its a 20 year DMP or Bankrupcy, the only other option would be IVA, but as you have no assets to protect, its not really an option, you may as well go bankrupt instead.

However, lets look at this logically, you only have 3 credit card debts and one loan, all are non priority debts, you could just pay £1 each per month indefinitly, going bankrupt would rid you of your debt, but your disposable income would remain the same, and an IPA would be made don`t forget, if you don`t have the money to service the debt, then theres not a lot anyone can do about it really.

You could write and tell your creditors your situation, see how they react, just pay the £1 per month each, see how that goes, save up the bankrupcy fee just in case a CCJ or two come your way, then go bankrupt if no other choice to avoid attachment to earnings etc.

What i`m trying to say is there is no rush, debt collection takes a long time, months, even years from now, they may not have taken further action.

Can i ask, have you done CCA requests ? how old are your debts ?

Stanton14

sourcrates said:

Stepchange, or any other free advice centre, can only advise on what they think is the best solution for you.

In your case, its a 20 year DMP or Bankrupcy, the only other option would be IVA, but as you have no assets to protect, its not really an option, you may as well go bankrupt instead.

However, lets look at this logically, you only have 3 credit card debts and one loan, all are non priority debts, you could just pay £1 each per month indefinitly, going bankrupt would rid you of your debt, but your disposable income would remain the same, and an IPA would be made don`t forget, if you don`t have the money to service the debt, then theres not a lot anyone can do about it really.

You could write and tell your creditors your situation, see how they react, just pay the £1 per month each, see how that goes, save up the bankrupcy fee just in case a CCJ or two come your way, then go bankrupt if no other choice to avoid attachment to earnings etc.

What i`m trying to say is there is no rush, debt collection takes a long time, months, even years from now, they may not have taken further action.

Can i ask, have you done CCA requests ? how old are your debts ?

So the fee isn’t a problem as a family member is prepared to gift it to me if I chose this route. 

Sorry, I’ve not heard of CCA requests? My debts are only 4 or 5 years old.

sourcrates

Well it requires work on your part, and will drag out your predicamant, if its closure you want, then bankrupcy is probebly the route to that end.

Stanton14

sourcrates said:

Well it requires work on your part, and will drag out your predicamant, if its closure you want, then bankrupcy is probebly the route to that end.

Thank you for the advice. Do you know of a thread on here that I could read through to answer any questions and prepare myself? Thanks again

sammyjammy

Stanton14 said:

Thank you for the advice. Do you know of a thread on here that I could read through to answer any questions and prepare myself? Thanks again

Just post your question on this thread, keeps everything in one place and peoples circumstances are so different its tricky to answer generic questions.

fatbelly

Stanton14 said:

fatbelly said:

You said your partner left but you have put your household as 2 adults?

So I now live with a house mate, but everything I put down is my half of the rent and bills. 

Household is one adult then. And the groceries figure of £200 would be OK in bankruptcy

fatbelly

Sometimes dragging your heels a bit while you get your ducks in a row, isn't a bad thing.
There is a similar £1000 rule in DROs but there you can't (or it would be silly to) submit the application unless the car is worth under £1000.
Cars depreciate around 30% per year so there have been several occasions where I've put an application on hold and just watched the valuation figure until it dips under £1k.

fatbelly

Did you press the submit button?

If you've submitted the application today, you should hear from the adjudicator tomorrow.

What are you thinking/hoping for with the car?

dawd999

Hi all some help needed please i applied for BR yesterday had it approved today. I beleive the OR will het in touch with me. How is the OR? If anyone has recent experience with an OR i have anxiety and im already panicking.


Thanks in advance xx

es5595

Someone will be here soon who knows more, but if you read through others threads who were anxious about their OR “interview” it was much more of a quick chat and really nothing to worry about. Please don’t panic, it’s literally an easy phone conversation and they’ll want to clarify any points they are unsure about, but it’s not a hard-nosed interview or anything of the sort for your case. 

Did you sort out the car? What was the Parker’s valuation?