Applying for bankruptcy 17 October 2020 at 6:07PM in Bankruptcy & living with it 23 replies 1.1K views

dawd999

Hi thankyou for replying im sorry im.not the member who had the car lol my BR was literally straightforward no assets etc.

luvchocolate

dawd999 said:

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

Hi could you please start your own thread. 
It's confusing to answer on someone else's thread. 

RoadtoRootA

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 ?

Why even pay the £1 per month?

would it not be written off if you did nothing for six years?

excuse my lack of knowledge here