Bankruptcy advice please!!!

fatbelly

I'll just point out that the limit for DROs was raised to 30k earlier this year.

The bankruptcy fee remains £680

sourcrates

DRO threshold increased to 30k this year, its likely the OP was refused a DRO because his disposable income was above the £75 per month limit, however yes, he could take the long term strategy, as you say, not having a reliance on credit can only be a good thing, for whatever reason, and I'm not making judgement here, just stating facts, the lesson was not learned the first time around, and here we are with rinse and repeat.

It would require more effort on behalf of the OP, and they may not be willing or indeed able, to prolong things to that extent.

BJ65

That'a a lot to digest and I'll give it some thought. One the main attractions, if you can call it that, of bankruptcy is that hopefully it'll draw a line under my situation sooner rather than later. I've been stressed out to the max each month when my rent is due and then when my credit card payments are due, and I'm burned out with it. I want and need to reduce or eliminate my stress, and I'm thinking if I went down this route it will increase my stress levels, at least in the short (6 years) term, whereas if I go bankrupt I'm hoping it'll be done and dusted in 1 year, although I think it can go on for 3, yes?
If I just ignore my credit card debt then surely I'll end up with CCJ's and possibly bailiffs wouldn't I? I've seen enough of those fly on the wall programmes about bailiffs to know I don't want that.

BJ65

Another question re bankruptcy, I took out a good low fixed deal on gas and electricity a while back, and I'm looking at changing my internet provider right now to a better deal. Will the OR contact them and get these be cancelled off if I go bankrupt? It would be a pain in the backside if the do as it will significantly increase my outgoings, especially re gas and elec.

BJ65

Another question, DRO's. Would this be a viable option for me? I've not looked at it as Business Debtline told me I'm not eligible for one but they didn't say why (in web chat). I'm assuming it's the same as an IVA as such, and thus will only prolong the agony. Or am I wrong?

fatbelly

BJ65 said:

Another question re bankruptcy, I took out a good low fixed deal on gas and electricity a while back, and I'm looking at changing my internet provider right now to a better deal. Will the OR contact them and get these be cancelled off if I go bankrupt? It would be a pain in the backside if the do as it will significantly increase my outgoings, especially re gas and elec.

No - why would they do that?

fatbelly

BJ65 said:

That'a a lot to digest and I'll give it some thought. One the main attractions, if you can call it that, of bankruptcy is that hopefully it'll draw a line under my situation sooner rather than later. I've been stressed out to the max each month when my rent is due and then when my credit card payments are due, and I'm burned out with it. I want and need to reduce or eliminate my stress, and I'm thinking if I went down this route it will increase my stress levels, at least in the short (6 years) term, whereas if I go bankrupt I'm hoping it'll be done and dusted in 1 year, although I think it can go on for 3, yes?
If I just ignore my credit card debt then surely I'll end up with CCJ's and possibly bailiffs wouldn't I? I've seen enough of those fly on the wall programmes about bailiffs to know I don't want that.

Most bankrupts are discharged after 12 months. The mark stays on your file for 6 years and if you get a restriction order (no reason why you should) that can be up to 15 years.

Fears of bailiffs are overdone but that isn't a factor here

BJ65

I thought I'd read it somewhere that the OR contact anyone I've got a contract with re me going bankrupt and that the company are then entitled to cancel the contract if they so wish. I'm about to (hopefully) take out a new contract with BT as my internet provider and it says that they'll do a credit check as part of the approval of the contract. I thought I'd do this before going bankrupt as I'm assuming I'd be stuffed if I tried to do it after.

BJ65

Hi Sourcrates, thanks for your input. When you say the "OP", I'm assuming that's me, yes? What does that stand for? And yes, I'd gladly never have credit again in my life, but my credit cards have been my lifeline when work has been thin or when I've had my major operations and off work for months. That's why I've prioritised paying them over HMRC, rightly or wrongly.

fatbelly

OP = original poster