Thinking of bankruptcy ( will check with a trusted HR person if that would be an option )

fl123

This is really insane to read .. I would understand costs to a process such as this, but who says how much is enough ? Wouldn't at the start of the BR process get a calculation of how much you actually need to pay ?

theoretica

Before going bankrupt you would be expected to discuss with an expert advisor (eg the charity Stepchange) who would advise whether it was the right step or not.  And you need to apply to go bankrupt - which can be refused, and I hope would be in ridiculous cases!  https://www.stepchange.org/debt-info/bankruptcy-court-hearing.aspx

JCS1

There are OR fees to be paid, you would also be looking at an Income Payment Arrangement.

fl123

Thank you all for the valuable information you have provided me ! Based on what I've learned so far, it doesn't seem to be a good option for me, unless I would be forced into doing it. It would end up more expensive in the long run, and as Socrates mentioned on the previous post I had related to debt, may be better to try going after lower settlment figures where possible.

MovingForwards

You drive and appear to own a car, yet have put £0 for its value and repairs?

It's worth budgeting for Dr / dental/ eye test, a broken tooth can easily happen, as can a sprained ankle where you may want over the counter meds, even a 1 or 2 year eye test due to driving / using a PC.

I get you want the debt gone quickly, but at the same time unless you're in a council / housing association property having bankruptcy when searching for a new home will make things difficult.

Your income means debts can be quickly picked off, while paying the others each month. PP and LS could be paid off this payday.

Knowing the difficulties in paying them keeps (most) people on the straight and narrow afterwards. Having an instant solution means no learning from it, even down to budgeting. It's especially hard due to gambling debts, but you would come out the other side so much stronger and self-aware.

RAS

The OP doesn't own a car; just borrows their mates (from the other thread). 

I suspect they'd end up paying an IPA for up to three years plus the IP fees. IVA fees are quoted at about £9K, anyone know how much bankruptcy is?

MovingForwards

It's £680 for the bankruptcy application 
https://www.gov.uk/apply-for-bankruptcy

fl123

MovingForwards said:

You drive and appear to own a car, yet have put £0 for its value and repairs?

It's worth budgeting for Dr / dental/ eye test, a broken tooth can easily happen, as can a sprained ankle where you may want over the counter meds, even a 1 or 2 year eye test due to driving / using a PC.

I get you want the debt gone quickly, but at the same time unless you're in a council / housing association property having bankruptcy when searching for a new home will make things difficult.

Your income means debts can be quickly picked off, while paying the others each month. PP and LS could be paid off this payday.

Knowing the difficulties in paying them keeps (most) people on the straight and narrow afterwards. Having an instant solution means no learning from it, even down to budgeting. It's especially hard due to gambling debts, but you would come out the other side so much stronger and self-aware.

Thank you for your suggestions. I am not in council housing, but private, and that is something that would scare me in the future if i would go bankrupt. I am mentally not in a good place, and I am afraid of a lot of things .. I am afraid of debt piling up, which I know is my mistake, and I am afraid of relapsing .. Gambling/trading is, without making myself seem like a victim, very difficult to handle, and was also thinking that besides the taxes being nil, having someone manage my money and being directly blocked from any chance of relapsing would be an advantage.

I haven't been at the doctor for at least a couple of years, and hope not to need to, but you are correct that budgeting for those would be good.

flipflopflo

Please get in touch with Gamcare as well to get some support in place for yourself. 

https://www.gamcare.org.uk/

Also have a look and see if you have an Andy’s Man Club nearby you.  

https://andysmanclub.co.uk/