£80k Debt Bankruptcy?

I am £80k in debt, mixture of loans and cards. I take it bankruptcy is my only and best choice? who is the best person to speak to to get the ball rolling? I have an apt with cccs in 2 weeks, are they the best people to talk to about this? if not how should I start to declare myself bankrupt?

Comments

  • fatboyonadiet
    fatboyonadiet Posts: 5,397 Forumite
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    Not sure it's the best option, someone will be along with better advice soon, but you might want to post your incomings/outgoings to give a better picture. First thing would be to move cards and loans to lower APR one's.
    2p off is still 2p off!
  • Xbigman
    Xbigman Posts: 3,884 Forumite
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    How much is your income? If you can 'service' the debts IE pay the interest and a small amount off the debt each month, then you should not go bankrupt. If you are in meltdown and cannot pay even 50% of the interest your should go bankrupt. In between is a grey area and it depends how badly you want to fight. CCCS is the first step anyway.

    Just a rule of thumb IMO.
    Regards




    X
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  • zAndy1
    zAndy1 Posts: 244 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    If you have a house with a reasonable amount of equity in it and that level of debt I'd be 99% certain the CCCS will recommend an IVA. You'll probably find it will take a month to get an appointment as well, unless you're flexible about when the appt is. Good luck anyway....
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    if little assets and no hope of repaying the debt then bankruptcy
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
    we had debts of approx 100k and as we owed our home cccs recommended IVA. This was agreed 5 may so we have 2 payments made another 58 to go
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • zAndy1
    zAndy1 Posts: 244 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    doelani.. was your IVA through debt free direct or another company? Have they explained exactly what will happen at the end of the 5 years, will you have to find any more money to settle the debts e.g from house equity?
  • bonnie_2
    bonnie_2 Posts: 1,463 Forumite
    ring up the courts ask for bankruptcy forms fill them in and take back with fee.bankruptcy should only be a last resort.you will most certainly lose your house and bank account.budgeting is really the answer ,if not whats to stop the debts running up again once the year is up.
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
    zAndy1.....pert of the IVA is that we release 24k from equity in house at end of 5 years. We used a company called Grant Thornton who CCCS recommeded. We had no up fromt fees t pay all included in IVA. As well as monthly payments we also have to pay 50% of any overtime
    TOTAL 44 weeks lose. 6st 9.5lb :T
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