should I go bankrupt? So confused.

skollieal

I am £33k in debt. Although I have not skipped any payments, I only pay the minimum payments on credit cards debts and my loan, my budget is bloody tight (? impossible) and seems set to stay that way for another 7 years. I went to see a private debt advisor who advised bankrupcy although I cant afford his fees!Will try the debt agencies mentioned on here but do they also hold your hand in court as the thought terrifies me!!

My questions are as follows:
1) My mother is in South Africa and after losing the rest of our family, I need to know that I can go back once a year at least to see her.
2) I need to know that I can go back in an emergency to see her if needs be at short notice.
3) I am currently living in hospital accomodation but dont think I can stick it out much longer. If i went BR would there be any way of renting property or is there any way around that?
4) How do they decide how long it takes for your bankrupcy to be cleared? I have heard it can take 6 months to a year?
5) Does anyone know if NHS nurses are allowed to go bankrupt.
6) how does the 3 year payment of half of your disposable income work?
7) this financial adivsor advised me to draw cash (and hide it under my mattress) by max-ing out all my credit cards to get me through the next 3 years of having to pay half of my disposable income. Does this not constitute fraud or theft???? Am i being naive?
8) What is an OR?
Any advice warmly welcomed. I am so confused as to what to do.

Thanks
Skollieal

debt_doctor

We will hold your hand Skol, Lots of questions but briefly your visits to your mother should not be a problem, yes nurses can go BR, your " adviser" worries me, Im off for the night now, but will look here first tommorow.

Best

DD

tigerfeet2006

Right I've tried to answer this a few times and keep getting logged out so here goes again :rolleyes:

My first piece of advice ditch the advisor and talk to a debt charity, see my sig.

1&2) If you can afford the flights etc from your surplus then you can go where you like.

3)If you go with a private landlord they usually do not ask for a credit check. If you go with an agency then they usually want 6 months rent in advance and/or a guarantor

4) A normal BR is 12 months, if you are lucky and depending on a miriad of factors you may get early discharge but don't rely on this and think 12 months.

5) Shouldn't be a problem but an anonymous call to HR will clarify it or check your contract.

6) You are allowed your outgoings and a surplus of £99 anything after this will be subject to an IPA, which will take 50-70% of whats left and will be in place for 36 months.

7):eek: :eek:

8)The OR is the Official Reciever s/he will deal with your BR after the judge has declared you BR.

I did write fuller answers but after loosing it twice I've put the bear bones. If you want to have any clarifycation or think of anything else just ask away.

We will give you all the help and support that you need with the process and filling out forms.

All the best.

debt_doctor

Going to court is not nearly as bad as you think. If you see the judge it will literally be for 2 minutes. The rest of it is done by the court staff / insolvency service, the whole thing takes between 1 and 2 hours, and you can take a friend or family member for support if you like.

DD

RAS

Hi

Are you a South African citizen on a work permit?

if so, you may need to check the implications that going BK would have on any claim you made for indefinate leave or citizenship.

In the mean-time, ditch the advisor, go to one of the debt charities mentioned in tiger's signature. The other option is Christian Against Poverty, who I believe helped an OP go through the same procedure.

As for point 7 - please do not do this. Paying your BK fees (c£500) off your credit cards is one thing, getting caught for making a load of increased cash withdrawals just before you go BK might lead to serious questions.

It may also be possible for you to sort your debts with an IVA or DMP? This may be an option if you are really going to have an IPA taking half your salary. People from the debt charities can tell you if this is a reality or just an empty suggestion designed to frighten you.

skollieal

Thank you so very much for your reply which was very reassuring and helpful. I also appreciate that you battled on despite being logged out repeatedly!!

Thanks will approach one of those companies and get some more info face to face.

A bit rushed right now but wanted to thank you for your help and will drop you a line if I have any more questions. The £99 thing wasnt mentioned which was good to know too.

Speak soon
Cheers
Skollieal

skollieal

RAS wrote: »

Hi

Are you a South African citizen on a work permit?

if so, you may need to check the implications that going BK would have on any claim you made for indefinate leave or citizenship.

In the mean-time, ditch the advisor, go to one of the debt charities mentioned in tiger's signature. The other option is Christian Against Poverty, who I believe helped an OP go through the same procedure.

As for point 7 - please do not do this. Paying your BK fees (c£500) off your credit cards is one thing, getting caught for making a load of increased cash withdrawals just before you go BK might lead to serious questions.

It may also be possible for you to sort your debts with an IVA or DMP? This may be an option if you are really going to have an IPA taking half your salary. People from the debt charities can tell you if this is a reality or just an empty suggestion designed to frighten you.

Thanks so much for your response. Appreciate the time you took to answer.

No I am a British Citizen and have been over here for 15 years.

Yes will ditch the advisor. Am so relieved that No.7 is not the norm and I definitely will not do it! Will go to one of the debt charities mentioned and find out more about IVA and DMP.

Onwards and upwards one hopes!!
Take care and thanks
Skollieal