Do I go bankrupt?

DinoMad

Ok basically I am so confused and can't find any useful help anywhere til now.

I took out a Career Development Loan a couple of years ago for £8,000 to do a computer course in London. I was given all the talk and against my wishes, was encouraged and talked into it by their sales team and my own family. Anyway, once the contract was signed (which has no cooling off period) and had to be signed on the spot. We were invited back two weeks later to get a taste of the course... turned out it wasn't so flexible. I had strict days to be there etc... so was unable to make it due to the travel meaning I'd literally be home 2-3 hours a day to sleep and back on a train. And not able to afford to live in London.

I had to pull out of the course but was told I could have no money back unless I found a replacement by myself (despite being told otherwise in the meetings, but then it's word against word)

The bank (Barclays) are no help at all, they just want their money and the company (UK IT) have gone bankrupt, so I can't get any of the money back and have no where to turn.

To top it off, I've had to quit my job to care for my disabled mother and am now juggling £500 a month on a tiny £180 carers allowance, to the point I just don't eat and have lost 2 stone.

Is bankruptcy my only hope so I can start afresh... I've paid the bank over £4000 so far but it never ends, because interest means I still have over £7500 to go! and my clubbook and credit card also.

Any advice as my local citizens advice burero weren't at all helpful and said to work full time and care full time.. which is impossible.

tigerfeet2006

Hi and welcome to the board,

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need. You need to consult them as the Judge will ask if you have sought professional advice or he could refuse your petition.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

I am sorry that the CAB were not very helpful, did you talk to a specialist money advisor? Give National Debtline a ring or CCCS they are both excellent.

All the best.