Hello Martin and everyone:This is a big one!

Jack_Brown

:eek:

Hi Everyone, I'm new to this site. My dilemma is this:

I'm 36 years old with very few assets. I earn £23,400 per year as a salary. I have accumulated credit card and unsecured loan debt of: £72,000. I am only managing to service this by doing continuous 'balance transfers.'

Right now, my credit history is good. But does anyone think I can solve this one short of bancruptcy? And indeed since I don't own a home or a car maybe that would be the least painful option?

I would really appreciate the thoughts of the expert and experienced guys on this site!!

cheers, Jack

dell_2

have you considered trying to repay the debts?

Ember999

dell wrote:

have you considered trying to repay the debts?

Would it indeed be possible to pay back £72,000 from a salary of £23,400? Possibly, might take about 40 years or more....rough guess, probably longer when you look at the interest added to debts.

How on earth did you run up so much debt?

ashmit

I don't really think anyone here can answer your question without a lot more information. Are you just paying minimum payments? Could you afford to pay back more? Are you still living beyond your means, or have you cut back? Could you afford to make any more money to pay your debts off faster? Are you starting to have trouble getting accepted for new deals? Do you have a family you need to support?

The way I understand it, if you have enough spare money to be paying your minimum payments, you will find it hard to be declared bankrupt (but please someone correct me if I'm wrong).

I'm paying back an awful lot of money on less salary than you, but I strongly feel that I should pay it back, because it was me that wasted that money, and I can... even though it's going to take over five years and put my life on hold for at least that long.

delboypass

How on earth do you people run up debts of £72k.
I hope they change Bankrupcy back to the minimum 3 year period.
From the threads I have read here, you people are only running up debt so you can then quickly get rid of it through bankrupcy with no thoughts of ever paying these debts back.

If i was investigating you, i would seriously wonder how you could run up £72k debt with no assets. Looks like fraud to me.

bonnie_2

and i would think on that salary you could more than afford to pay the debt back we have managed, it is too easy to go bankrupt.if we all went on a spending spree and went bankrupt the economy would collapse all this bankrupt buisness is really annoying me.at the end of the day we borrow the money and we should know at the time wether we could afford to pay it back or not i had to give up work because i had a baby that nearly died who is now disabled and am a full time carer to her.which is when the debts started escalating now i only have 2 more to pay of £1200 my husband earns £15000, plus i get £7000 tax credits and we are 4.

meanmachine_2

I think we should wait until the OP has explained how he got into this mess.

If it was a failed business, then you have my sympathies. If it was through illness or personal tragedy, again you have my sympathies.

Otherwise, I don't know how anyone could do this.

To be honest, I'm getting a little sick and tired of this now. In the end, it's the rest of us who end up paying through higher bank charges and other hidden fees.

I drive an old fiesta which is falling apart and watch telly on a 14inch portable. Both do their job. I don't need the latest gadgets or plasmas or a nice new mini cooper. I'd like all these things, but I don't need them.

Support and sympathy is a great plus with this forum. But I wonder whether some people are just willfully greedy.

The bankruptcy laws were changed to help businesses - people who are taking a risk to help themselves and the economy. They weren't relaxed to help people go on a spending spree and to hell with the consequences.

But as I say, let's reserve judgement till the OP has posted their details.

ashmit

delboypass wrote:

If i was investigating you, i would seriously wonder how you could run up £72k debt with no assets. Looks like fraud to me.

Really? Have you read the thread about 'what did you spend your money on'? It's mostly people, including myself, who have little or nothing to show for it.

The poster is here for help... but I kind of feel like we might have already scared him off. It is going to be very difficult to pay back that amount of money on that salary and he hasn't just come here to say 'I want to go bankrupt, how?' but 'can i pay this back?'.

Jack, if you come back and answer the questions we might be able to help.

pre-reg

yeah, i think we should first here more from the OP before we jump to conclusions...

Dee123_2

Jack

You've taken a good step forward by coming to this forum. There are a lot of knowledgeable people around, who, in time, will be able to offer you some great advice (and trust me, they are a lot less judgemental!)

No doubt, though, they will require quite a few more details on your current situation (APR's on loans and credit cards and your outgoing/incoming finances).

There are people here who have been in your almost exact situation and are managing with the help of this site. Take heart!

Dee

Lopo

Shame on those of you for criticising without knowing all the facts....

A person seeks a little guidance, some of you lot then kicked the fella while down ?!

Whats that all about ?

Dont care how sick you perceive to be of it, keep your unhelpful opinions to yourself and sod off unless you know all the facts! Dont post if you feel that way - sort it out....be nice to other forum MSE'ers....

Sheesh....

Jack....come back mate..! Give us another go and give us some more info to help you with!
:hello: