So much debt

always_gotta_headache

Hi

I feel sick, I owe about 28,000 in unsecured loans, im not working due to having a baby. Can a creditor force bankruptcy on me.

NatashaP

Hey there hun, dont have much advice I'm afraid but just wanted you to know I've been there! Still am there in fact lol! Thanks to this bunch on here though I'm well on my way to being debt free and I know someone will be along to give you some really sound advice soon.

I am very sure though that bankruptcy is the very last resort for anyone. I was threatened with it for a £7k loan with Halifax but after haggling with them over what I could afford to pay back they have backed off a little and thankfully they are no longer threatening bankruptcy. I'm pretty sure that if you make payments, even small token payments, a creditor cannot bankrupt you.

always_gotta_headache

just wondering whether it would be better to go bankrupt, I live with my bf in a rented house and own nothing, thats the worse part having nothing to show for all the debt, everyday ive got a headache due to worrying.

fatbelly

So bankruptcy may be a good option for you. It's hard to tell without more details. Can you do a full SoA?

Unfortunately, creditors rarely force bankruptcy. It's too expensive for them. So they just threaten.

fermi

Many creditors/DCA's threaten bankruptcy to scare you, but it is extremely rare for them to actually do it. It costs them a substantial amount of money in up front fees, and they then have no guarantee of getting these or even the original debt paid back via a bankruptcy.

So first of all, do an SOA (as suggested) so that that the lovely people on this forum can give you the best advice they can.

See this link on how to do an SOA: Help for First Time Posters

Secondly, get in touch with one or more of the organisations in my signature below. Even if it should be decided that bankruptcy is in your best interests (and it might not be) then a court/judge normally asks whether you have sought professional advice before they will grant the bankruptcy. So if you are even considering it, then it's best to get that advice now.

peb

Just to second Fermi's message. You may also want to have a look on the Bankruptcy sub board as these guys tend to know more about bankruptcy than we do.

Please keep posting

CCCS_Alan

Hi AGH

Welcome to the boards. A lot of people are in similar situations on here and will be more than happy to put your mind at ease with help and support so please doesn’t worry.
Creditors can threaten to make you BR but rarely do so as this would mean the debt you have would be written off, and it also costs the creditor to do this. Regard your situation I would suggest trying our online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation.

Hope you find this helpful and goodluck

CCCS_Alan

always_gotta_headache

My soa is

Income £112 smp

Pay my boyfriend £275 rent includes all bills
Food £140
contacys £8

Debt
cl finance was hsbc loan "£22,000 just recieved court papers for this
welcome £6000

Can I do a cca as the loan is 5 years old even though its going to cout

RAS

You can do a CCA, but seriously, you need to contact one of the debt charities and get help, either with a DMP or whatever, but it is important that you do this now and do not hand around if court action is likely.

Also, sometiems the court papers are sent by the DCa and they are not always what they seem to be, so you need CAB, CCCS or the national Debtine to tell you what is going on.

always_gotta_headache

Hi

They are definately from the court they have a stamp on them, whenever I was having trouble with my loan they just pushed me to restructure and get more money

angelavdavis

Definitely contact Payplan or CCCS for advice.