Looks like the Big B (bankruptcy) for me

Eshka_2

Hi everyone

Had my CCCS counselling session this morning, and it's looking like bankruptcy is the best option for me. We had a very long and detailed chat, and I was stunned at the figures which emerged. I'm over 8k in debt, and with my monthly budget (after absolute necessities) there's simply nothing left over for debts.

I've been struggling to pay the debts and thus leaving myself with no money for food and heating, my parents have been paying this for me. Yesterday I ran out of baby formula and had next to no food in house; I completely broke down on the phone to my mum and she arrived with groceries from Asda for me. This situation has been leaving me extremely depressed (I'm already prone to depression) and I just can't go on like this. Now that I've had it confirmed by the CCCS just how dire my situation is, I'm seriously considering bankruptcy. I've posted on the bankruptcy board asking for advice.

I really thought I might be able to find a way out, when I did my SOA - but having had a budget drawn up by a professional now, I know there isn't. I'm terrified, but a part of me feels relieved that I have the option, and if I did it I'd be free of debt and my credit file would be clear again by the time I'm 30.

So is it better to do this now, while I'm young, or struggle on only to go bankrupt when a bit older?

I'm in such a mess.

mrluke

seems a shame to go bankrupt oversuch a small amount .
wish u the best of luck. x

In_Search_Of_Me

mrluke if youre on bens that is a awful lot of money - actually even for me thats alot of money & I'm on a decent wage!!
Eshka is there any way you can up your income so that you could avoid having to go B? At the end of the day its not a decision to go into lightly but if you have to then thats the way to go. What did CCCS advise?
Hugs for you...its a really tough situation to be in but dont rush any decisions..think whether there is any way around this first. I'm sure people on the BR board wll assist as they have lots of knowledge & experience of this.

rufus79

As of the end of December I am a discharged bankrupt. My one regret is that I ended up going bk for about £40k when I should have done it 5yrs or so ago for under £10k. As has been said, £1 is a lot when you don't have it. Good luck with it all, there is light at the end of the tunnel.

CCCS_Alan

Hi Eshka

Sorry to hear about your situation but you are in the right place for support and advice. The BR board is brilliant as well if you have any questions, but you can also come back for a 2nd appointment with us if your situation changes and you want to try and explore other options.

What you have to look at is what BR will do for you. In your case it will put you and your family first instead of the creditors as it should be. BR would allow you to spend your income on the most important things in your life which are keeping you and your family together and a roof over your heads. It sounds like in your case the debts will be written of completely as you will have no surplus income to offer your creditors. And if your situation does not change in the 6-12 months before discharge you will not have to pay anything back. The sooner you go through BR the sooner the creditors will stop contacting you as the OR/Trustee will be dealing with them.
Your debt may not sound a lot to some people but it can be crippling for others if they don’t have the money available to pay it.
The choice at the end of the day is yours. If you think your situation may improve to allow you to pay back your creds you may want to offer Token £1 payments until things improve. If it doesn’t you could still go BR at a later date or take the steps now to put it all behind you and start looking to the future.
Like Rufus79 said he regrets not doing it 5 years before he went for BR.

Good luck and keep us informed how things are going

CCCS_Alan

Wildchild_2

Hello

I just wanted to wish you the best of luck and although it must be a very difficult position to be in if is will mean making your life easier and less stressful you should do it.

Check all your other options first but if this is the only way there is nothing to be ashamed of and you will be able to move on with your life.

Keep us posted

fermi

Bump for rayday2.

rayday2

Pants there it is!

Do I have to do it all again lol!