Next step bankruptcy?

tjs1

Aprox 1.5 years ago I took out a personal loan with Barclays for 10k with the aim to start up my own business. Evidently this failed and I am now in a situation where I'm unemployed and unable to make my loan repayments. I'm not entirely sure how Barclays were able to pre-approve the loan I intitially took out as I never had any money going in/out of the account, but this is no doubt immaterial.

I am currently looking at my options and it seems bankruptcy is the only one as far as I can tell. I do not think it would be possible for me to obtain an IVA as I am not employed. I suffer with autism so it is difficult for me to obtain/maintain certain forms of employment (please note, I am not using this as an excuse for taking out a loan I can not repay, more to explain why I would not be suitable for an IVA as I understand it). I am going to the citizens advice bureau to see what they suggest (and to get their input on what benefits I should be applying for - I've never received any in the past when unemployed). Is there anything else I should be doing?

Thank you.

fermi

Speaking to CAB is a good idea.

You should only opt for bankruptcy if it is advised by a professional advisor, and the court/judge will also want to know that you have spoken to one before they would grant the bankruptcy.

If it is the way to go then MSE has the Bankruptcy & Living With It board.

If they suggest something else, then there is plenty of support/help here whatever you eventually decided on.