Very scared

brooksi_bear16

HI,
Can i just say that ive been reading post for about 20mins and i think its great that all of you are helping other people out.
I'm allready alittle bit more reassured.

Basically my situation is im around 20grand in debt (because of stupid loans which i dont think you should be able to get at 18).

I'm 21, i have spoke to CCCS and they have advised me Br is best way to go because if i had done ther payment scheme i would still be in debt till im 53.

But im really scared, terrified in fact, i keep thinkin what if they try and call me a liar are something like that.

I''m currently off sick thru depression and anxiety(mainly stress at work but also because of my debts), what would happen if i lost my job, whould the OR go over my stuff again and re-asses.

If i did lose my job would you advise looking for another 1 or go on job seekers allowance until the end of my BR.

I just want my life back, i wish i could go back and never get the stupid loan.

Any help would be very appreciated.

Thankyou

lookingforhelp_2

Hi and Welcome:)
It sound like you've had some good advice already.
Br is a very hard choice to take/make.
A lot on here have said to use BR as a new chapter in your life.
You could go to colledge, and learn something new.
Why don't you look for a new job? something you like.
Take Care
Sarah

brooksi_bear16

I may do, im so unhappy with what im doing now, i think only reason ive been puttin up with it is because it pays quite well for my age and ive needed that kind of money to pay back my loans.
maybe i should look at br more positively.

Toon_Dave

brooksi_bear16 wrote: »

HI,
Can i just say that ive been reading post for about 20mins and i think its great that all of you are helping other people out.
I'm allready alittle bit more reassured.

Basically my situation is im around 20grand in debt (because of stupid loans which i dont think you should be able to get at 18). unfortunately banks and credit cards dont care about people...just a money spinner for them im afraid - dont worry, we are all in same boat - i've had goldfish card since 18 - im 31 now and going BR with debt on the card so you are in good company.

I'm 21, i have spoke to CCCS and they have advised me Br is best way to go because if i had done ther payment scheme i would still be in debt till im 53.

The cccs advice is usually pretty spot on, also you are young enough to start afresh after the Discharge, etc.

But im really scared, terrified in fact, i keep thinkin what if they try and call me a liar are something like that.

Dont worry, you are not unique in feeling that. Having read the posts on here you can probably see that most people have good meetings with the OR after Bankruptcy. After all they are there to assist and getting some money back for the creditors - being disrepectful to you or causing unnessassary stress is counter productive to that.

I''m currently off sick thru depression and anxiety(mainly stress at work but also because of my debts), what would happen if i lost my job, whould the OR go over my stuff again and re-asses.

Have a read throught the Debt and Depression thread on here. It will be helpful to you.

If i did lose my job would you advise looking for another 1 or go on job seekers allowance until the end of my BR.

You will not have to lose your job unless there is something in the contract regarding BR.

I just want my life back, i wish i could go back and never get the stupid loan.

Any help would be very appreciated.

Thankyou

Hi brooksi_bear16,

good morning and well done in posting your first post. This is the first step on the road to recovery. Firstly dont worry, Everything has a solution.

As you have read the posts i,m sure you can see more and more people are in worse situations than you and have come through it.

We will all try and offer as much advice as possible, i to am going through with BR now , i have £140,000 debts including over £50,000 unsecured but i am still happy and willing to help others where i can.

Please stick around for more advice from experienced MSE today as they will be a wonderfull bunch for you.

Dave

dalip

If you decide to go bc then the only problem i can see is the OR may look into your spending over the last 2 years, as they do for all bc's. If you post a few more details(if thats okay with you)like when you took the loans out ect. We will then be able to offer more advice or our own personal experiances. Dalip

Toon_Dave

I would suggest if possible to list your income and expenditure on here with as much detail as possible to see if we can look at where to save money etc..As you have said you get paid well for you age so let us have a look and see if/where we can save money.

There may be some excellent ideas we can give.

Have a look at some other SOA on here to see what people have posted previously.,

Dave

brooksi_bear16

i got the loans for furniture etc when i moved out of my parents, when that didnt work out and my flatmate left me with rent arrears and council tax arrers i moved back home selt the furniture to pay off the bills.

And the only small loan i got was if im truthful, when i was depressed last year i went the wrong way about it and blowed the whole lot on drinking gambling and smoking- im not proud of this, hence why now im takin the more sensible approach of going to the doctors and seeing how they can help me.

300-board
100-food(i have ibs so buy my own food)
80-phones(once again i know i was stupid but got a contract for my flat mate, who left me with the contract as wel as my own) both or 18month contracts.
40 roughly on my cats, but for eg this month ive had to fork out 50pounds on vets fees.
55pound on bus fair, i cant walk to work because it is 8miles away, plus im on my feet running round all day aaswel.
30 for the fridge that i am stil stuck with for another few years.
Then my loans alltogether are roughly 280amonth,
i then have a 400pond overdraft that i would like to get out off.

MY mum and dad have been great with me, but are takin alot of board than they usually would have because i owe them bout 1500 because they payed my old overdraft off.

brooksi_bear16

when i say i get payed well i usually bring 850 home after tax (i feel thats good for me)

Toon_Dave

brooksi_bear16 wrote: »

i got the loans for furniture etc when i moved out of my parents, when that didnt work out and my flatmate left me with rent arrears and council tax arrers i moved back home selt the furniture to pay off the bills.

And the only small loan i got was if im truthful, when i was depressed last year i went the wrong way about it and blowed the whole lot on drinking gambling and smoking- im not proud of this, hence why now im takin the more sensible approach of going to the doctors and seeing how they can help me.

300-board - thats ok as if paying private rent you would pay more than that

100-food(i have ibs so buy my own food) - if BR order you can add more than this, upto 150 per person per month is allowed.

80-phones(once again i know i was stupid but got a contract for my flat mate, who left me with the contract as wel as my own) both or 18month contracts. - Could you get PAYG?? if decided on BR then these would be cancelled i think as could be classed as excessive and as a debt.

40 roughly on my cats, but for eg this month ive had to fork out 50pounds on vets fees. - Do you have Insurance?? im a vet nurse so know all to well regarding vets bills - I'll pm you some info on other things you could try - some arent 'offically legal' so i wont post it in general forum.

55pound on bus fair, i cant walk to work because it is 8miles away, plus im on my feet running round all day aaswel.

30 for the fridge that i am stil stuck with for another few years. is this HP?? if so this would be wiped under BR, but i think you may keep it, otherwise look at freecyle.org....may be able to get one free locally if you can collect it.

Then my loans alltogether are roughly 280amonth,
i then have a 400pond overdraft that i would like to get out off. - Overdraft wiped off if BR so dont worry just yet.

MY mum and dad have been great with me, but are takin alot of board than they usually would have because i owe them bout 1500 because they payed my old overdraft off.

You say you earn £850 pm after tax but pay out approx £885 as above so nothing left for emergencies etc like vets bills.

If the CCCS have advised then it may be the best solution for you.
Have you tried the SOA calculator on whatsthecost.com

Give that a try and see what figures it gives you for the full list of items.

Dave

brooksi_bear16

thats exactly what happens, thats why my overdraft got higher and higher, now thankgod they wont let me go any higher.
Thats why im stuck, i have spoke with the bank(abbey) and HFC and told them my situation but all they say is "would you like to make a payment today" ARGH!!!!

It's also going to be worse now because im on sick pay, but the CCCS have advised me that if i am going to go BR then just to pay each creditor a £1- does this sound correct to you lo, just wana double check i heard right.

Oh and does anyone know the websit or link where i can get the forms EX160 downloaded please.

Toon_Dave - I dont have insurance, how much roughly does it cost. i have 2cats, some people have said why don't you get rid of them, but they are my babies. ive had them for 9months now, since they were 3months old, plus they are brothers and i wouldnt want them to get split up. sometimes they are the only ones who keep me goin because they come and give me a cuddle at night..

So if i put £150 down on food, will the OR not question it even tho im living with parents?

dalip

Tell anybody who tells you to get rid of your cats to bog off. My babies are my 2 dogs and they know all my problems as i tell them:o . Pet insurance if the OR allows it would be max of £20 for both cats.
If you are def going bc the general advice is to stop paying ALL creditors as of now. The only problem i can see is that if you put down that you owe your parents it will be included in your bc. If you put down that you are paying more rent in order to pay them back what you owe this will be classed as favouring a creditor. Your best course of action would be not to mention you owe your parents, dont say the rent is high(it's not really)in order to pay them back. Then pay them after bc out of your surplus. If anybody dissagrees with this train of thought please post. Dalip