help....need info on Bankruptcy

Penny30

Hi just wondering if anyone could give me some advice, I've read through a few threads on here
my basic story is.....i've got debts of around £32,000....made up from a £15,000 loan and the rest credit cards....the reason I've got into this mess is I've been using credit to pay off credit and once minmum payments have come out had no money left for food, rent, petrol....so again used credit....I tried juggling cards around for interest free and also putting into one lumps some but again had to resort to credit when no money left.

I've been in contact with national debtline and they put me in touch with the cccs who have set up a DMP but after looking at it now and the increase of food, petrol I don't think I will be able to afford it and will end up in the same boat, as it uses up my entire income...with no money for emergencies....christmas etc..... I was also told i'd be debt free after 17 years....I've been advised to file for bankruptcy but unsure of what this will entail or mean in the long run...I'm just scared I think of the stigma but on the other hand I'm getting totally depressed with worry and just want to see an end to the situation

please help
Penny

Wildr

Hi Penny,

I'd go back to the CCCS (have they sent you a pack with member No. etc yet?) and bring them up to speed with your current situation and your concerns.

I understand what you mean regarding the Stigma, however you need to consider what the alternatives are - if things get really icky and you end up with CCJs then there is a stigma attached to that as well!

From what I've read here, going through the BR has led to some short term embarrasment with a long term result of almost having a fresh start.

I'm sure that anyone who cares about you will understand the situation and let's be honest does the opinion of anyone else really matter when compared to how depressed the situation with your credit is making you feel.

You can always come here and vent or ask for advice, from what little I've seen so far the members are INCREDIBLY supportive.

let us know how you go & take care!

R.

skylight

Yep! We are like the Bravissamo Gang - Over the Shoulder, Boulder Holders. Mega Supportive bunch here!!!!

A good place for lots of info on bankruptcy is the National Debtline website. They have a lot of pdf booklets etc that you can read at your own pace, and then come back here to ask about anything in particular.

You will need to have sought professional advice though - this question is asked at the court hearing if you go down that route. MSE, although fantastic it's not good enough, so after you have found out some answers and spoken to CCCS you will be able to reply YES to that question!

We here cannot guide you as to the decision you make. Thats why we will always point you elsewhere to start with. Its a life changing decision, has its ups and downs and is something you have to decide for yourself. Once you have made the decision, hot foot it back here for the Bravissamo Gang to get to work!! (Not our real name - just made that up!)

shadowdragon

Have a trawl though the forums, I was worried as hell 4 days ago, now it seems a walk in the park, if you ask questions people will give you honest answers, and I have yet to see anyone be judgemental. Its definatley a route to consider, I owe approx same as you im speaking to the CCCS in a few weeks time, and once I have gone through that, I have preemted (sp!) the Bankruptcy by booking into the county court a week after my CCCS telephone Interview.

Worst thing about Bankruptcy is your name in the local paper, is that any worst than the neighbours noticing the debt collectors keep knocking at your door???

peachyprice

Hi Penny,

You've come to the right place for help and support. We've all been where you are for one reason or another, and will aways be there to offer any help you need.

If you do decide that bankruptcy is the way forward, all your debts will be wiped out from the day you are bankrupt.

The downside is that there is a risk you could lose your home if you own it, and if there is any equity in it. However if you rent there's litte risk. Also if you own a car there is a possibility you may lose it if it isn't needed to get to work.

You have to submit details of your income and outgoings to the official receiver, and if there is a surplus left after all your living expenses you may have to pay a payment order for 3 years, but only if your suprlus is over £99. This sounds a little daunting, but we'll help you get the most out of your income.

One other drawback is that you will most probably have to get a new bank account and won't be able to have a cheque book or switch card. The 2 bankrupt friendly baks are Co-op with whom you get a visa electron or Barclays, but with their account you only get a cash card.

I'm sure it all sounds very daunting for you at the moment but the relief from being free from debt and the hassle and bullying of creditors is immense. Many of us here have been in the position of being too scared to answer the phone and dread post landing on the mat for fear of creditors making threats, all this disappears once you're bankrupt.

I hope that's enough info to be going on with, an questions, no matter how small, just ask.

dalip

Welcome
Yes there is still a certain amount of stigma attached but what the heck you find out who your friends are. The majority of us here have gone bc so any questions ask away. It is a fairly painless process from the point of view of going to court ect but emotionally it takes it's toll,as does debt over a period of time. You just have to weight up what is best for you. I tried everything to get out of bc but have to say 6 mths down the line it's the best thing i ever did. Again welcome you are in good hands here and we wll help you as much sa we can. D

Penny30

Woah didn't expect so many replies so quickly.....I've been trying to sort out this mess on my own but recently told my folks who have been very supportive and friends who have said it's nothing to be ashamed of...get urself sorted
I have no assets....and car is worthless but do need it to get to work....all in all i think it's the way to go I even asked about a IVA but don't have enough money left after budget

how long does the process take?

shadowdragon

Depends on your county court mine has an appointment system and they couldnt do mine before 3 weeks time, reading around the forum some County courts have drop in systems, but you need to take professional advice first, you need to contact the Citizens advice or the CCCS think the numbers are on a sticky at the top of the forum, and they will advise your best course of actions and if they recommened BC take it from there.

So I only decided 4 days ago, and I will be BC on 1st of July. But in the meantime you can keep the debt collectors at bay by telling them you are seeking advice and guidance on your debts and they will hear from you in due course.

skylight

Whereas my County Court, you turn up at 9am and wait your turn. So if CCCS advised you today, you could go Monday.

Call your County Court and ask what they do - once you have had professional advice, you will have what you need to make an informed decision.

Penny30

thanks....i'll get back in touch with cccs....they did say they'd send me some info on br but had none as of yet

do you know when u do go br do they just shut down ur bank account and freeze all money or do they leave you something to live on?

shadowdragon

I would do the CCCS first though, I did County Court then CCCS and was lucky that I could get a CCCS telephone interview a week before my County Court Visit (is it visit or appearance??)