Please Help :(

Miss_Ratty

Hi All. I really am not sure what to do, but after years of stupidity and putting my head in the sand, I have finally taken the plunge and sought advice from CCCS. This was after one year of writing to my creditors and them refusing to accept my payments. Stupidly, I continued to rob Peter to pay Paul, juggling my payments around on my credit cards and generally getting further and further into debt. I filled out the information on screen, and it is telling me that my best option is bankruptcy. I just wanted some people’s experiences of it. I know roughly what it will involve, but I want to know if they will take things like my car (valued at about 1500, but I work 30 miles away), and anything I may have bought on credit in the last few years (as my ex partner left me, and I bought most of the stuff for what is now his flat on my cards, as we could manage repayments together – but now we have separated, I have furniture which is in my friend’s loft, scuffed and used, and not worth very much at all). I had a nervous breakdown after the separation, and I am surprisingly seeming to be doing ok for now, but I am really worried. What if I lose my job? What will people say when they see it in the papers? What will I be left with? Any advice would be gratefully received. I know I’m now paying for ten years’ worth of stupidity (I’m 27 now and £33,000 in debt), but I’m getting increasingly scared. I can’t even afford to make the bankruptcy charges payment. Will they take all my stuff and I’ll have to make payments as well? What impact will it have on my ability to stay in my rented accommodation? What effect will it have on my partner if I decide to move in with him at a later stage? I’m so worried. L

doodledo_2

Hi and welcome to the forum you have definately come to the right place.

If you look at the very top of this board there is another board about bankruptcy it may be worth posting on there as well.

I don't have any experience when it comes to bankruptcy but didn't want to read and run. Hopefully someone will be along who can give you better advice soon.

MrsTinks

First things first... Chances are they will not take your car - you need it to get to work and taking it off you would not be of benefit to anyone.
Would it be worth selling some of the furniture to raise money for the bankrupcy?
What will people say if they see it in the papers... well if they have any manners at all they won't say anything.
Unless your job states that you can't be bankrupt and work there then there shouldn't be any problems.
You will be left with money for food, rent, bills and so on. It will stop you getting credit for a while (till you're discharged I think if not a bit longer) and you'll have to learn to budget!
No they won't take all your stuff (unless you have a house full of very valuable items!) and I think you might have to make payments but honestly I don't know. I would speak to CCCS again and ask them all these questions (as well as the answers you will get from the folks on here) to make sure you know exactly what you are getting into.

The effect on your partner if you move in later will be nil other than you won't be able to apply for credit. His finances will be seperate and not affected by your status. It is even possible for couples sometimes to only have one partner go bankrupt.

Relax and don't worry too much - there is a solution to everything, we just need to find it

louietudor

was bankruptcy your only option after completing the online form?? - please call CCCS to discuss ALL your options and do it today - you will be glad you did

fermi

You would have to submit an income and expenditure with the BR forms. The OR would then check through this to see if you have any surplus income after all reasonable expenses have been deducted. If there is a surplus of £100 per month of more, then the OR/trustee will normally ask you to pay a percentage of that surplus (50-70% on a sliding scale) for up to 3 years.

See this official info: IPO / IPA (Income Payment Orders and Income Payment Agreements)

There are others useful factsheets on different issues and common questions here: Insolvency Service Factsheets.

I agree with the others that you really need to have a proper chat with an advisor. The online debt remedy from CCCS can only ever give you a rough idea of your options. You need to talk it through with a professional advisor to work out the best path to take.