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Bankruptcy?
Rico200
Posts: 3 Newbie
Hi all,
In a nutshell i have cards maxed at 15k,unsec loans of 26k, 6k student loans, and am self employed sole trader with business o/draft of 5k. jobs due to start last wk and take me through to dec are not now happening leaving me with an income of zero at present and work increasingly difficult to come by and at reduced rates.
We are in rented accomodation and car and work vehicle are in my partners names so i effectively have no assets to lose.
I've struggled with debt for the 8yrs since leaving university but have persevered, accepting its my debt to pay.
Now however i find myself ready to throw in the towel as i've not achieved any reduction in my level of debt over these years, quite the opposite in fact.
I'm thinking bankruptcy is actually the best option for me so have begun researching this.
I'm also going to attempt reclaiming charges which could amount to several '000 but in the meantime will have to contact card companies and banks to inform them i cannot meet repayments. Will this have any impact on reclaiming procedures?
Should i continue down the bankruptcy route? obviously all reclaims must be dealt with first, will that money be overlooked? Can the same principles be applied to charges on a business account as a personal one?
Any views or comments gratefully received!
In a nutshell i have cards maxed at 15k,unsec loans of 26k, 6k student loans, and am self employed sole trader with business o/draft of 5k. jobs due to start last wk and take me through to dec are not now happening leaving me with an income of zero at present and work increasingly difficult to come by and at reduced rates.
We are in rented accomodation and car and work vehicle are in my partners names so i effectively have no assets to lose.
I've struggled with debt for the 8yrs since leaving university but have persevered, accepting its my debt to pay.
Now however i find myself ready to throw in the towel as i've not achieved any reduction in my level of debt over these years, quite the opposite in fact.
I'm thinking bankruptcy is actually the best option for me so have begun researching this.
I'm also going to attempt reclaiming charges which could amount to several '000 but in the meantime will have to contact card companies and banks to inform them i cannot meet repayments. Will this have any impact on reclaiming procedures?
Should i continue down the bankruptcy route? obviously all reclaims must be dealt with first, will that money be overlooked? Can the same principles be applied to charges on a business account as a personal one?
Any views or comments gratefully received!
0
Comments
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I am sorry I can't answer your question at all, I am on a DMP with my debts that were at a level I could not afford. But at the top of this board there is a dedicated bankruptcy board who are the experts so maybe duplicate your post there for some better answers?0
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Hi, as RayDay says you might get better answer re: bankruptcy by posting here http://forums.moneysavingexpert.com/forumdisplay.html?f=136
if you do go bankrupt your student loans will not be included.
First thing you should do really is take free professional advice from one of the debt charities CCCS, CAB or national debtline. This is important as when petitioning for BR the judge tends to ask if you've taken advice and unfortunately this site doesn't count
:hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0
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