bankrupcy advice needed

thefoolonthehill · 18 October 2006 at 1:48PM

Hi

I have just spoken to the cccs about my debt, and am basically left with two options

1 go bankrupt

2 enter into dmp of £159 per month for 8 years

I was hoping for a bit of advice on what to do for the best, I am currently waiting to emigrate to Australia and have received my Visa and dont plan on coming back, however does anyone know if my visa could fall through if I apply for bankrupcy?

If i do go bankrupt and emigrate would my bankrupcy show up on any banking records in Oz as i would like to buy a house eventually over there?

If i go bankrupt can i still apply to get bank charges back?

I owe around £15,000.

I do not have any assests.

Anyone ideas on what to do for the best

all advice would be gratefully received

rog2 · 18 October 2006 at 2:04PM

Difficult one - In the overall scheme of things, £15k is not that much of a debt and certainly if that is the total level of your debt, it would be well worth considering other options rather than bankruptcy I see that CCCS gave you both options - which did they reccomend?
I think that your Bankruptcy details, if that is the way you decide to go, would be available to any Australian Bank, or Mortgage Lender, as they would probably do a UK credit search based on the short time that you had been in oz - equally any credit search would also reveal any defaults or CCJ's on unpaid debts.
I would, personally, be inclined to err towards bankruptcy, but why not post a full SOA and let's see what others suggest.

thefoolonthehill · 18 October 2006 at 4:54PM

thanks

cccs seem to think bankruptcy would be best option but a little scared by this option.

though if i go down dmp will get 8 years of hassle from creditors

will post full soa when i have the time.

any other advice welcome

Donedoingdebt · 18 October 2006 at 5:03PM

thefoolonthehill wrote:

though if i go down dmp will get 8 years of hassle from creditors

will post full soa when i have the time.

any other advice welcome

Once your DMP has been up & running for a few months & you continually make your regular agreed payments on time you should get very minimal hassle from your creditors. Some may contact you every 6 months or so looking for an increased payment, but if you can't afford it then be polite but firm & say no. I've not heard from a couple of mine for 4 to 5 years, but then I haven't missed any payments.

thefoolonthehill · 19 October 2006 at 11:19AM

anyone else able to advise?

sanfrancisco · 19 October 2006 at 11:46AM

What is your income and outgoings?

You will find that this will come back to bite you on the bum one day. Sometimes it is best to knuckle down and sort the problem out. £15 really is not that much, especially if there is two of you. I am surprized that the CCCS recommended Bankruptcy, as opposed to DMP.

Donedoingdebt is right, once DMP is all sorted (few months) you will get no hassle from creditors.

thefoolonthehill · 19 October 2006 at 12:48PM

soa

rent £275
council tax £67
phone £45
gas £45
electric £25
Water £35
car ins £18
travel £85 per month
shopping £140

owe
virgin c/c £4400 pay £125 per month
nationwide c/c £3310 pay £125 per month tho min is £210
m&s loan £6000 (roughly) pay £180 per month tho missed a few payments
nationwide o/d £1200 charges at least £60 everymonth (last month £184 which after complaing was reduced to £60, this month £115 have complained but waiting to hear.

Income £917 per month

as I said dmp would be £159 per month

all daebt is solely mine, finally plucked up the courage yesterday to tell other half and feel so much better for it.

cccs adv that it would be better to go bankrupt, as it would be likely that creditors would chase me at every given moment.

the adv that you are giving me is great and am leaning towards the dmp, with the thought may go bankrupt in april if i am struggling.

anyone know of any sites where i could get further adv on banruptcy?

thefoolonthehill · 20 October 2006 at 1:40PM

anyone else able to point me in right direction?

I am leaning towards going on the dmp but would really like the reassurance that it is the right thing to do

Mr_Frugal · 20 October 2006 at 4:19PM

thefoolonthehill wrote:

anyone know of any sites where i could get further adv on banruptcy?

hxxp://www.insolvency.gov.uk/

rog2 · 20 October 2006 at 4:32PM

thefoolonthehill wrote:

anyone else able to point me in right direction?

I am leaning towards going on the dmp but would really like the reassurance that it is the right thing to do

Have a look at the National Debtline Link at the top of the page:beer:

Wonder_Girl · 20 October 2006 at 11:53PM

Hiya Thefoolonthehill

My personal opinion would be to go the DMP route, at the end of the day eight years really it’s that long, and it might shorten if you increase your payments in the future, for example if you could squeeze another £40 a month to round it up to £200 that would bring you down to under 6 and a half years and if you could REALLY squeeze upto £250 that’s only 5 years, that is how long a bankruptcy would last anyway.

There are a lot of people who live abroad and have DMP’s in this country, I personally wouldn’t go bankrupt unless you really had to, and you just don’t need to at this point. I think the best thing you can do is get your DMP up and running, have a really good look at your budget, which might be a lot easier now your OH is aware, they may even offer to help, and then throw everything you can at your DMP.

Good luck in whatever you choose

WG xx

bankrupcy advice needed

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