andrespb22
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ITS WRONG AND STUPID |
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qje444
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seems like you need to bankrupt. people look down on it but i bankrupt nearly 15 yrs ago as i was in the same spot, with divorce. sometimes it can't be helped. |
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Big Bad Boris Mayor of London
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Yes here's the advice,Go Bankrupt and take no notice of anyone else! |
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SPIFIMAN1
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It's a stigma that for the life of me I do not understand.
Years ago I fought bankruptcy because this was what I was taught by my parents.
After I got into the car business I soon realized that it was easier to get someone approved that was fresh out of bankruptcy then it was someone who was struggling but paying their bills.
One of my bankers explained it to me this way, they have no debt and they can't file again for 7-years. So they are the best risk loan to make.
Having been through bankruptcy my self, I can tell you that you have nothing to be ashamed of, hold you head high and do what you have to do. It's not the end of the world as a matter of fact it's the best thing I ever did.
I have better credit now then I did before the bankruptcy and my credit was great before. |
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halestrm
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There are situations were it cannot be avoided. Understand that bankruptcy costs people not companies. Every bad debt out there affects the next person trying to get a loan. The cost of the bad debt are added to the price of the products we buy. That is why so many are against it.
That being said, there are times and situations where it is needed, which is why it is there. My husband looked at bankruptcy many many years ago, and finally decided that with some help, he would spend the fee and have the attorney negotiate it so he could pay the debt back. That was best for him even though it took him years. He felt he learned a lesson about loans and personal finance. He now has a credit rating over 720 and it means that much more to him because of it.
If this is truely what you need, fine. Just make sure you look at all of your options. |
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$@m B
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looks like we're heading that way too...try to go to court, I think they can help. |
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DiRTy D
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I think it's something that no one really wants to ever have to do. It will make your credit very bad for 7 years and you never know, you may feel different in 4 or 5 years and which you had credit for something. But quite honestly bankruptcy is sometimes the only choice a person has and if that is the case for you then go for it.
You sound a little like you have been making a lot of bad decisions when it comes to money but I can't possibly know if they are all your fault or not from the little you have shared. Just don't take advantage of the system if you do not have to. When you do that it's the rest of us that has to pay into it. |
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katerschenko
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Everyone against bankruptcy? Not me! You are showing strength by not worrying about it, that is the best way.File for bankruptcy and tell all the debt vultures that they are wasting their time.Do not spend time trying to explain anything as they do not care about you all they want is the commission.Life is too short to worry about £40000 meet new people and forget the past. I admire your courage, good luck. |
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dsaliby728
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I would try and contact a credit councelor. They can speak to all the creditors, stop the late fee and negotiate fees. This will stop the harassing calls and outrageous fees. |
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Bottom Contributor
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here in the states you probably would be best to file for bankruptcy in that situation, but i don't know about your country. |
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jomo69
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i went bankrupt and its the best thing i ever did, i don't have a morgage, i know the feeling about the creditors they are horrible people, sometimes they phoned me 2 or 3 times a day, so if your happy with bankruptcy and you know what you have to do then do it, if it puts your mind at rest. |
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lisapj
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They changed the bankruptcy laws. Some are put in such a way that the government buys your loans and you have to pay them back. There is another but I am not sure how that one works. But I do know that for the next 10 years it will be hard to buy anything on time. My husband filed when he divorced his X she wanted everything and didn't want to pay for any of it. So he filed and they took everything back. But later 7 years later we went to buy a house and had a rough time because of his bankruptcy. We couldn't buy a house for another 4 years. Even so we had a few things to have fixed due to this crap. Good luck. I hope it all works out of you. |
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Dragonmistress
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Try to get a bankruptcy lawyer; they are in business to protect people. Also try to work with a consumer credit agency. The one in my area was free. I tried this first, and they are the ones who recommended the lawyer I finally hired.
It was to my benefit.
I had tried to work with the credit card companies involved; but they offered no real help and they wanted you to be at least 2-3 months behind. I wasn't at the time and was trying to avoid bankruptcy. They left me no choice, so I invoked my rights.
Good luck for now and in the future.
If you do the bankruptcy; try to stay on top of your finances from date of finality on out. |
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pollywallydoodle
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Bankrupcy is a good alternative for the right person and itys seems it may be the new start that you want . It will cost you £485 to file for your own bankrupcy, you must seek some form of professional advice cccs or cab. You can fill the forms in online and print them ready to take with you.
This is not an advert but look at ivainfo.co.uk lots of debt advice on iva's and bankrupcy look at the forum there are also blogs written by those who have gone bankrupt, you will get a lot of info and support there.
Bankrupcy is not a bad thing , as you say if you reach that point then you dont want the credit and if you dont have the money to pay people anyway your credit is trashed, too much lending is given without any proper checks as to how much credit people have already got .
All the best |
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junglejungle
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As for Bankruptcy.. it will totally trash your credit rating for 7 years. You will have to live on a budget.. as said before.
You can't be a director of a company etc either.
As for ballifs , by not paying your just racking up a massive bill.. say £200+ per visit..
It's kinda a last resort, yes it will stop the ammount amasing but you'll be living on bare minimums..
your ex ran off and left you with that debt? if your name is on the paperwork your responsible for it
as for ballifs turning up YOU are responsble for the debt ,NO one else, some try dodgy tactics to make out its down to your family to also pay, that is wrong and not lawful. It's nothing to do with them.
not being funny , but £40k jeez... if its in property , sell up before its repossed. Yes you can go to one of them companies that buy it and rent back to you BUT they are making money from it, as end of the day they are a business. |
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aresee
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Its a terrible position being in debt like this because of the people who continue to hound you. Bankruptcy doesnt have the stigma it used to. Your creditors won't want you to go bankrupt because they will not get everything you owe, but a percentage. but it will take the pressure off of you. However, of course it goes on your credit report and takes even longer to build up good credit so it should be avoided if at all possible. Why not start off by visiting Citizens Advice. They can negotiate with your creditors and arrange payment plans which means the creditors deal with CA not you for a start so that takes pressure off. Often they will freeze interest also. |
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very worried
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Contact each company you owe money to and ask them to remove your telephone number from their records. Then contact the CCCS, they will provide impartial advice to you and are recognised and subsidised by all major banks etc. |
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Tom T
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Wow, you are in a very difficult position. I don't know what your annual income is, however, there are tons of consolidation organizations that might be able to gather all of your debts and allow you to make one payment per month while you try to get things in order. Most people frown on bankruptcy for several reasons. One, it does destroy your credit for years and years, and may make it extremely difficult to buy a home down the road if you should happen to be in a place in your life where you actually want to. Secondly, no one likes the idea of lending money without being paid back, and as a culture we tend to judge those who fail financially. There are cases, however, where bankruptcy is the only feasible escape. I am sorry that your ex. has left you in such a stressful situation! Good luck. |
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jemmy t
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Bankruptcy is the last resort when you are reeling under financial problems. But many people use this method very early, without taking into account other alternatives. If you have a huge debt but do not want to file bankruptcy, go for other alternatives. The most popular choice is going for a debt-consolidation loan and destroying all the methods of credit.
If you file bankruptcy it stays in your cr report for 7 years, and its a hell, you cant get loan etc |
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Tyron
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Collection agencies will bug you, they usually end up making some redicilous deal with you (cutting your debt in half or something like that). |
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Cook-Baker
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sounds like you have problems. But I don't understand why you seem like its not a big deal. I like the fact that I can get a credit card any time I want, banks want me to get a loan from them, and I had no problem when it came to buying a house. My credit is pretty darn good, and I'm very proud of it. I would hate it if I couldn't do what I wanted b/c I owed too much money. |
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Bob Boblaw
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Start stripping and pay at least 200% of you minimum payments and pay off your debt. Unfortunately, your next of kin will still be responsible if you are deceased and still have debt. |
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