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Tiggy | I've taken out a massive loan to pay off existing debts but can't pay either can i file as bankrupt? |
i've now got no job and didnt have PPI cos i was only in a temporary job and the debts were higher than i had thought and i now have most of the existing debts and the new loan to pay and no job |
 |
 
icy_tempest
|
Sorry to sound harsh, but what did you do with the $ you got from the loan if you didn't use it to pay for the already existing bills? Some lessons are learned the hard way. You've dug yourself into a hole and you can't think bankruptcy will be a shining star at the end of the tunnel. As others have said, contact your creditors and explain the situation and see if they will work with you in any way. Then, find a job, then start living within your means and learn how to handle money. Again, sorry to sound harsh but it is what it is. I've been there and learned this lesson the hard way myself. Now (many years later) that I've gotten things under control in with my finances, I have ZERO debt and if I can't pay for something with cash, it doesn't get bought. |
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garry.parker@btinternet.com
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Cut up your credit cards, find a job, pay what you can when you can, stop going out and be boring, pay for things with cash not plastic until its under control, learn from this and dont do it again!!...harsh but fair! |
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BARRY B
 |
If you don't own your own house and drive a Merc, bankruptcy is the answer. You have to pay a court fee when you apply but all your debts will be totally written off in 12 months, sometimes 6 months. You will not have to pay anything in the interim if the Official Receiver sees you can't afford it. If you have been deliberately fraudulent the bankruptcy period will be extended. What ever you do, do not enter into any form of IVA as these schemes are as close to a legal scam as they can be. Bankruptcy is swift and painless. True your credit rating will be affected, but it is already I suspect. You can still get loans after the bankruptcy ends, but you are required by law to inform the loan company that you are a discharged bankrupt when you apply. Be sure to explain your actions truthfully to the Official Receiver. They've seen it all before and will treat you sympathetically, but they can smell dishonesty a mile away. |
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Prophet 1102
 |
Bankruptcy won't relieve you of your debts - you might as well contact each company you owe money to, explain your situation, and work out an extended payment plan (that's what you would have to do anyway if you file bankruptcy). |
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jnkewa777
 |
Sell what you sit on......
You can get $100 a pop if you're freaky. |
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prince_henry
|
in other words you have spent the loan on something else and now you want to get out of paying it back by going for the bankrupt Option.
no you cant
why did you take out a loan if you only had a temporary job, you can not go running up debts that you have no intention of paying off then declare your self Bankrupt, that's fraud.
your going to have to work out a plan on how much you can pay back a month and stick to it, no court will grant you bankruptcy on these grounds |
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Ricky J.
 |
All you have to do is prove that you can't afford it and you can file. Check with a lawyer to see just what chapter you qualify for. |
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Blank Blonde Stare
|
If you file for bankruptcy, you'll be assigned some debt to payback to creditors, plus, it will mar your credit report for 5-7 years.
Student loans and unpaid taxes are excluded from allowable debt to include in a bankruptcy.
I would suggest you contact your creditors and make alternate arrangements if possible. Creditors do not want existing receivables to end up in bankruptcy, so it would be in their best interests to work with you to arrange a payment plan, lower your interest rate, or allow you to make an 'offer' to settle a debt. Example, if you owe the doctor $500, and you offer to pay cash in the amount of $250, the creditor might accept the offered payment as a settlement on the account.
Just make sure you DO NOT get involved with any type of 'credit repair' company.
Good luck. |
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Nikki
|
you don't want to file for bankruptcy unless absolutely necessary. but if you do file you need PAY STUBS and BANK RECORDS. chapter 7 goes against all unsecured money owed and chapter 13 is a consolidation. the fee for filing is at least $2000.00 which you have to pay a lump sum and then payments till its paid in full.
I would talk to the people that you owe and tell them your situation and see if there is a way to extend your loan for smaller payments.
Good luck and hope that i helped |
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Juan M
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try to settle some of your debts for less than you owe. Let your creditors know what is going on and maybe they can work something out with you, like postponing payments or lowering interest rates. |
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Christopher
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I would file bankrupt...
or get a job...
or if you can for tell the future buy a lottery ticket. |
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purcellzx9r
 |
file for bankruptcy... but prepare to lose all possessions and possibly your home
contact citizens advice bureau or financial help |
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Brandie
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Bankruptcy will stay on your credit report for up to 10 years and can severly impact future financing options. It's definately something to try to avoid. |
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