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| Should i go bankrupt? |
I have alot of debt which I am paying back at very low monthly payments,probably to about 25 companies,mainly collection agency.
Trouble is they will never be paid back for many years if at all.I have considered an IVA but its to much money per month.
Have been looking at debt manangement but that still doesnt stop the companies harrasing you for increased payments even though you cant afford to pay more.I dont own my own house so I cant sell that and I have no assets as such.
I am employed but with all my outgoings on basic needs and living expenses I dont really earn enough to carry on for years.
I dont like walking away from problems but things are getting desperate. |
 |
 
Metalfinga
 |
Try getting in touch with your local Citizens Advice Bureau as they can be very helpful in these situations.
Work out a budget of what you can afford to pay back after paying the essentials (rent, elec/gas, water, food etc.). Then split your remaining cash between the bills, then get in touch with your debt collectors and explain your situation and make an offer of payment via instalments, they will bully you into paying more but stand firm with your offer. Because they don't want the hassle of taking you to court and as you have made an offer of payment, the court would most likely tell them to accept a much lower amount than what they want anyway.
Some years ago I got into debt after being laid off from work and it took me nearly 3 years of living off the tightest budget ever, basic foods, no nights out (really annoyed my mates), no new anything, but when I made the final payment it was great. And I'm now a lot more careful with my income and always pay cash, never buying anything on HP etc. It is possible with careful money management and good will power to restore your credit rating to a good one and clear your debts....good luck. |
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jayne c
|
take a look at this site
http://www.debthelpuk.co.uk
There is a lot of advice here, the forum users are really helpful and friendly
|
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Wamibo
|
As you do not own your home bankruptcy could well be your best option and you will be best advised to pay the cost of declaring yourself bankrupt. You can get free advice from the Citizens Advice Bureau over full details. It is most important that you list everybody you owe money too as then the Bankruptcy Order from the Judge will prevent those you owe money to pressuring you. You will have an interview with the insolvency service where you live after the bankruptcy order and they are very fair. You will lose any luxury items you own such as a Rolls or Porche car but if your car is something like a Fiesta or Corsa you will be allowed to keep that and you will be allowed to keep certain things in your home as well as being allowed a reasonable amount to live on. If you are a first time bankrupt you should be discharged within a year After discharge you can make a fresh start although you may have to make a monthly payment back to the Insolvency service for 3 years after being discharged from bankruptcy.But it will be much less than paying the amount for an IVA. You can also get free information from
www.nationaldebtline.co.uk or by phoning 0808 808 4000 as well as from Advice UK on 020 7407 4070.
But whatever you do going bankrupt is much better than
getting involved with any more loan sharks, who offer to "consolidate your debts" or something similar. These people are mostly rogues. Be advised - keep clear of them or you are likely to be in far worse trouble than you are now.! |
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darren e
 |
if you have no assets or any thing they can take like a paid off car or you have hidden money like an inheritance then yes bankruptcy is the best option--i assume you are in the uk?
if yes go to your local county court and ask or email them for a bankruptcy petition or the relevant forms.
if your on benefit income support you should not have to even pay the bankruptcy fee of about £463 if you get i/s ask the court also to send you a few ex160a--application for fee remission forms as well.
you mention these iva's voluntary payback things
quite honestly there a load of cr=p
you could if you wanted encourage the person you owe to file a bankruptcy petition against you
especially if you have no house or assetts to lose.
one word of advice if you have any money to manage on during the period of your bankruptcy
do not declare it on the form when they ask what you have
let a trusted family member look after it or just keep it as cash hidden somewhere--not in a bank acount
maybe a safe deposit box--barclays offer barclaysafe at some branches where for £15 a quarter you can store valuables jewellery cash etc the fee to retrieve your stuff is £5 per access.in safe deposit. best of luck
the upside is once your bankruptcy is in--you can really be free of debt straight away and with a clean slate in a year. |
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alatoruk
|
we need to know how much you are in debt for. Bankruptcy is always a last resort |
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Di
|
Yes. I think it would be the best way to set yourself free from the collection agency sharks.
I have been bankrupt. Husband had cancer. Neither of us could work.
After he died, I was being harassed by debt collectors.
I lost my home etc.
Something had to happen in order for me to be able to have a fresh start. I went to a Gov't financial adviser. I was advised my best option was Bankruptcy.
although it wasn't what I wanted, I had no choice. The counsellor spent an afternoon with me, and that was it. From that day I was Bankrupt.
I know it stays on your credit history, but some don't have a choice.
I wish you good luck. There is a new life waiting for you. |
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Mike D
|
That is what going Bankrupt is for, to help people like yourself stop stressing to death about debt, look at the pros & Cons and speak to someone who has done it and get as much advise as possible and then make you own mind.
And make sure you dont get in the same situation ever again. |
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rustang4698
 |
bankruptcies stay on your record for 7 years. There are new rules regarding bankruptcy. Talk to a lawyer to see what you best option is. Debt management companies just try to get more money out of you and you credit is still ruined. |
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Daniel C
|
Sorry to hear about your trouble, I can't really advise as don't know your circumstances or debt owed, but it makes me sick when you see all these adverts advertising loans etc. on the tv, they will lend money to anyone these days, irrespective as to whether the person can pay it back or not.
Do you have any family that can lend you the cash, I know that is not solving the problem but its easier to pay them back that the loan companies with their daft interest rates |
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Abbie T
|
You mite as well it could be better for you,but after this dont let it go so far next tyme.Everyone make mistakes. |
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cuddlyclaud
|
Get some debt counselling (not from a finance company), work through it and don't borrow money.
I had the same troubles as you but now I own my home and owe nobody. I managed this on a modest income.
Good luck, it can be done!. |
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Night-ranger
|
Yes . Sounds like your best choice since you do not think you will ever pay them off . Bankruptcy will be off your credit report in a reasonable amount of yrs . for a fresh credit start . Not to mention the $$ you will save in the process . But if you keep paying creditors low amounts for years ... then the collection process will reflect on your credit all those yrs ... and possibly 7 more yrs after you pay them off .
Get the do-it-yourself bankruptcy paper work and end the madness ...
|
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Polonius☆
 |
Seek advice. C.A.B
They should help with a 5 year plan to get debt free |
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fiddler
|
Yes you should.But before you do get a new phone-ipod etc.My friend
did and bought me a class phone for my birthday before she did. |
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Emily R
|
Why not!! kerry katona did |
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minkesh s
 |
Hi Friend,
Don't go for bankruptcy it will damage your credit score. I will help you in knowing other ways to get rid off loans.
Borrower are puzzled with different tricky financial matters. Mostly are motivated with high cost of commodities or a high demand. That is making up the major part of your spending. To patch up with your demands you have to take loans. At a time when you came across the high competition and severe financial problems, you fail to remember paying them till last date. This makes outstanding dues to become debts. People facing manifold debts which effect there future growth options. At this moment people can apply for debt consolidation loans.
Ironically, people have no option other then of taking another loan, this time for paying older debts. The borrower thinks of making single repayment of multiple loans. That can be done with the calculations of outstanding amount of all loans. In this case only principal amount is considered but the charges such as services charges, interest rate other charges must be calculated.
If borrower is unable to do so, credit agency will help borrower to get rid off of loans. They do debt consolidation on borrower’s behalf. For doing so they will charge there prescribed fees. If borrower wants he/she can apply for such services online. Online services are free from any charges. With the help of internet borrower can apply for debt consolidation loans.
Debt consolidation loan can be taken in secured or unsecured format. In secured loans the pledging of assets is done and on the other side in unsecured loans no assets are pledged. The basic difference between both formats is just of rate of interest. In secured loans the rate of interest is usually less. But in case of unsecured loans the rate of interest is high because of uncertainty of borrower.
So, debt consolidation loan is a financial way to clear your outstanding dues. By this procedure you can make your life debt-free easily.
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