bankruptcy - debt wiped clean

[ritchard]

i have around �7,ooo in debt on cards and loans. i am unable to meet payments due to now being on income support due to long term illness with no insurance to cover payments. i have negotiated with lenders to get payments down to lowest but still can't afford to pay. i have an appointment with citizens advice coming up. will i be able to go bankrupt and have debts cleared rather than having debt for years to come. what can be done under scottish law and will i have my things from my rented home like my computer etc. taken away. how long does everything take?  please reply

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[AlanS107]

You will get some good free advice by posting your questions on www.fool.co.uk. Click on | Discussions boards | Managing your finances | Dealing with debt |.

Good luck.

[cheyenne]

Ursula has reported you ,for showing your tel: no and address on suggestions.Yawn.

[netibiza]

Why is ursula so bothered? it's not affecting her.  Leave people alone!!

[erimus1]

You may have noted that the insolvency laws have changed at the end of last year - This was largely due to the stigma atached to bankrupts. You may now be discharged after only one year rather than three as was previously. What is not commonly known is that , as this is discretionary, and although will most likely be only one year, it can in fact be longer that the original three years. You have to make an application to make yourself bankrupt which may or may no be accepted - good way to go in all probabilities - many peole are now doing it - four times as many as last year.
Good luck.

[Mr Ed]

Get an appointment with the CAB soonerif  possible.I believe that they provide  lots of helpfor people in your situation. Also being  proactive with the card companies is a good idea as they are keen to get at least some of their money back rather than chasing people who don't acknowledge their probalems.

Also look as some of the advice pages on credit card websites for further help. Try www.moneyextra.co.uk/creditcards   or  www.gold-creditcards.co.uk

[Mr Ed]

Going bankrupt is never the answer, this will haunt you for years.

This is a manageable debt to get under control by consolidating your debts, reducing your average interest costs and using interest-free balance transfer cards to give yourself brething space.

Do your research on the best products to consolidate your debts and work out a plan with the help of CAB.

Sites with good advice pages include : www.moneysupermarket .com and www.financial-sense.co.uk

Good luck