News0 min ago
Should I go bankrupt?
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No best answer has yet been selected by serendipity2. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I'm not sure that these companies would expect you to start paying different amounts; I think it might be worth getting some more advice on that - maybe from the CAB?
I think that, as you owe more than �15K, you should visit debtfreedirect.co.uk - this is a scheme which helps you deal with and pay off your creditors. They won't charge you for their services. I wouldn't personally recommend bankruptcy.
I think it's fantastic that you're looking to rejoin the workforce, and wish you all the very best of luck. xx.
Go back to work and then when you know what you will be earning then contact the companies involved to explain your new situation and to offer them increased repayments.
I sympathise with people who get in to debt, but its good that you are making efforts to repay and not default or go bankrupt. It says a lot about your character as i'm sure its not been easy for you with children to bring up by yourself.
Hi, if you do not want to bankrupt then there is an alternative called an IVA, you make a legal agreement with your creditors to pay the money back over 5 years. The interest and charges will stop if it is agreed. You can go through companys who do this and pay them a fee or do like i did and go straight to an insolvancy practisioner and they will look at you circumstance's. there are fees involved but nothing you have to pay upfront. The one i used was called Haines Watts. I thought of going bankrupt but this seemedd the best option all round, hope this helps and good luck with wot you decide to do!
You can go to your local county court and fill in a form, pay the court fee (approx �450) see the judge, he makes the order and Bob's your uncle - your nightmare has just begun! Not only will you not be able to get credit but the office of the official receiver will freeze your assets (which include any bank accounts). Your bank will withderaw and credit facilities you currently rely on (overdraft etc) and may decide to close your account. With the OR's permission you will be allowed to open a cash account but it's operation will be severely restricted. for example even though you will be given a cash point card it will only work in your own banks machines, meaning you'll need to make a special trip every time you want to get any money. Bankruptcy isn't a way of avoiding repaying debts - just a way of stopping them getting bigger. If you are working you will be required to make a reasonable contribution to repay the debts, and even though bankruptcy only lasts 12 months (assuming you don't abuse the terms set out by the OR) the OR can make a repayment order to the creditors lasting three years.
If you already have an agreement with your creditors I advise you to stick with it. If you get a job they can't just ramp up the repayment requests out of proportion with your new income. However it has to be said the more you pay the quicker you become debt free.
HI serendipity2,
I would consider an IVA as other people have suggested. Although, i was shocked to hear that kathyan said Debtfree Direct charge for this!!!
I am going through an IVA myself & it was the best decision i ever made & i did not have to pay to do this.
The compnay i spoke to was Thomas Charles, they offer free advice & they was so friendly & helpful.
www.thomascharles.com or call them on 0800 072 5988.
Hi my heart goes out to u I know how u feel I was left with about 22,000 worth of debt when I divorced my ex . I tried to make ends meet, having 3 kids at home at the time.I was making myself ill with worry.I got in contact with the c.c.c s they were great. They ring u back and chat to u for about 1hour and go thru all ur options,my only way out was to declare my self bankrupt.I did that of May last year it was the best thing that I ever did.The courts and the Official Recievers were fantastic they are there to help u all the way. The only problem that u may have is finding a bank account afterwards. As u cant have a bank account when u declare ur self bankrupt.Do u have any assets property savings etc as this may be taken from u. If u have no assets like myself its a huge relief. as they take over all ur creditors for u. I have my wages and all other bits paid into my new husbands account.And yes if ur financial situation does change ur creditors may want u to up ur money.If u need to get back to me please do best wishes sue