Anyone on here declared themselves bankrupt?

TheCenturion said:
You mean: borrow 10k from your mum :p

Also, paying that amount back would mean paying back £12k, although I imagine this was your intention. Also remember inflation. It will be a lot easier to pay 1k in 10 years than it will be now.
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Bah, borrow it is, English isn't my native language.

I calculated 12k because here in The Netherlands we are not allowed to lend someone money without charging interest, but on the other hand it is possible to gifts your own kids 4k Euro a year so she could also gift the interest payments.

The reason I suggested his mum is that the interest rates are lower or non-existant and missing a payment isn't a huge problem.
 
Rule No.1

If you offer your creditors repayment of £20 a week for the next 5 years vs going into bankruptcy, they will take the repayment.

If serves them no interest to see you go bankrupt, as they will get nothing. They can apply bankruptcy on you too as your debt to them is over £750 but it is not in their best interest to do so. They will get a court judgment against you and then send bailiffs around and you arrange a repayment plan to them.
 
Have a look on the forums on moneysavingexpert.com pal, lots of people with experience of this to help you out.
 
Raymond Lin said:
Rule No.1

If you offer your creditors repayment of £20 a week for the next 5 years vs going into bankruptcy, they will take the repayment.

If serves them no interest to see you go bankrupt, as they will get nothing. They can apply bankruptcy on you too as your debt to them is over £750 but it is not in their best interest to do so. They will get a court judgment against you and then send bailiffs around and you arrange a repayment plan to them.
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If the OP doesn't have the means of paying off the entire debt, and can only afford the min payment each month then i doubt they would gain much from taking him to court. Especially as the OP doesn't own a property. Also Baliffs would only be instructed if the debtor didnt meet the terms of a ccj. i.e refused to pay etc.
 
If you'd said your debt was £30K or £40K I would probably suggest bankruptcy, but for £10K I think the added future bother that is associated with having gone bankrupt in your past will not be worth it. Basically, you'll have trouble getting finance, insurance, mortgage and positions of responsibility in some work. This might blight you for some time.

There are lots of other ways to manage debt, as mentioned by the good folk on here. Voluntary agreements, consolidation loans etc etc, all available before you have to resort to bankruptcy, because it's simply in nobody's interests to let you go bankrupt. Even if you speak to the bank they may offer you something to roll it all into one loan with lower interest rates and a manageable monthly payment. Then you can pay more off when you are able to.

Sounds like you've got a kind mum too. Take advantage of her offer of help.
 
I went bankrupt back in 2007 for around 25k due to ill heath and barclays bank would not help me :mad: i think for 10K it would ba a waste , i would ask your family for their help or advice on this . . . I can still get credit but never again would i get into debt . . .

I am all fine now and back with my wife & daughter and back in full time work :D:D:D
 
OK first up I would start prioritising where you are spending your money. Looking at this thread from less than two weeks ago http://forums.overclockers.co.uk/showthread.php?t=18217898 you are considering upgrading from a GTX460 to a GTX570 which costs hundreds of pounds. As someone in heavy debt contemplating bankruptcy, upgrading from what is already a high-end GPU to something even more extravagant should be way down the list. Plenty of people on these forums have a decent income and plenty of savings and even they don't have graphics cards as nice as a GTX460, never mind thinking about yet another upgrade.
 
Can't really move in with mum as the house is pretty crammed atm as I have two younger half brothers living there from her second marriage and there's not really a spare room for me.

I will go to CAB as soon as my local one is open, Wednesday hopefully.

For those querying whether this has come from the courts ie official, it has, this is an official 'Notice of Application of Earnings Order', I have to reply with form N56 (here http://www.hmcourts-service.gov.uk/courtfinder/forms/n56_e.pdf).

This is just for part of the 10,000, I have other debts with debt collectors that haven't petitioned the court yet but are threatening to.

I am currently paying £100 a week for one room atm, not sure I'll get it much cheaper with bills inc, although I do have to pay electric.

Obviously I'll have to see what CAB say first but I'm definitely leaning towards bankruptcy atm.

HangTime said:
OK first up I would start prioritising where you are spending your money. Looking at this thread from less than two weeks ago http://forums.overclockers.co.uk/showthread.php?t=18217898 you are considering upgrading from a GTX460 to a GTX570 which costs hundreds of pounds. As someone in heavy debt contemplating bankruptcy, upgrading from what is already a high-end GPU to something even more extravagant should be way down the list. Plenty of people on these forums have a decent income and plenty of savings and even they don't have graphics cards as nice as a GTX460, never mind thinking about yet another upgrade.
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I agree with you, but in reality you sometimes just ignore it thinking it won't get you until you get a wake up call which for me was the court order coming through the door and it slapped me in the face hard.

I know what I'm about to say sounds wrong but hopefully some people will understand, I need something in my room to keep me occupied, I have nothing else in my life, I can't live in a room with with just a TV in the corner, perhaps it's an addiction I don't know but what else do I have?

Alcohol has already been creeping it's way in as a coping mechanism, I know I've made mistakes and tbh am probably still making them but it's not easy.
 
lowrider007 said:
I know what I'm about to say sounds wrong but hopefully some people will understand, I need something in my room to keep me occupied, I have nothing else in my life, I can't live in a room with with just a TV in the corner, perhaps it's an addiction I don't know but what else do I have?
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Nobody would say you should live with nothing, even the courts allow for luxuries and holidays etc when it comes to debt/bankruptcy.
However, you have a gfx card more than capable at the moment, which is the point that was being made, there is no need for an upgrade.
 
gambitt said:
If I was struggling to pay rent I would be using a £5 graphics card from ebay.
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Then your a better person than I am, I guess I'm learning the hard way, like I said before I'm not normal, people like me end up in bad situations for a reason, normal people like you cut your loses and prioritise, I've found that hard to do, over the years I've needed certain material things to make me happy when I know that I shouldn't.


Morba said:
Nobody would say you should live with nothing, even the courts allow for luxuries and holidays etc when it comes to debt/bankruptcy.
However, you have a gfx card more than capable at the moment, which is the point that was being made, there is no need for an upgrade.
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I agree and you'll notice looking at my sig I didn't upgrade, I wanted to very much so and I nearly did but didn't in the end, I used to own every knew piece of kit that came out but not any more, I have improved a lot in that regards.
 
Yes you do!

I haven't had much money for a few years and so subsequently have a 6800GT and an AMD x4400 and 2GB or RAM. I'm guessing you've spent several thousand on new computer parts in that time.

You do seem to be trying to wiggle your way out of your fault with the "people like me", sounds like you're trying to blame your upbringing or genes rather than will power and common sense (bit like fat people complaining that they can't lose weight).
 
I get what youre saying, you feel the need to spend money on yourself or whats the point of doing the daily grind, but you need to eliminate any credit cards you have, debt on cards goes down soooo slowly with minimum payments, its just burning money, you need a loan, from family or bank, to get rid of high monthly interest payments
 
Amp34 said:
You do seem to be trying to wiggle your way out of your fault with the "people like me", sounds like you're trying to blame your upbringing or genes rather than will power and common sense (bit like fat people complaining that they can't lose weight).
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Maybe I am, I honestly don't know any more, perhaps I'm kidding myself, I just don't know what to say, I'm a bad person? personally I think I am but that's another issue entirely, I don't know why I am like I am and I'm tired of it tbh, ****ing tired.

finga said:
I get what you're saying, you feel the need to spend money on yourself or what's the point of doing the daily grind, but you need to eliminate any credit cards you have, debt on cards goes down soooo slowly with minimum payments, its just burning money, you need a loan, from family or bank, to get rid of high monthly interest payments
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I think the way I've tried to justify it to myself in the past is that I'm in a hole that I don't ever see myself getting out of so what's the harm in digging that hole a bit bigger, I know that's stupid but it's how you think sometimes in that situation, you think you've got nothing to lose so what the hell, it's just that now that hole is starting to close in on me.
 
a consolidation loan with manageable monthly payments will give you a light at the end of the tunnel and provide quite some measure of relief that your debts will have an end, its pretty much what the CAB will tell you too, a loan is the only way you will get out of 10k debt pretty much, albeit over 7 or 8 years probably
 
you'd struggle to get unsecured finance for 10k with a ccj.

A realistic repayment plan would appear to me to be the best option.

Honestly though i'd take my earlier suggestion and go and speak to your Dr about possible depression.
 
theres companies recommended by CAB i believe that negotiate lower final payments for debts and you pay them the monthly payments, a workmates son got into the same situation a couple of years back and that was what was offered to him, would obviously be hard to get help from a bank with debt collectors already knocking, although maybe close family could get the loan for him, dependshow much they trust him
 
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