Bankruptcy need some advice

Controversial

Controversial

Controversial

Associate
Joined
2 Jan 2007
Posts
8
Hi not really the best first post but hey I need some advice.

I lost a job that was covering all my debt, two months ago I was Diagnosed with a illness

I am now struggling to find the money to cover the debt payments each month, I can't do IVA as I am not working and won't be for a while.

Has anyone been Bankrupt, I owe £35,000 on cards and a loan which I was paying without any fuss each month whilst working.

I don't have anything that shows I have spent £35,000 I've sold the car don't own a home live with parents. All my stuff I have sold on the bay just to find the money, I've not missed one payment on any of my debts

Any idea what will happen if I declare myself bankrupt when I show I have no assets what will happen?

Really need some advice from people whom can give some decent advice and not those whom just want to spam.

I have tried www.cccs.co.uk
 
Last edited:
Fist of all I would speak to your bank, loan and credit card companies, £35K of unsecured debt is scary! See what they have to offer first of all, they may be able to freeze your interest and drop you repayments while you are ill.

Bankruptcy is an option (I know people who have) and it might be an option but it's worth exploring others first.

HEADRAT
 
Last edited:
They said 30000 people in uk are going bankrupt at the moment , someone I know has the same debt as you and all they had to do was file a form with £480 for fees and they go infront of a judge in feb and job done- its fairly easy but should be a last resort
 
Go and see the citizens advice... seriously. We got into some problems ourselves and they really helped us sort out our creditors and work out some arrangments untill we were both working again.

It may be possible to suspend payments for 6 months depending on the creditor... they do this if they think there is a good chance of getting some money at a later date, rather than you go bankrupt and they get nothing.

The CAB will take you through all the options and of course not being a company they are impartial too.
 
Ive just got home from the CAB myself and they are very useful with debt matters.

My debt isnt the same scale as yours, (only 5k) but im missing payments at the minute etc. I have a job interview coming up and hoping that can help me out.

At your level of debt without a job , bankruptcy seems the only option.

I think it actually costs you about 300 quid in fees to go bankrupt. its going to destroy your chances of getting credit for a LONG time . Mortgage and finance are out of the window for a long time mate.

however it will let you feel free once again, and maybe not be stupid enough to get so far in to debt.

You have no assets, property or car, so they have nothing they can take from you. which is a bonus.

Speak to your local CAB mate. (citizens advice beurau)
 
HEADRAT said:
Fist of all I would speak to your bank, loan and credit card companies, £35K of unsecured debt is scary! See what they have to offer first of all, they may be able to freeze your interest and drop you repayments while you are ill.

HEADRAT
Click to expand...

it's scary only now....£35k when I was working it was fine amazing how it just built up, as for the banks they have said there's not a problem as I've not missed a payment. they just don't understand
 
To be honest if you are ill and don't own a house etc. I would probably say bankruptcy should be considered, you have very little to lose (e.g. you don't have many assets) and you may be better of doing it now while you are out of comission than trying to struggle on!

HEADRAT

PS Hope you get better soon.
 
Controversial said:
it's scary only now....£35k when I was working it was fine amazing how it just built up, as for the banks they have said there's not a problem as I've not missed a payment. they just don't understand
Click to expand...

Oh dont worry... miss one or two payments and they will soon be "trying to understand how they can help..." :eek:
 
How long is the illness going to keep you out of work? If it's of a permanent to sem-permanent nature you might be able to claim DLA.

If you're actively seeking a job get yourself on JSA.

Remember, bankruptcy's meant as a last option and if you go bankrupt your creditors wont be getting anything at all. For this reason it's worth speaking to them and seeing if you can get either a repayment holiday (if you think you'll be able to get back into work soon) or smaller repayments.

All stuff you probably already know, but thought I'd add just in case.

This site looks pretty helpful.
 
Controversial said:
it's scary only now....£35k when I was working it was fine amazing how it just built up
Click to expand...

Sure I understand and didn't mean to come across all judgemental, I have had my share of huge CC bills don't worry ;)

Also remember it's only money and if you haven't got it they can't have it!

HEADRAT
 
That's why people take "Payment Protection" plans, which I assume you haven't...

Will your illness enable you to return to work in the next year or so?

if not, maybe bankrupcy is the only way to go?
 
HEADRAT said:
Which are a complete and utter ripoff, the level of cover offered for the amount it costs is scandalous!
Click to expand...

Maybe, but it saved my *** when i was made redundant once paying off a loan i had with my bank. If i didn't opt, i would have been in major problems as it took me another 6 months + to get back into work.
 
The illness is just as crazy as all this just woke up one morning right eye is blurred, could not see anything went into hospital told me I have Keratoconus disease of the cornea on the both eyes.

Glasses, lenses will not work been ( moorfields eye hospital ) so waiting on some cornea transplant's for my eyes will be out for maybe a year.

Looks like I should try CAB I am 27 life was going fine now all this
 
I feel for you - hopefully they can sort your eyes out m8, the money/debt comes second. Surely you must be able to claim some additional benefits in your sitation, enabling to offer some kind of monthly payment to your lenders. If they don't accept your offer, in your situation, then they are real **** and should be taken to court!
 
Dr_Evil said:
I feel for you - hopefully they can sort your eyes out m8, the money/debt comes second. Surely you must be able to claim some additional benefits in your sitation, enabling to offer some kind of monthly payment to your lenders. If they don't accept your offer, in your situation, then they are real **** and should be taken to court!
Click to expand...

Thanks mate

This illness is what has messed all my plans up, I was paying the debt without any hassle I best call the card company see if they can help.

Will post back later thanks guys for not putting the boot in
 
Last edited:
CAB office is your first port of call mate.
Ring them Now and sort a time out for a visit, You will Not regret it.
As soon as you have seen someone at the CAB office your creditors will immedietly crap themselves and be much more flexible.
There are many options for someone in your circumstances and the CAB office will advise the best course of action.
The fact that you recognise the problem before you have missed any payments says a lot to me and anyone else you tell. This one fact will make things much easier for you.

Ring CAB NOW.


Best of luck with your eyes mate that sounds well harsh.
 
Controversial said:
thanks guys for not putting the boot in
Click to expand...

You don't deserve to be kicked while you're down tbh, and you sound like a decent and honest bloke.
You were working, you've been paying the bills just as you should, you were doing things right (aside from the amount of debt you've aquired, which is obviously a little careless, but that's neither here nor there right now), and it's just Godawful bad luck that you've been hit by the illness.

Don't put it off any longer, get onto the CAB and take things from there. My best wishes to you for a speedy recovery from the illness, and then from the debt. :)
 
You must log in or register to reply here.
Back
Top Bottom