Anyone on here declared themselves bankrupt?

The alternatives to bankruptcy are:

• Informal arrangement - You could consider writing to all your creditors to see if you can reach a compromise. Include a timetable of when you will repay them.
• Individual voluntary arrangement - This is a formal version of the previously described arrangement. You would need to apply to the court with the help of an authorised insolvency practitioner. They would supervise the arrangement and pay your creditors in line with the accepted proposals.
• Administration order - If one or more of your creditors has a court judgment against you and if your total debts are £5,000 or less, the county court could make an administration order. Under the administration order, you make regular payments to the court, which will then pay your creditors. While you are paying the administration order, your creditors can't take any further action against you to get their money, without asking the court first.
Also, you will not have to pay any interest on your debts. You will have to pay a fee for an administration order, but this will be added to the money you already owe and not charged separately.
• Debt relief order (DRO) - if you are unable to pay your debts, owe less than £15,000, have assets worth less than £300 and have less than £50 per month disposable income, after paying normal living expenses, you may be able to apply for a DRO. DROs do not involve the courts. They are run by The Insolvency Service in partnership with skilled debt advisers, called approved intermediaries, who will help you apply to the Insolvency Service for a DRO.



All taken from here:- http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#1

Good luck.
 
My parents got themselves into a debt problem, they went to the CCCS who have been fantastic, have helped them set up a payment plan to pay back all their creditors, it will still take them a while yet but their debts are worse than yours and they never considered bankruptcy as an option. They're paying it back, slowly but surely. Might be worth speaking to them.

Good luck :)
 
might seem like no light at the end of the tunnel but 10k is peanuts, don't think about declaring just for that. Eat umble pie and go beg off mother for a few years, think about moving to the big smoke starting again with a bit of capital you have saved?

new year , dont panic, new outlook
 
here OP

http://www.gregorypennington.com/

has helped my parents get out of a spiralling £12,000 debt from shopping, rent and presents for us kids at xmas, theyre able to freeze interest and knock it all down into one monthly repayment of about £90 or something. They have the authority to stop any creditor from coming to your house and repossessing good legally, they sort out all the paperwork in such a way that any nasty letter you get you are able to just ignore it.

Hope it helps.
 
Just be careful of companies that say they can wipe your debts clean. some take large chunks of your "repayments" as a fee, for effectively doing sweet FA apart from filling in a few forms you could do yourself with a bit of research and guidance.

Tell us what you HAVE done so far to get yourself out of the mess?
 
I was at 6k debt. Went to cab cos I wasn't making payments etc. Told them everyone I owe to, how much my income (dole) was. They contacted everyone and set up a payment plan. Simple.

People off my back. Payments being made. Life improved.

Get off ya ass and ask for the help from experienced people
 
It won't be just PC's. I was the same, had to have every gadget going, the best of everything, biggest TV, loudest stereo, fastest car, designer clothes, nice watch.

As I think I've said above, once the OP can manage to let go of all of these things then he will start to grab hold of the problem at its source.

Its no good whatsoever borrowing the money to pay it off, if you have yet to learn you cannot spend what you haven't got.

I'd like to know what the OP has done or tried to do in getting himself out of the mess
 
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lowrider007 said:
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.
Click to expand...
Sorry, the main reason will be choices you made.
 
Scubascorpion said:
It won't be just PC's. I was the same, had to have every gadget going, the best of everything, biggest TV, loudest stereo, fastest car, designer clothes, nice watch.

As I think I've said above, once the OP can manage to let go of all of these things then he will start to grab hold of the problem at its source.

Its no good whatsoever borrowing the money to pay it off, if you have yet to learn you cannot spend what you haven't got.

I'd like to know what the OP has done or tried to do in getting himself out of the mess
Click to expand...

I used to be like that years ago and that's where a lot of these debts came from, I had a lot of stuff on credit and then like I said in the original post I lost one job and hours got cut down in the other, I don't own any CC's any more, haven't done for a few years now and both my current acc's have no over draft facility and the last time I took a loan out was well over 5 years ago.

With regards to dealing with it I had agreements set up with a few of the firms that I owed money to but often the amount I was paying was subject to a 6 month contract and review and often at the end of the contract they would say they are not happy with the amount and would unfreeze the interest.

LLoyds for example, I owe then 2 grand, I had an agreement with them for £20 a month with frozen interest, I never missed a payment, after 12 months an Indian guy from a call centre rings me up and tells me he wont renew the agreement unless I upped it to £30 which I said if I agree to that I'm not going to keep up with the payments so I can't agree so he cancelled the agreement and now interest and fines is being added to that 2 grand every month.

Other companies just wouldn't accept what I was offering them because they deemed it too low (£5/£10 a month) and said it would be passed onto a debt collection agency which is what happened.

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With regards to my PC,

Yes I have a Good PC but I have honestly not spent as much as some may think on electrical goods,

In the last five years the things I have purchased of value have been,

PS3
xBox 360
A budget 32" LCD
A bare bones PC (From the b-grade section of OcUK)
My PC in my Sig (practically everything second hand from MM apart from GPU and partly funded from selling old components)
A Budget Android Phone

That is it, if I'm being very generous it amounts to £1500 @ the most, that is over a five year period and most of it was purchased using tax re-baits and money that my mum has given me.

I don't go out at all, I don't own a car, I don't smoke, I don't have satellite/cable, and no mobile contract.

I do have a phone-line with Broadband though but I barely make any calls on it at all.

Also I'm always entertaining the idea of upgrading or thinking of buying something new but 99% of the time these days it doesn't happen, for example I want an iPhone, I've probably even made a thread about it somewhere but I've wanted one since they first came out nearly 4 years ago and I don't see myself getting one any time soon.

I'm not sure how many people will get this but I find that entertaining the idea of getting something helps a lot to get the need of it out of my system, making a thread maybe, watching an unboxing on uTube, reading up on the specs of said item or reviews, I'll research all about it and tbh I think that's half the fun most of the time, I usually know deep inside that I'm not going to get it, because A) I know I don't really need it or B) I know I just can't really afford it.

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Anyway I think one of the biggest mistakes I've made in regards to my debts is not getting any proper help sooner from CAB/CCCS/National Ddebt line etc and just leaving them to pile up over the years and that is about to change, I'm about to post off my 'Attachment of Earnings Order' filled out with the bunch of my wage slips and I'm making an appointment with the CAB and also going to ring the ring up CCCS today.
 
Attachments of Earnings are based on salary. They take a percentage. Not actually that bad. If you earn under a certain amount, they can't do it.
 
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