Help! Im in so much debt ! Should i declare myself bankrupt?
Answer:
i suggest this only as a last resort. Firstly u need to contact the citizens advice bureau, they have a income and expenditure sheet that you can complete, only after all essentials have been taken into a/c will they then look at what bis available for your creditors. You,they can contact the creditors with regards to suspended interest on the debt. If debt is on cards they will ask you to stop spending/cut them up. Hope this helps
u can mate
costs about £300 at the county court
u wont get credit 4 about 12 months but after that u get bk to the real world again
not like it used to b where u were like it for 6 years
lot better now
If you declare yourself bankrupt you'll lose everything. You wont be able to get credit for at least 7 years. If you have lots of little debts try and concentrate on one at a time by paying minimum payments on all but one debt. The other debt pay as much as u can afford to pay off so u end up clearing the debts . If things get really hard try speaking to the lender they are more likely to be able to negotiate a smaller amount to be paid off rather than if you just dont pay.
it costs £350 or there abouts, i went bankrupt in 2000, it lasts for 5 yrs then you are discharged, you might have difficulty with/getting a bank account, i had one tucked away, which worked out well as i needed it for wages/bills, EJ your emails not ratified Ive got some tips for you , cant put them on here
I know you are in UK so rules are different; I went thru this in USA just before they changed our rules to make it harder. I know I had to prove that I was not in debt due to overspending (I wasn't - my company went out of business and employment was scarce) and it was fairly easy to eradicate my bills. Now my credit is clean. Paying little by little was no longer an option, as the companies were demanding payment in full.
I don't know what the bankruptcy laws are like in England. About 6 years ago, I was drowning in credit card debt - I had changed jobs three times in 3 years (not my choice), and had become the victim of financial depravity because of all the relocations (because they were each a "new" start). When I finally realized that I was going down the toilet and that my life was just paying bills with nothing left for retirement, etc., I finally filed and was awarded bankruptcy. It was not a pleasant experience, but there was no other solution. I tried the "Debt Consolidation" scheme, and that was a big joke for me. I had far too much debt for it to be effective. The downside of bankruptcy is that your credit (that's what got you in trouble to begin with) will be non-existant for about 5 years, and will be slow to recover then. In bankruptcy, you have to explain everything and the process is very invasive, but in my case it was well worth the effort. I am now financially solvent with a good job and a retirement to look forward to.
Oh please don't do that, not yet, it seems like an attractive option at the moment but it could ruin the rest of your life if it's not absolutely necessary.
Firstly you need to know exactly how things stand and how much you actually owe and to who.if you write it all down in a list/spreadsheet it might not be as scary as it seems and you'll have all the information you need when you take the next step.talking to a professional ie. citizen's advice bureau or financial advisor.
Is there any way you can raise money? selling belongings on ebay, downscaling your living accomodation (cheaper rent), increase your working hours/second job.
Also * try to pay off debts with the highest interest first
* work out how much (if any!) disposable income you have
and take it out in cash at the beginning of each week
* sort out a budget. And stick to it!
Good luck chicken, most of us have been in debt at some point, you're definitely not alone!
I believe that once you declare you will bard from some website such as asos and ebay - if you feel like you could manage with them, well go for it
You have to remember that your credit rating suffers if you become bankrupt. But it isn'i all bad. Peace of mind is all important. The law allows you to get rid of debt by becoming bankrupt, but beware if you own anything of worth.
If you are totally unable to pay back your debt..go for the broke option, but take professional advice first to weigh advantages against consequences.
Check out Citizens Advice or similar local free help. Beware companies that offer easy solutions. They are in business to make money.your money.
and finally, GOOD LUCK !
i went bankrupt a couple of months ago mate and it was the best thing i ever done,I'm 27 too,having money trouble is the worst thing ever.i spoke to citizens advise which to be honest with you weren't much help.speak to the NATIONAL DEBT LINE they are really good. i filled in my bankruptcy forms on-line,printed them off,made a appointment at my local court,went down payed £370 and it was all over in 10Min's(no lie!)
i owed 35grand and was paying over 400quid a month,i now pay less than £90 and it only lasts 12months...
people say you will get really bad credit when you go bankrupt which is true,BUT 1 if your are in that much trouble with money,you've probably got bad credit anyways! and 2,who cares if Ive got bad credit.I DON'T WANT CREDIT ANYWAYS,IVE LEARNT MY LESSON..
good luck mate,phone the national debt line tomorro(and be honest with them).you wont regret it!
Try looking at moneysavingexpert.com website. You should find some good advice.
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