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| brunette09 |
Posted - 29 June 2009 : 12:01:29
Im 21 and starting to worry about my finances. I have a loan with TSB for £10k but with interest etc I will be paying back over £15k. I took this loan out about a year ago and have 4 years left to pay. Payment are £264 a month.
I also have two credit cards altogether totally £3k - i tend to make minimun payments to them each month.
I have a £800 overdraft
The only thing i own is my car which I want to sell for about £5k to pay debts etc, however in the current climate i am strugglin to sell.
I earn £1500 a month, and rent a property near work which is about £500 a month inc bills - food is another £50-100 a month on top. I have a phone contract which is about £60 a month - at the moment i cant move to a lower tarrif. I could move back to parents but it is a bit pointless as my travel to work is about £250 a month and would have to pay digs at home and also it would take me 3 hours a day travlling to work, rather than a 2 min work at th moment.
Even though i am making my payments on time, do i qualify for bankruptcy?
If so, what is the process for doing this and how long does it take?
Thank you! |
| 2 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 29 June 2009 : 14:52:19
I woulld look at getting thise debts down so they are under 15,000 & the doing a DRO, not as drastic as bankruptcy. |
| xmas baby |
Posted - 29 June 2009 : 13:49:42
Hi there,
I'm sure you do qualify for bankruptcy. The fact that you have been making your payments regularly, the fact you have only been able to make the minimum payments shows that you are in a no-win situation and the interest will slowly creep up on the cards. I was in exactly the same position as you are, in that I was able to make the minimum payments on my cards....just, bit it would have taken me many years to pay these off (if ever). Anyone can declare themselves bankrupt, as long as you have been seen to have taken the appropriate advice beforehand, such as CAB, then I can't imagine you would have a problem.
If you do go down the bankruptcy road, I would make sure you increase your food allowance on the I&E form. £50-£100 doesn't sound very much at all for 1 months' food. I was allowed £250 per month for food, although that includes dental, haircuts and general housekeeping, such as laundry. Still more than the £50-£100 you are currently living on.
Just make sure that bankruptcy is right for you by taking advice from reputable debt agencies first. It's a big step with an impact which can last for many years, but it could be the right step for you. I know it was for me.
Good luck
xmas baby |
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