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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by cocoalush[/i] [br]Hi, I really would like some advice. I'm a student at university, 22 and not working. I have debts totalling £12,000. The only income I have is my student loan and grant, i get paid in three installments during the year (£2800 each installment). Here's my story: 2007: started university, receiving the student loan was a new thing to me, I wasn't used to a lump sum and I took every opportunity TO withdrew or spend on credit cards and overdrafts from 3 student bank accounts. 2008: I started shopping online with littlewoods etc who offer buy now pay later. I was able to meet payment to my creditors but it was a struggle surviving a little then during the end of 2008 I couldn't keep up with the minimum payments of all my creditors. Jan 2009: I couldn't keep up with all the payments to my creditors so I seeked advice from a debt management plan. I was still struggling a little especially because I was overspending on shopping and my ex at the time was skint so I gave him money out of kindness not as a loan, in total I gave him around £2000 in sepreate sums during the year 2009. I was able to give it because I wasn't insolvent then, I gave him the money from my student grant money. I also brought him an item for his car totalling £1800 from ebay, though he sold his car after,i brought it for him from my loan money and I was still meeting payments to my DMP but I was struggling. Oct 2009: I was struggling, I started to suffer from depression and panic attacks, I depended on taxis to travel as my attacks were set of on public transport, I couldn't keep up with the payments to the DMP, I gambled few times on online sites. I was close to skint, I needed money to survive. In the past I took out two payday loans just before my student loan was due so I could pay them off then. I took out two payday loans in nov 2009, I extended the loan til jan 2009. However now I am skint, I can't afford to keep up with the DMP, I have budgeted my I&E carefully and I cannot afford it, I am left with £80 at the end of the month, I budgeted that my income is £550 a month and expenditure roughly £470. I spoke to the CCCS who said that bankruptcy is my only option since my £80 won't cover all my creditors, I am happy going down this route and I am aware of all the implications. I don't ever wish to take out credit ever again. I have some Q's to ask regarding my problem: If I am declared bankrupt would the OR ask about me giving money to my ex? Would they ask for it back? I did give it during the time I was up-to-date with my DMP. I split up with him don't wish to see him ever again. Would the OR question about the ebay car accessories gift? he no longer has them as he sold it. Would the OR get angry about the payday loan I took out? I did intend to pay it back next month but after doing my I&E, I realised I will struggle big time during the next few months. I am happy to go bankrupt and I know this would enable me to start fresh with no credit. I have no assets. Hope to hear your advice.[:I] [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.