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| T O P I C R E V I E W |
| Brian.ch |
Posted - 08 December 2011 : 01:28:59
Hi. I have debts of 20k loan/credit cards. All was fine until 2002 when I became Ill. I worked a total of 75 days that year and was finally diagnosed in November 2003 with acute IBS. I have not worked since Jan 2004. I am looking at bankruptcy as my only way out but a friend suggested I should continue paying the £2.00 a month (wife pays these) to each creditor and wait until one of them makes me bankrupt. Does this sound right? I have no income, or savings and my wife is on a pension, we live in rented accommodation.
Thanks.
Brian.
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| 2 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 08 December 2011 : 08:26:31
Hello there, and sorry to read of your situation. As Kallis recommends, the best course of action for you is to make and appointment with your local Citizens advice Bureau,(CAB) ask for an appointment with their qualified 'Money Adviser' who can help you through the process and offer you full advice pertinent to your actual situation.
If your are in recceipt of certain benefits there will be a reduction in the fee for bankruptcy, and the CAB can provide advice on this together with seeing whether you qaulify for a full reduction of fees (which may be possible) but only the CAB has access to the information, and it is only available for those who qualify.
paying the £2 per month is only what is known as a 'holding plan/option' and will often stave off creitors taking action against you, but it will not help you to get debt free and your debts are not going to go away
If the debts are in your sole name, only you will need to go bankrupt, but I cannot state whether or not this is the right course of action for you as I do not know your full financial picture, from the short post you have made - the CAB will be able to do that for you
If you do not wish to chat to the CAB you will more than likely end up with having to pay £700 to file for your bankruptcy, so I strongly recommend that you take up this chance to speak to someone who can help you
Good luck, and i hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| Niobe |
Posted - 08 December 2011 : 06:36:48
Hi and welcome.
It's highly unlikely that your creditors will make you bankrupt as it will cost them a lot of money to do so.
Have a word with one of the experts on here or visit the CAB to see if they can assist you. There are some utility companies that will help with BR fees.
Are you on benefits at all? If so then there are certain of those whereby you can get a reduction with the fees.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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