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| jamie151 |
Posted - 05 January 2009 : 22:43:22
Please can you advise,I have approx £11.000 loan from natwest and im owing utility services approx £1000 and really dont have the finances to pay im currently just keeping my head above water from Part Time work to help pay these debtors off but really am struggling i have been advised by a colleague to file for bankruptcy.I dont own my home and am currently renting,I have 2 boys that dont currently live with me due to a break up with my partner and to be honest am really contenplating where my next bit of money may come from what can i do please help |
| 2 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 06 January 2009 : 08:33:55
Hi jamie
If you can hang on a bit there is a new legislation coming in from April this year to help those with dets under about 15k.
It may be woth hanging out till then and you can then try the new Debt Relief Order.
I found this info albeit basic that might help you:
Debt Relief Orders
Debt Relief Orders are intended to provide debt relief for people in England and Wales who owe £15,000 or less, have little or no income, no assets and cannot afford to make themselves bankrupt. A Debt Relief Order will lead to the debts being discharged after one year.
During the year that a Debt Relief Order is active, the applicant will be protected from their creditors and subject to similar restrictions to bankruptcy. If the applicant's financial circumstances change during the order, then they will expected to make arrangments to repay their creditors. There will be civil and criminal penalities for anyone abusing this system.
It will only be possible to obtain a debt relief order by applying to the official receiver through an approved intermediary. Debt Relief Orders are currently being finalised by the UK Government, so some information is not yet known.
A Debt Relief Order is for people with...
Debts of less than £15,000
Assets of less than £300
Income less than £50 per month
This is subject to change as it has not come into force yet but at least its a start.
Best of luck
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| leakie |
Posted - 05 January 2009 : 23:37:53
Hi Jamie 151
Wellcome to the forum ,
I know how you feel as I have been in the same boat, Not knowing which way to turn,
I can not advise you what to do as I'm not the Expert, I'm sure they will come back with the advise you need,
I can tell you in the short time I have been a member I have recieved lots of support.
Keep your chin up, YOU wil be OK
all the best
Leakie |
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