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flyingpud
Starting Member
United Kingdom
14 Posts |
 Posted - 24 June 2010 : 08:51:34
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I now have made the decision to go bankrupt.
I have been paying three credit cards + some other bits. Only just keeping on top, but over the last 9 months ‘they’ seemed to have hiked up the interest rates and I have been feeling the pressure. You know how it is, one bank fee and another + a late fee, has just tipped me over the line. (Late 2 months ago and paid in full for that month) I am now 1 ½ months over due with one card, for approx 250 mth. They are so aggressive down the phone. Fortunately for me the direct debit have fallen over and cancelled its self. I am over due to send another chq. I can do, but it is eating into the bankruptcy fee I am trying to save. Please advise how I should handle the CC company. I have a gut feeling I would rather declare myself bankrupt first rather than have the debt collectors at me.
Will appreciate your advice. Thank you.
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 24 June 2010 : 09:25:05
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Hi Flyingpud
The simple advice is to stop paying any creditor that will be bound by the bankruptcy - e.g finance, credit card, loans etc and only pay those you will need - e.g phones, utilities, rent/mortgage, car HP, insurance etc
That way you will hopefully be able to save up enough to cover the bankruptcy costs fairly quickly - in the meantime you will be pestered by the credit card companies etc but tell them you are not paying them because you are going to make yourself bankrupt - it won't stop all of them calling you, but it may stop some of them
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 June 2010 : 10:38:06
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Hi Flying Pud
it is a relief to make the decision that BR is the correct option for you, I found that I could start planning ahead.
Dont rush into a court date make certain that you have everything planned, home, transport, bank accounts pension etc, speak to a couple of the experts, they will have lots of hints and suggestions, if they offer enough helpful hints you may wish to enquire about them helping you all the way through the process
the phone calls will increase my best (!) was 23 in one day, but you do not have to keep the same tel number , answer the phone or even pass the security questions !
I think the most important thing is not to rush but go BR at the right time, you will become immune to the letters and phone calls, I found that Paul and his team at Reviva helped keep me calm and sane. with a constant flow of answers to what if questions
I did wait nearly fourteen months from first non payment until court, so had my share of phone calls, letters, debt being sold onto third parties, court threats, but as stated above the timing had to be correct and properly plannned
good luck in the path ahead
regards Richard |
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flyingpud
Starting Member
United Kingdom
14 Posts |
Posted - 24 June 2010 : 12:54:40
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Thanks for your supportive comments Bridgewood and Richard
Flyingpud |
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I now have made the decision to go bankrupt. I h
