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debtquest
Starting Member
United Kingdom
3 Posts |
 Posted - 10 September 2010 : 14:38:37
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Hi all, sorry it's a long one.
I have been trying to avoid bankruptcy for around 6 months, but I am finally at least considering it as the best option and have found this site invaluable so far with so much information, many of my queries have already been answered by reading back through threads. But having now read so much, it seems to me that I have one big obstacle with going down this route, namely I am so broke I don't have even the reduced fee of £450, and can see no change to this in the immediate future.
So my question is, what other options are available to me? to help you answer that question, here's my story.
I'm a single parent and life hasn't been a bed of roses since my son was born almost 13 years ago. I have been self employed all that time, but very much part time, so have never had any savings. Its been very much hand to mouth. However, 3 years ago I got a fantastic break and landed a very (for me!) lucrative contract. It was ongoing and I had no reason to believe it would end until I wanted it to. In the year 08-09 I had a taxable income of £26K. Unfortunately due to the credit crunch my new found wealth came to an abrupt end. I got a new contract with another similar co, but only 4 weeks later was involved in a car accident (not my fault) and lost that opportunity. Since then all my attempts at increasing my income have come to nothing, and to make matters worse, I am now facing disability due to fibromyalgia.(probably triggered by the car accident)
So the long and the short of it is, I have personal debts amounting to around £30K, and am currently waiting to receive a calculation for ESA (tax credits will be paid for 1 month more only) I am barely able to pay current liabilities (such as rent, food and utilities) let alone repay any of my debts, so I know a DMP or IVA is totally out of the question. My most serious debts are to the Inland Revenue for my good year (£4K) and historical council tax (due to a mistake they made 3 years ago) of £400. As I have no income I can no longer ask my accountant to help me, as I can't afford to pay him for his services.
I have traded as a sole trader for 8 years, but also have a ltd company I was forced to set up by the company I moved to. My accountant has advised that I strike the co off and account for all income through the sole trader biz. the Ltd co has no overdraft, but it does have a credit card, which is maxed out to it's £1,000 limit. It has no other debts, but is owed £1,000 (although realistically is unlikely to receive it for a while, as that client is in almost as bad a situation as me!!)
I have already received a pay out for personal damages, and I have a solicitor working on loss of income due to the accident, which we are hoping will be in the region of £4K, however I have no idea when this could be paid out as it may have to go to court.
I know I have been overpaid Tax Credits, and am concerned about having to repay these out of an already very low income.I have no one to ask to pay the bankruptcy fee.
Being frightened to answer the door in case it's a bailiff, and trying to deal with my finances while I'm sick is just causing me so much stress which is making my health even worse.
What do I do? What can be done? Any advice or thoughts would be very welcome.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 September 2010 : 18:53:41
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Hi and welcome to the forum.
It sounds like you're having an awful time, It will probably be best to talk to someone so I suggest you contact a couple of experts or the CAB to chat all of this through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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debtquest
Starting Member
United Kingdom
3 Posts |
Posted - 12 September 2010 : 19:55:26
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| Thanks for replying Viki. Apart from the CAB, do you mean experts via this site, and how should I go about that? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 12 September 2010 : 20:40:05
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The experts contact details are in the experts' section at the side of the page, and also in their signatures.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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debtquest
Starting Member
United Kingdom
3 Posts |
Posted - 12 September 2010 : 20:41:33
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| Sorry if I'm sounding lame, but how do I know who to ask? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 12 September 2010 : 22:09:47
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All of the experts will be able to advise you, so give a couple a call and see what they say.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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