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SpareRib
Starting Member
United Kingdom
1 Posts |
 Posted - 16 August 2011 : 13:30:41
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Hello, I'm in a tricky situation and think I may need to consider bankruptcy. I have enjoyed reading the forum its a great place for information and a source of real hope, I have been quite worried about my situation but I can see there is a way forward.
I am about to lose my job through redundancy. I earn a decent enough wage now, £2400 pcm net but being realistic I dont think I can earn anything like this with a new job (thats if I get one), more likely to be something like £1000-£1200 pcm. I owe around £37k unsecured, no mortgage, no savings. I have a car worth about £1500 but thats it bar household items - what a success story eh! I have always paid my credit hence its built up over time, foolish really but thats where I am. Losing my job has come out of the blue so I need to make some quick decisions.
Anyway to cut a long story short, my debt repayments are £1k per month. I cant see a way out of this with a DMP or IVA when I dont even know what I may be earning short or long term. Should I just declare bankrupctcy and then let the OR decide what I can be deemed to pay as time progresses? I have taken independent advice and been told BR is 'ideal' for me if thats the right word, but the company of course has an interest in me doing this.
I have opened a new current account, it has a debit card but no overdraft facility on my request. If I do go down the route of BR can I use this or do I have to open a basic cash account?
Thank you very much. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 August 2011 : 13:50:15
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from what you have typed BR seems the most appropriate.
if your income is nil or seriously reduced and your overheads (rent, food , travel to new job utilities) may still be high it is likely that the official receiver will not persue you for an ongoing payment towards creditors.
car is vulnerable if you are not actively searching work
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 August 2011 : 17:35:55
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Hi and welcome.
BR could be an option but not the only one.
I think you need to speak to several expert companies. You can either contact an expert who posts on this forum or visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to ALL the options open to you.
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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Should I declare?
