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ktd
Junior Member
171 Posts |
 Posted - 08 July 2008 : 08:30:54
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Help please, I am in so much debt with an unsecured loan, personal overdraft and credit card debts. They total over £25000 now and I have been trying to get new loans so as to pay what I already owe, albeit without any luck. I am paying about £50 a week just in interest but live on Income Support of £49.26 a week and Housing Benefit.
Do you advise me to declare bankruptcy and if so do I need to go to seek professional help from a financial advisor prior to going to my local county court to get a bankruptcy order.
I do not own my home, it is only rented. Will I lose my furnishings and posessions?
I am in receipt of state benefits only due to long term chronic illness and am now at my wits end in trying to juggle my figures to meet this mounting debt.
I find that I am now paying out in interest every week over £40 just to service these debts and receive only £49.26 per week Income Support and my bank is even now trying to lend me more money. I am now beside myself worring about how to keep paying these bills and at the same time pay the rent on my accomodation.
I have no assets whatsoever and no savings of any kind,only personal posessions, (clothing and furnishings etc)which are of no value. Will I lose all of my posessions as well? I have been borrowing from peter to pay paul so to speak and now it has just got so out of hand.
Thanks for any help and advise you can give me.
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melanie_giles
Senior Member
1191 Posts |
Posted - 08 July 2008 : 08:44:40
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From the facts you present, it certainly seems that bankruptcy is your better option - and there is no real need to pay for help in the procedure as the forms and the attendance at Court are relatively simply.
In the first instance, why not download the application forms from www.insolvency.gov.uk and see whether you can fill them in without help. There is an abundance of help on this forum, and it is all free of charge!
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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eamonn
Junior Member
320 Posts |
Posted - 08 July 2008 : 10:23:03
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hi ktd
if you have a long term chronic illness you may be able to claim incapacity benefit and/or disability living allowence just type disability living allowence into google and you can claim online,tha same applies to incapacity benefit,dla is tax free and you can still claim while trying to get back to work, the forms are quite long but if you qualify it is well worth it,
best wishes eamonn |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 July 2008 : 15:00:16
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Hi Ktd,
I'd just like to add that your posessions will be safe.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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I am now beside myself worring how to keep paying
