|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
jamesy_832
Starting Member
2 Posts |
 Posted - 16 January 2009 : 23:05:16
|
| hi, i am 19 years of age and owe £2,500 in debt. i was wondering if you could please advise me if i should declare bankruptcy and what this will mean for my future |
|
|
sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 16 January 2009 : 23:48:08
|
Hi
Could I ask why you are thinking of declaring bankrupt. £2500 is a very low amount, but if you truly cant affoord the debt, or situations have arrose such as disability, ill health etc that is leading to you now being insolvent and therefore unable too pay your debts then BR is the route.
Do you owe this £2500 to one creditor or several, and have you tried an informal arrangement with them, such as £50 a month for 50 months.
Post detaiis of your income and outgoings and we could suggest other ways hopefuly.
Bankruptcy costs £495 and some courts charge £20 to swear on oath, it lasts for 1 year if your comply and have no records of fraud, and then discharged, it however damages your credit records for 6 years and you will have to declare it when asked by financial institions and some emmployers.
Your employment might be affected for example accountants cant be bankrupt nor certain legal professionals, banks dont accept bankrupts in their professions and you will find it hard to get a job as a financial professional such as auditor.
Nursing is also a gray area, you would be stopped rom nursing management and care managerment within the care home sector as you will have some financial control and some control with book keeping.
You will also find it hard to get a bank account the only bankruptcy friendly banks are
Barclays
Coop
OneBanking
Thinkbanking
Clearcash
ExtraDirect
Please do post more details
Stu J Byron |
 |
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 January 2009 : 23:56:49
|
Hi
we can't fully give you advice on the whole matter as we haven't all the details but even with the barest facts Bankruptcy would be the last solution you should consider.
Options
Debt Management Plan
Administration Order
Recommend you speak to the helpline so that they can fine tune the advice and point you in the right direction
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
j832
Starting Member
3 Posts |
Posted - 17 January 2009 : 05:28:54
|
basically im a new student, when i turned 18 i took advantage of the credit being offered to me. now im away from home, without a job at the minute as i am currently suffering from pretty bad ibs,being sick at least 5 times a day and i am unable to work, and onli my student loan, with 300 a month to survive on, plus the odd 20 from my parents.
the debt is from 5 creditors, one being a bank who closed my account due to me having gone over my overdraft limit, due to direct debits from the creditors, and i have received correspondence from a law firm.
they are demanding 700pound now
one is from dell for 700 pound
one is a credit card for 250
the last two are from cautologes in the amount of 1000, all approx
j mcguinness |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 January 2009 : 08:54:08
|
You might want to review an admin order if you have a CCJ from one of them - this would calm them down.
However I think you are probably better off starting a modest debt management plan with them until your income position changes.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 17 January 2009 : 19:19:47
|
I would go with a debt management plan, or could you ask your parents to lend you the money til you get sorted with the uni and the IBS, dont think they would like to see you going BR especially with university. Could you move back to your mum and dads.
Visit a gp or pharmacist regardin the IBS, there are some good treatments out there, and it could be the worry of university and the debts making it worse.
Let us know how you get on
Stu J Byron |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
hi, i am 19 years of age and owe £2,500 in debt.
