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DanR
Starting Member
1 Posts |
 Posted - 31 March 2009 : 21:49:12
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| Hello, I am 23 and think that i should declare myself bankrupt. I take home between £750 and £1000 per month, live with my partner with three children between us aged 16 and 12, and our 21 months old, and our monthly rent is £950. I have an outstanding loan of £3000 which i pay back £160 a month, have a credit card with a limit of £1000 which is maxed out, 2 credit cards with a limit of £500 each which are both maxed out, 2 store cards with limits of £750 which are both maxed out, an overdraft of £1600 which is maxed out and a debt of £5880 payable to an insurance company from an accident i was involved in. As well as being cut off from my mobile phone contract for not being able to pay it, and other direct debits that are taken out each month for a tv and dvd player bought on buy now, pay later. In december I had 5 bank charges, equalling £185 as I couldnt pay my direct debits. Is it wise to declare myself bankrupt? Thank you, |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 31 March 2009 : 22:03:22
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Firstly , welcome to the forum and i'm sure one of the experts will be along soon to confirm things for you, but if your outgoings exceed your income then you are insolvent and bankruptcy may well be a viable option for you.
However new laws are to be introduced soon especially for people who owe less than £15000 i think, it may well suit you better to wait for these new laws to take effect
Dave |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 April 2009 : 00:55:59
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Hi
Chester is absolutely correct - if your debts are less than 15,000 then there is a new Debt Relief Order which starts early April.
The best place to start one of these is at the CAB, although please give them a couple of weeks as not everyone is trained yet.
My understanding is you need to:-
have debts less than 15k
disposable income of £50 or less per month
and little or no assets.
the TV / DVD played might be an issue but the CAb will be able to advise more clearly.
it is also a lot cheaper than bankruptcy
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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think that i should declare myself bankrupt
