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 I REALLY NEED HELP - im losing sleep over my debt		  New Topic  Reply to Topic
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amy
Starting Member

United Kingdom
2 Posts
Posted - 29 July 2009 :  21:45:18  Show Profile  Reply with Quote
I REALLY NEED HELP - im losing sleep over my debt im 25 yrs old and a mum of 3 kids under 5 ! i owe around £42k on credit cards/store cards etc.. and i have had a house repossesed ! i have seriously be thinking about going bankrupt but really dont want to as it'l affect my future credit ! ive heard that if i dont pay any of the companies any money for 6 years then my debt will clear ? is this right?? the only money i have coming in is my child benefit and tax credits..! can anyone help me please and tell me whats best to do !

paulsc
Junior Member



289 Posts
Posted - 29 July 2009 :  22:04:33  Show Profile  Reply with Quote
if no contact for 6yrs you get statue barr but they will contact you, debt will be sold on and they will contact you..

You need to contact CAB or national debt line but looks like BK would be your best option put your SOA up on here and people will help.
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sjbyron
Average Member



United Kingdom
746 Posts
Posted - 29 July 2009 :  22:38:22  Show Profile  Send sjbyron an AOL message  Click to see sjbyron's MSN Messenger address  Reply with Quote
Hi

As Paul says put your income and expenditure on the forum and we can have a look, Bankruptcy is one option, there are others.

Bankruptcy and IVAs and DROs will seriously effect your credit record for 6 years

Stu J Byron
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Niobe
Administrator



United Kingdom
4590 Posts
Posted - 29 July 2009 :  23:21:31  Show Profile  Reply with Quote
Your creditors will hound you mercilessly if you don't pay, and may even make you bankrupt themselves (not likely, but not impossible).

You need to get yourself sorted out and as has been previously stated, whatever route you go down will damage your credit rating for 6 years.

The glimmer gets brighter all the time

Jan
xx
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