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rachel.hn
Starting Member
3 Posts |
 Posted - 29 October 2009 : 13:12:35
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| I want to declare bankruptcy but not sure if i can, or how to go about it. If do not want to pay my debts off for the next 16years |
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theguvnor
Junior Member
100 Posts |
Posted - 29 October 2009 : 13:24:10
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| well, you've come to the right place for advice, there are some really kind,understanding and knowledgable people on here so best thing to do is explain your situation...(how much debt you have and how much you are paying each month, and if you have enough money to live on at current with your debts) |
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rachel.hn
Starting Member
3 Posts |
Posted - 29 October 2009 : 13:29:50
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well I am about 15000 in debt, paying 100 a month to a debt company for the next 16 years. These debts between myself and partner, probably had them for 4-5 years and basically need to get rid. At present i can only afford to pay 100 month but even that we struggle because we are private renting, paying for my car still which ends Feb 2011, and plus the cost of bills now, and if we want to live a normal life like some people do its impossible and I rather keep on top of my normal household bills but at the same time have fun and not worry about stupid debts.
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theguvnor
Junior Member
100 Posts |
Posted - 29 October 2009 : 13:44:20
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| have you looked into an Iva? it may be thatyou cannont offer enough each month to propose one, Bankruptcy should be the last resort, have you spoken to a professional yet? if you go too the experts link on the left margin of the page you can get in touch with them. it all depends what other options you may have. |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 29 October 2009 : 14:50:24
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Hi Rachel.
Welcome to the forum.
Is the 15k in joint names or just yours?
A DMP would have been suitable, if the payments were slightly higher. Unfortunately you do not have enough DI to be considered for an IVA.
Regarding BR - this is the nuclear button when it comes to debt clearance, and should not be looked at as an easy way out. You could consider BR or even have a look at a Debt Relief Order.
see: http://debtrelieforder.org.uk/commonly-asked-debt-relief-order-questions
Either way please ensure you seek professional help from one of the forum experts who regularly post on here.
Good luck.
quote:
Originally posted by rachel.hn
well I am about 15000 in debt, paying 100 a month to a debt company for the next 16 years. These debts between myself and partner, probably had them for 4-5 years and basically need to get rid. At present i can only afford to pay 100 month but even that we struggle because we are private renting, paying for my car still which ends Feb 2011, and plus the cost of bills now, and if we want to live a normal life like some people do its impossible and I rather keep on top of my normal household bills but at the same time have fun and not worry about stupid debts.
Treat EVERY Penny as a prisoner. |
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rachel.hn
Starting Member
3 Posts |
Posted - 29 October 2009 : 15:38:36
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Yes this is a joint debts, more debts in partners name rather than mine but because were a couple and have been for sometime, its in both. We have been with a debt managements before, but they seem to be a waste of time because i never hear off them, dont get statements each month, basically i dont have any communcation with them what so ever, therefore I would like to consider the BR or debt relief order as this seems similar to bankruptcy.
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 29 October 2009 : 19:46:56
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Hi Rachel,
BR = Bankruptcy.
Before you do anything else consult one of the forum experts like Melanie Nichols or reviva UK. They will advise you of the best way forward and its all free.
Good luck, and let us know how you proceed.
quote:
Originally posted by rachel.hn
Yes this is a joint debts, more debts in partners name rather than mine but because were a couple and have been for sometime, its in both. We have been with a debt managements before, but they seem to be a waste of time because i never hear off them, dont get statements each month, basically i dont have any communcation with them what so ever, therefore I would like to consider the BR or debt relief order as this seems similar to bankruptcy.
Treat EVERY Penny as a prisoner. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 October 2009 : 20:17:40
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With a debt management plan, it may be that you have not been with the right company. A fee paying company is sometimes better than one of the charitable companies.
I was with a fee paying company for a DMP and they got all interest and charges frozen. The only reason we chose to go to another option was because of the amount of time it would have taken to pay off and we had £83k worth of debt. You could pay you could pay this off over a very short space of time.
With a Debt Relief Order it is unlikely that you would be able to keep your car. Plus, if you have £100 a month to pay towards your debts, then once they are written off, that will be too much for a DRO. You have to have less than £50 per month once priority debts have been paid.
The glimmer gets brighter all the time
Jan
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I want to declare bankruptcy but not sure if i can
