Going bankrupt
Discussion
Sorry to hear about your situation.
These guys helped a friend of mine in a similar situation and he can’t speak highly enough of them. They took on the correspondence with the debtors too which helped him mentally. May be worth an email.
https://capuk.org/get-help
These guys helped a friend of mine in a similar situation and he can’t speak highly enough of them. They took on the correspondence with the debtors too which helped him mentally. May be worth an email.
https://capuk.org/get-help
Got fleeced by a departing wife who left me with all the debt 24 years ago. I struggled on for a year and my God, I spent every single day dragging the weight around with me.
I tried to reach agreements with my creditors, even just to freeze the accruing interest and charges but they were all too entrenched/ bound by internal procedures. Eventually I laid it all out with the help of the Citizens Advice Bureau and following their advice I declared bankruptcy.
In short, don’t expect to ‘get away with it’ (bankruptcy means you’ll be living a minimalist lifestyle for the term) and please, please, please don’t expect it to just go away but above all else, do not let another week go by without beginning to take advice. You shouldn’t have to deal with this alone. Talking and getting a clear picture of the situation together really does help.
The very best of luck.
I tried to reach agreements with my creditors, even just to freeze the accruing interest and charges but they were all too entrenched/ bound by internal procedures. Eventually I laid it all out with the help of the Citizens Advice Bureau and following their advice I declared bankruptcy.
In short, don’t expect to ‘get away with it’ (bankruptcy means you’ll be living a minimalist lifestyle for the term) and please, please, please don’t expect it to just go away but above all else, do not let another week go by without beginning to take advice. You shouldn’t have to deal with this alone. Talking and getting a clear picture of the situation together really does help.
The very best of luck.
Have a chat with Citizens Advice, as mentioned by a previous poster. Going Bankrupt is one option but speaking with creditors and coming up with arrangements might be more beneficial for your future self.
How is your debt currently structured? Perhaps a consolidation into a loan will allow you to pay it off in manageable chunks and save you from bankruptcy on your history as you have enough on your plate already.
How is your debt currently structured? Perhaps a consolidation into a loan will allow you to pay it off in manageable chunks and save you from bankruptcy on your history as you have enough on your plate already.
Just working it out it is around, 18k. I'm going to see if I can get a job next 4 weeks and try and clear it off myself . The big issues are the credit cards and the interest is very high. About 8k there.
8 K loans
Rest misc.
Issue really is holding a job down , not spending, taking no more credit(is it possible to get banned from this)which is so hard as running a cheap car is killing me with costs, and the cost of living.
8 K loans
Rest misc.
Issue really is holding a job down , not spending, taking no more credit(is it possible to get banned from this)which is so hard as running a cheap car is killing me with costs, and the cost of living.
Just working it out it is around, 18k. I'm going to see if I can get a job next 4 weeks and try and clear it off myself . The big issues are the credit cards and the interest is very high. About 8k there.
8 K loans
Rest misc.
Issue really is holding a job down , not spending, taking no more credit(is it possible to get banned from this)which is so hard as running a cheap car is killing me with costs, and the cost of living.
8 K loans
Rest misc.
Issue really is holding a job down , not spending, taking no more credit(is it possible to get banned from this)which is so hard as running a cheap car is killing me with costs, and the cost of living.
I can't add much, citizens advice seems like a good shout.
Purely opinion - but I would imagine that bankruptcy over 18K is likely not the best option going forward. It seems not to be enough of an amount to call for the nuclear option?
Your plan of get a job and start trying to pay it down feels like a much better plan. Once you have a job, you might be able to sort out the cards in order to reduce the interest payments, and then maybe even consolodate it somehow.
I would also say that if a car is a problem, then sell it - running a car brings hundreds of pounds a month of cost even when you barely use it. A pushbike seems like a much better option here.
Purely opinion - but I would imagine that bankruptcy over 18K is likely not the best option going forward. It seems not to be enough of an amount to call for the nuclear option?
Your plan of get a job and start trying to pay it down feels like a much better plan. Once you have a job, you might be able to sort out the cards in order to reduce the interest payments, and then maybe even consolodate it somehow.
I would also say that if a car is a problem, then sell it - running a car brings hundreds of pounds a month of cost even when you barely use it. A pushbike seems like a much better option here.
It seems like you have acknowledged that money is a symptom of a bigger issue. Going bankrupt is not going to solve the real issue. £18k is a large sum of money, but based on your previous job as "analyst" should be in reach once you have been able to stabilise your life.
I think StepChange has been recommended on previous threads. They help to freeze interest on debts and plan a path to resolve you debts.
I think StepChange has been recommended on previous threads. They help to freeze interest on debts and plan a path to resolve you debts.
h0b0 said:
It seems like you have acknowledged that money is a symptom of a bigger issue. Going bankrupt is not going to solve the real issue. £18k is a large sum of money, but based on your previous job as "analyst" should be in reach once you have been able to stabilise your life.
I think StepChange has been recommended on previous threads. They help to freeze interest on debts and plan a path to resolve you debts.
Yep Stepchange are brilliant, they are a charity so won't charge you any fees, I believe the are primarily financed by the banks, they will advise what to do, whether an IVA, DMP or bankruptcy, if an IVA or DMP they will negotiate with your debtors on your behalf and come up with an affordable payment plan, all interest will be frozen.I think StepChange has been recommended on previous threads. They help to freeze interest on debts and plan a path to resolve you debts.
You can do everything online, list your creditors, the amounts owed, your income and expenditure, if it can be done they will work out an affordable payment plan and then contact your creditors with their figures.
There are other similar firms out there but they will charge you for their service, usually taking a percentage of your monthly plan, however they do exactly the same as Stepchange.
Don't bury your head OP, it won't go away and it will get far worse, however there is plenty of help out there and don't feel too proud to ask for it, you aren;t the first and you certainly won't be the last.
Stepchange are very good people to talk to, they will look at your position and contact creditors on your behalf, to hopefully arrange manageable payments, it will hurt your credit rating but not like bankruptcy will. Give them a call first, they are also a charity so don't charge for their services.
Coming back to this I think you can clear the 18k if you're able to find a job that works for you, something you enjoy and one that motivates you to hold it down. Did you enjoy the roles that paid you better money in the past? If not would it be better to find something that is maybe lower wage but more suitable to you long term?
The credit card debt needs shifting to somewhere lower interest can be had. Once you have a job in hand again could you look to take out an 18k loan (or extend the one you have) to clear the credit card debts to repay with lower interest? Realistically, without knowing your full situation, you could have the 18k cleared in c22mths if you got a job at, say 25k (1800 take home, 800 debt payment & 1000 left for disposable), in a new field that interested you, assuming you stay living at home with limited expenses.
Would creating a plan (personal and financial) help you get through this?
The credit card debt needs shifting to somewhere lower interest can be had. Once you have a job in hand again could you look to take out an 18k loan (or extend the one you have) to clear the credit card debts to repay with lower interest? Realistically, without knowing your full situation, you could have the 18k cleared in c22mths if you got a job at, say 25k (1800 take home, 800 debt payment & 1000 left for disposable), in a new field that interested you, assuming you stay living at home with limited expenses.
Would creating a plan (personal and financial) help you get through this?
In parallel with sorting out the debt, maybe it’s time to start thinking about looking for guidance with your ‘impulsive’ nature if you’re worried it’ll lead you astray again. There’s loads of support out there that would help you cope with the avoidance of rash decisions.
Don’t know your particular weaknesses but Gamblers Anonymous is not purely for people who are incapable of walking past a casino or a bookies without blowing their monthly income.
You will need to learn how to manage your finances at some point.
Don’t know your particular weaknesses but Gamblers Anonymous is not purely for people who are incapable of walking past a casino or a bookies without blowing their monthly income.
You will need to learn how to manage your finances at some point.
57Ford said:
In parallel with sorting out the debt, maybe it’s time to start thinking about looking for guidance with your ‘impulsive’ nature if you’re worried it’ll lead you astray again.
ive tried as stated NHS GP known me all my life, even went there after before to ask for help directly was given 6 sessions of MH from a charity.My childhood issues have clearly hardwired me a certain way. nightmares until i was 13, wetting the bed until 17, s attempt at 17, proper trauma signs, yet never even acknowledged by the NHS.
Jobs wise, basically i'm ground down to nothing, so could come to an agreement but could end up just throwing it away again.
Sounds like you would benefit from some structure in your life as well.
If theres one nearby get a job with on of the supermarkets that does home delivery.
Pick online orders instore. Zero stress, decent hours and keeps you fit which will benefit your mental health. but if you dont turn up and f
k it up you will be out as easly replaced. All these places are looking for is you to turn up on time and every day. not alot to ask. plus discounted food after 6 or 12 months.
If theres one nearby get a job with on of the supermarkets that does home delivery.
Pick online orders instore. Zero stress, decent hours and keeps you fit which will benefit your mental health. but if you dont turn up and f
k it up you will be out as easly replaced. All these places are looking for is you to turn up on time and every day. not alot to ask. plus discounted food after 6 or 12 months.57Ford said:
Oooh, yes! You’d also get first dibs on the Whoops labels so you can be assured of something nice for tea.
Hmmm, wonder if I should change career…
Not sure if your answer is sarcastic or not?Hmmm, wonder if I should change career…
But I was serious.
Yes it's practically minimum wage but a decent perk on food price and a good starting point for the op is he is serious about wanting a job.
not finance but lockdown killed my mental health that's when it all started going to pot. The issue i have now is no low wages, just not being able to hold jobs down.
But talking about it really helping and i am going to keep trying to get a job, and a supermarket is a good shout, tesco offer interviews guaranteed to people with long term health conditions (another problem) so will give them a shout. Cheers.
Is it possible to ban yourself from ever getting credit as TBH i think i am a liability and will never be able to control myself.?
But talking about it really helping and i am going to keep trying to get a job, and a supermarket is a good shout, tesco offer interviews guaranteed to people with long term health conditions (another problem) so will give them a shout. Cheers.
Is it possible to ban yourself from ever getting credit as TBH i think i am a liability and will never be able to control myself.?
asfault said:
Not sure if your answer is sarcastic or not?
But I was serious.
Yes it's practically minimum wage but a decent perk on food price and a good starting point for the op is he is serious about wanting a job.
Definitely not being sarcastic, your suggestion seems like sound advice to me. But I was serious.
Yes it's practically minimum wage but a decent perk on food price and a good starting point for the op is he is serious about wanting a job.
The OP sounds like he’s having a tough time so that was my attempt at introducing a bit of silliness to lift the spirits. Quite possibly misjudged though so apologies if it came across badly.
57Ford said:
asfault said:
Not sure if your answer is sarcastic or not?
But I was serious.
Yes it's practically minimum wage but a decent perk on food price and a good starting point for the op is he is serious about wanting a job.
Definitely not being sarcastic, your suggestion seems like sound advice to me. But I was serious.
Yes it's practically minimum wage but a decent perk on food price and a good starting point for the op is he is serious about wanting a job.
The OP sounds like he’s having a tough time so that was my attempt at introducing a bit of silliness to lift the spirits. Quite possibly misjudged though so apologies if it came across badly.
Get your benefits. I was out of work for seven months a few years ago after redundancy and JSA maintained my National Insurance contributions and paid some of my bills until I was working again. It wasn't a stressful process.
People will proudly proclaim that they have never been on benefits and are proud of it, but the reality is that in work you're paying a fortune in taxes over the years and getting less and less value for it. Take what you can get IMO.
People will proudly proclaim that they have never been on benefits and are proud of it, but the reality is that in work you're paying a fortune in taxes over the years and getting less and less value for it. Take what you can get IMO.
Edited by Hustle_ on Thursday 7th March 14:10
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