Advice on Bankruptcy?

[mack187]

Hi All

 

I wanted to get some advice on the idea of Bankruptcy (I have an appointment with CAB but know their are probably even more knowledgable people on this forum on the subject), this is not something I consider lightly but I do feel I have come to the end of my tether with my debt problems and see no other way out.

 

....The story is I am 28 years old and have debts with various different creditors of over £14,000, I make no excuse for this situation it is mostly my fault but it seems when banks and other creditors have got you in this situation they will do anything to keep you there.

 

...I had a debt management plan with Payplan but it really didnt work out the creditors said they would stop charges and interest but then just started them up again saying they had no contact from payplan when I know they certainly did they then said this was a mistake and apoligised but still the charges and interest was applied and I was not really getting anywhere. I cancelled the plan and negotiated my own payments with them, however the charges and interest are still stacking up which means I am paying out large sums every month and the debt is hardly being touched....It seems a waste of time and money because at the moment I feel I will be in debt to them for the rest of my life....and I want to do things with my life that I can't with this hanging over me.

 

....Believe me I have tried reasoning with these people but they just do not want to know, I am not looking for a quick fix but would like some sound advice to help me really get my head above water and see a way out of this. Obviously I know about an IVA and the other althernative would be Bankruptcy (how bad is that really?)...My biggest worry is that I had to move out of my flat and back in with my parents...would an IVA or Bankruptcy affect their credit rating and be held against their address??

 

Please any help would be greatfully received

 

Regards

 

Tristan

[GlasweJen]

Tristian you should maybe try posting in the debt action group section. There you will be able to read of others in situations like yours. You should perhaps (if you've not already) CCA your debtors to make sure the debt is legally enforcable. You should also SAR them and reclaim any of their mad charges. Once you've worked out what is enforcable and subtracted your charges from the debt you may find that your situation is more managable.