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Advice please on bankruptsy


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I'm thinking of declaring myself bankrupt and need a bit of advice.

 

I owe in the tune of £7000 to various creditors - £5000 of this being to Welcome finance even though the amount borrowed was only £1500.

 

I'm 7 months pregnant, have no assets and my partner is on minimum wage. We live in a private rented flat and our rent alone is £750.

 

I have sent several letters to Welcome asking them to consider reducing my payments, cancel my PPI and sending me an updated statement and they've not bothered to reply to any of my letters. I have had several calls all of which I have ignored as my letters clearly stated that I would only communicate with them in writing.

 

I had a message from their collections team today asking me to call them back but I haven't as yet.

 

I'm due to go on maternity leave in 6 weeks after which my income is going to be drastically reduced so is going bankrupt my best option as trying to get Welcome to come to an agreement is obviously not working and I'm not willing to pay them a penny until they at least respond to my requests.

 

I've check with my employer and my job would be safe if I did go bankrupt and my and my partner have no assets.

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Hi KellyDJ

 

You may find this thread helpful. http://www.consumeractiongroup.co.uk/forum/getting-out-debt/144108-please-could-someone-give.html

 

But consider all your options prior to filing for bankruptcy, I'm sure people on this forum will be able to offer some useful information to you.

Thanks

- Hobbie

 

--------------------------------------------------------

Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.

 

Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.

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Thanks

 

I did have a look at that thread but I don't think an IVA is an option for me as I'm due to go on maternity leave so my income is going to change drastically in the near future.

 

I'm not sure what other options I have :confused:

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Kelly,

 

Bankruptcy should only be considered as an absolute final resort, and even then should be re-considered.

 

Because you are due to give in 2 month, your disposible incoming is going to decrease further, and you need to write to your creditors explaining this, DO NOT PHONE THEM UNDER ANY CIRCUMSTANCES. Use the budget planner in the templates to show your incomings and outgoings.

 

If your able to list all your creditors and how much is owed to each, maybe we could come up with another alternative.

Thanks

- Hobbie

 

--------------------------------------------------------

Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.

 

Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.

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Kelly,

 

Bankruptcy should only be considered as an absolute final resort, and even then should be re-considered.

 

Because you are due to give in 2 month, your disposible incoming is going to decrease further, and you need to write to your creditors explaining this, DO NOT PHONE THEM UNDER ANY CIRCUMSTANCES. Use the budget planner in the templates to show your incomings and outgoings.

 

If your able to list all your creditors and how much is owed to each, maybe we could come up with another alternative.

 

Thanks I'll try writing to them again and let them know that my income will be decreasing further in the next few months. Hopefully I'll get a reply this time.

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As for an alternative,

 

You could send a CCA Request to each lender (Depending on what the debt is of course) requesting a copy of your credit agreement, this should by you some time, as if the lender fails to supply you with a VALID and DULY EXECUTED credit agreement as regulated by the consumer credit act 1974 in the presribed time limits, then this prevents them from taking any court action against you, plus gives you the then option to dispute the account, and again giving you further time to breathe.

 

Are any of your debts credit cards, if so, is any of the outstanding balances made up of charges? You may be able to claim these back also, thus reducing the balance.

 

Let us know how you get on.

Thanks

- Hobbie

 

--------------------------------------------------------

Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.

 

Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.

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