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Contemplating bankrupcy (small amount, but a life of worry so far..)

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Hey folks,


I've just made a post in the Welcome Finance sub-forum about some issues I'm having making payments to them, and about trying to stop phone calls/doorstep visits etc. That thread is here;




But following on from that thread.. I'm wondering if bankruptcy really would just be the best option. I've spent what seems like my entire adult life struggling along and barely making payments month in and month out (even when I was in full time employment) and whereas my total debts are, in the grander scheme of things, pretty much super-low (total debts equate to just under £15k..) I just feel like I am forever going to be struggling along. I had a friend who did the bankruptcy thing a few years back and she swore it was the best thing she ever did)


Now, I am 27. I have no ambitions to be a house-owner or to need any credit in the foreseeable future. I just want to be able to work honestly and pay my way in a genuine and affordable manner.


This is the breakdown of my debts as of last week;


Welcome Finance 7178.99

HFC 3034.00

Capital One 236.30

Mackenzie Hall 4163.51


Total 14612.80


(This will've gone up since last week as we all know Welcome love their charges.)


The interest/charges are frozen on the HFC/Mackenzie Hall accounts (I've had these since roughly 2000/2001)


I'm currently unemployed (having been dismissed from my job late October last year) and struggling to find something else (not helped by the stress and pressure being generated mostly by Welcome Finance..) and obviously, finding a new job would go a LONG way to relieving the situation somewhat, but I'm just aware that this cycle of debt will continue significantly onwards and onwards and that I will simply never achieve anything much, or escape this torment. No sympathy expected, obviously debt is self-administered/created but.. looking for a way out.


Would I be an idiot to attempt bankruptcy or could it actually save my life?





Edited by D____
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I would advise against BR at the moment in your situation.

One step at a time.

Have you applied to your creditors for copies of the agreements to see if they are enforcable.

Are you paying anything towards HFC/Mackenzie Hall accounts at the moment.

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I wouldn't even know where to start on enforceable or unenforceable agreements! I've been extremely irresponsible with my finances up to this point, a lot of very poor decisions I know.


Currently HFC and Mackenzie Hall are getting payments as and when I can afford, which is rarely. HFC have always been nothing but patient, Mackenzie Hall I am dealing with via e-mail but haven't had a reply from them in a week or so since I sent them a breakdown of what my income is and what my expected outgoings are.


I realise BR would be a fairly drastic step, but in my naive defence.. I don't really know how else I could deal with having to continue in the same manner that I have done for the past five years or so. Even with a full time income, it just doesn't seem worth while. And I know how absolutely immature that may come across, but I'd welcome a second chance and the bonus of not actually being ABLE to get credit would serve as nothing but motivational to sorting myself out.

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you might also qualify for a Debt Relief Order as your debt is under 15K If you have no assets ie house etc and limited disposable income after all your costs it might be a way to give you a fresh start - Your debt although to you seems big is pretty small beer in teh overall scheme - and as has been mentioned I WOULD not look at BR for that amount .


check out a DRO as an alternative to CCA your debt if you dont want to go down that route

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