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Hi everyone, I am having a serious problem and would appreciate any advice that can be given. My partner and I ran a business up until September 2008, it failed due to a downturn in business and we have been left with debts of approximately £30000. Soon after the business failed my partner returned to university to complete a degree and I was unable to work due to illness. Some of the companies we owed money to obtained CCJ's against us and we were paying them regular (but small) payments monthly. We were also paying off credit cards etc. the same way although no CCJ's for them.

Now my partner has finished uni for this year and is due to go back at the end of September. He has been unable to find any work and obviously doesn't get any student loan throughout the holidays. So at the moment we are living on my Incapacity Benefit and a small amount of Tax Credits. We are struggling to keep up payments on our normal household bills and cannot afford the repayments to our creditors.

We are now receiving constant phone calls and threats for people to call at our home. I don't know what to do and the stress is making my illness worse. If you can help I would be grateful.

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I am not sure if you can include CCJ matters in a bankruptcy order others will be able to confirm this. If your financial circumstances have changed for the worse since the CCJ was ordered by the court I am sure there is a procedure where the amounts can be reduced, I would also check what benefits count as income as I think DLA does not but not sure about Incapacity. The only thing I can suggest is go along to your local County Court to pick up an application for Bankruptcy and ask them as they are pretty helpful, I would suggest contacting CAB but they are always so busy it's hard to get an appointment. I am sure there are plenty of well knowledged people on here who can help though.

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CCJ's are included in a bankrupty.

 

As regards what you should do, only you can decide that as it is a decision you will have to live with.

 

As a general guide (a very rough one) Bankruptcy brings a quick end to debts but the down side is that all of your actions will be investigated (not a problem if you have done nothing wrong).

 

An IPA is for people who can make substantial but not total repayments to their creditors. Other advantages are that it can protect property and certain types of jobs. The disdvantage is that if it fails within the 5 years you still owe the debt.

 

A debt management plan is for people who can currently pay only a very small proportion of their required repayments. It is not desinged to last until the debt is payed off (as this can be many,many years) but as a way of holding of action against you if your situation is likely to improve in the future. The advantage is that it is not a formal type of insolvency

 

hope this helps

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Have a look through this and do take advice from payplan,cccs or some other helpsite.Any questions just ask,will be delighted to help you through things.When you petition for bankruptcy if you go that way,they like to know you have had advice.Bye for now Tawnyowl.What happens when you become bankrupt? : Directgov - Money, tax and benefits

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Letter to send to creditors,re telephone calls Harassment by telephone - Consumer Wiki As for doorstep threats by DCAs,doubt it will happen.If it ever happens tell them 3 times to crawl back to the swamp,then call the police if they dont move..The next time a creditor rings you tell them you dont talk on the phone only by letter,or put the phone down.Its up to you.Keep posting any questions you have.Tawnyowl.

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Thank you so much for your help and helpful suggestions, it is very much appreciated.

Tawnyowl thank you for the great advice and links it has really helped.

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