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Going Bancrupt - Just The Facts!


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Hi all!

I have some debt - credit cards, catalogues and suchlike - and have been unable to make payments for some time - a couple of years. I went to the CAB when I found that I was unable to make repaymenys and was assigned someone to handle my problems. Briefly, I am a single parent who works part - time and recieve tax credits. I rent my home from a private landlord. The CAB told me they had written to all my creditors offering to pay £1 a month as according to the income /expenditure they worked out for me, I have no disposable income. My creditors refused the £1 payments and since then have left me alone apart from letters and phone calls. The CAB seem to think it is OK to just leave things as they are, but I would really like to draw a line under things. Is bancrupsy the best way to go? I need to find somewhere else to live soon, will bancrupsy make it difficult to find a new place to rent? I wil be moving in with my fiancee - he has had problems in the past with debt but has managed to pay it all off. What I really want to know is

a) When bancrupsy is discharged, does that mean your credit rating returns to normal? I.e , can i go bancrupt and wait in my current house until the bancrupsy is discharged before looking for a new place to live?

b) How much does bancrupsy cost?

c) are there any alternatives to bancrupsy that do the same thing? The CAB told me that there was, but I wouldn't qualify because have assetts of more than £300 - my private pension.

Thanks for help - sorry to be so long winded!

Vanessa

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Can anybody help please? My main consern is what happens after bancrupsy is discharged? Do things return to normal ? I am guessing they must - otherwise the point of discharging the bancrupsy escapes me!

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How much and what are your debts for?

I have no legal training, any knowledge I have has come from this forum, and my own experiences. Always balance up any advice you get with your own common sense.

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Around £15,000 by now I guess, when I first went to CAB, they were around £10,000 ( 2 yrs ago) but have gone up due to interest & non-payment penalty fees. The debts are credit cards and catalogues. Thanks for reply! X

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Bancruptcy costs around the £450 mark dependant upon situation, the discharge will not imo put your credit rating back to normal as i have been told you can be discharged after 12mths in some cases. All the discharge means is that you regain controll of your money and you are no longer bound by a trustee. The bancruptcy will stay on your file for 6 years and its not untill then that you can trully start build your rating again.

 

This is all i have found out when i was looking into this myself so please dont take it as gospel

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Around £15,000 by now I guess, when I first went to CAB, they were around £10,000 ( 2 yrs ago) but have gone up due to interest & non-payment penalty fees. The debts are credit cards and catalogues. Thanks for reply! X

 

You need to start taking control, stop burying your head in the sand a 50% rise in 2 years is a disgrace. Firstly have you CCA'd your creditors or DCA's to see if they are entitled to collect these debts.

Then you will have to start to get these unfair charges refunded.

Have you got any Mis-sold PPI that you can claim back.

Have you been in contact with original creditors to explain your situation.

I have no legal training, any knowledge I have has come from this forum, and my own experiences. Always balance up any advice you get with your own common sense.

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