Going bankrupt?? With no assests but lots of debts. advice please

[le_bonn]

Hi there. I would be very grateful for a bit of advice on going Bankrupt!

 

This is all a bit new to me, I have an 8,000 CDL loan from barclays that I not yet defaulted on, I have £2000 overdraft with Barclays and the loverly capquest are chasing me for a £2000 Barclay card Debt from when I was a student.

 

I was made redundant at the begining of the month and in no position to make any payment to my credidtors. I have spoken to DMP about IVA but was told i would need to default on my cdl loan first.

 

Not sure about that, I have heard that going bankrupt for less than 20K is a bit less serious.

 

I dont own a house or car and am currently living with my Fiances parents.

 

Any advice or information you can give me would be greatly appreciated.

 

Thanks

 

LB

[sequenci]

You could consider a Debt Relief Order, it's cheaper:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=37_debt_relief_orders

[debtinfo]

Who have you been hearing from, what they were refering to was a summary case where the bankruptcy was 2 rather than 3 years. This stopped being the case 6 years ago!.

 

As the above post states DRO's were recently introduced for people with low or no assets and debts less than £15,000

[le_bonn]

Thanks for you advise, I was just trying to understand my options. it seems going bankrupt is a step to far at this stage.

 

Cheers

 

L-B

[sequenci]

Thanks for you advise, I was just trying to understand my options. it seems going bankrupt is a step to far at this stage.

 

Cheers

 

L-B

 

Bankruptcy is often the best route for many people, what are the chances of you finding work within the next 6-12 months?

[le_bonn]

There is a good chance, I am actively looking for work. Im am unfamiliar with the bankruptsy proccress. Obviously having work will have a bearing on the bankrupsy and my ability to pay any any creditors but im not clear what the fiscal effect of that would be.

 

cheers liam.

[sequenci]

Take a read of the following fact-sheet:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

 

It's really informative