Is going bankrupt worth it?

[sammie89]

I got myself into a real pickle with debts included payday loans. At the moment, I am barely paying anything save token payments, but don't know whether going bankrupt is the right move. I've tried dmps in the past, but they never seemed to repay any of these debts off and I'd probably be repaying my debts until I left this world. However I begin my Nurse training next year, (got unconditional offer), but I'm not sure if bankruptcy would affect my course and any future jobs included working abroad. I believe it may do, yet I am looking into all options prior to all this. I may do a DMP route again, but will have to reduce the payments whilst at uni and obviously would start paying more once I've graduated.

Any advice would be most useful. I've already got some advice, but need to look into everything before I decide which path to take. Thanks.

[Andy77799]

More advise to follow but if it is the only option then it may be the way to get out of it all in the long run, folow others advice though.

 

wish we were taught more t school about not getting into this situation in the first place!

[rennuz]

Look at the amounts here, are you thinking of going bankrupt for a small amount? If so prob not worth it as it will still be something you will have to declare in jobs, mortgages, marriages etc etc it will stay with you is my point.

 

Go into a dmp or do it yourself and offer £1 per month to all creditors, you could then offer a lump sum say 20% of the total to get rid of them in say a few years when you can afford it. I did this and paid around 20% of the final amount and they are all off my back and now gone.

 

Depends on circumstances but bankruptcy will clear debt. If you are going to Uni then they cannot take money from you that you haven't got so the £1 a month thing might work, after a year or two of that anything will be good to wipe the debt.

 

Good luck

[parky22]

As someone who had to go bankrupt I'd be interested to know how much you owe before offering advice, I had 50k so it was definately worth it for me.

[babybear39]

I went BR just after starting uni in 2007 and it's not affected me much...But everyone's circs are different so a little more info would be useful to be able to maybe offer help and advice