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advised to go bankrupt!


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hi all, i have for a while been collecting my debt letters so i know what and who i owe and to my shock its around £16000, i had a telephone interview with CCCS they were helpful and sent me a folder out with a list of my debts that they could see on my credit file and what i told them from letters i had they also sent out my income and outgoing and explaining why going bankrupt is what i need to do, i basically have about £30 a week spare as it goes, makes me wonder why i work sometimes but id rather work than not. once i find £700 i will go bankrupt but for now should i not send a letter to all my debts stating i am going to go bankrupt but for now make a payment to them like £1 a week as i owe to about 14 different people so i cant afford to much per week or month?

 

i am still struggling with how to make a start on this but really want to get this done and get the ball rolling with dealing with this debt and to let my debt people know i am aware i owe money and i am not wanting to ignore it but i cant afford lump sums or weekly amounts they would like.

 

any help or advice would be appreciated

 

thanks.

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Hello there.

 

Token payments of £1 a month until you go bankrupt seems like a sensible option; this will allow you to save up for the bankruptcy fee.

 

If you need further information on self-negotiating with credit debts there is a very good guide that you can download here:

 

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#4

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Please do not send a letter to your creditors advising them you are going bankrupt. Please try to avoid even giving them a hint.

 

You will open up a world of pain and harassment as each tries to pressure in to grabbing what little you have left before you do go BR.

 

Sequnci's advice is good. Knock them all down to £1 as you save up the fee. The OR will have no problem with this either - so no worries about treating your creditors unfairly are required.

 

Lastly, I can recommend a good forum for support. No disrespect to CAG here, but the MSE one is a lot bigger.

http://forums.moneysavingexpert.com/forumdisplay.php?f=136

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hi thanks for replies, i was going to ask should i shouldnt i tell them i am going bankrupt so thats noted. should i send them my budgeting form that i received from CCCS which shows i have sod all left over each month and the list of debt companies and amounts i owe to, its a list all on a sheet of A4 paper?

 

thanks again.

 

i almost forgot, are there any template letters on this site that i could use to send to all the debt companies i owe money to, and when making payments to them how do i give them this £1? can i trust them having my card or bank details or do i ask for their bank details and set up standing orders or something?

 

thanks

Edited by afoolonce
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Hello there,

 

You can find a template letter via the National Debtline website: http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

 

I think there are some on CAG too, just couldn't locate any when I had a quick look.

 

All the best,

 

NDL.

For Free, Confidential and Independent advice: 0808 808 4000

Monday - Friday 9am to 9pm // Saturday 9.30am to 1pm // 24-hour voicemail. Please leave a message to request an information pack. http://www.nationaldebtline.org // http://www.mymoneysteps.org

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hi thanks for replies, i was going to ask should i shouldnt i tell them i am going bankrupt so thats noted. should i send them my budgeting form that i received from CCCS which shows i have sod all left over each month and the list of debt companies and amounts i owe to, its a list all on a sheet of A4 paper?

 

thanks again.

 

i almost forgot, are there any template letters on this site that i could use to send to all the debt companies i owe money to, and when making payments to them how do i give them this £1? can i trust them having my card or bank details or do i ask for their bank details and set up standing orders or something?

 

thanks

 

Hi

 

Along with what the National Debtline poster has put and for the sake of choice there is an IMA award winning confidential Citizens Advice online Self Help DMP system that saves all your details, does the Financial Statement, token offer letters and the rest - no invite needed - you just log in and away you go, perfect really for dealing with creditors in your situation.

 

http://mymoney.nedcab.org.uk/moneyadvice/index.asp

 

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp (example completed DMP)

 

http://mymoney.nedcab.org.uk/moneyadvice/quickfsintro.asp (quick budgeting & debt calculator - details saved to word only)

 

There are also other template letters / systems around

 

Your choice at the end of the day and best wishes

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