Anyone gone bankrupt ??

[nutcracker]

I am struggling to keep my head above water with bils etc, well infact am not keeping it above water and wondered if this was the best option.

I have a £6000 loan which although I did pay for nearly 2 years, thanks to Barclays and how they restructured it, I still owe £6000 and the loan period is 11 years. At the mo i am on temp payments of £40 a month but they have said that in Dec I have to go back to paying £100 a month and there is no way I can, as I struggle to pay the £40.

I also have a few smaller debts.

Has anyone else done this a single parent ? How did you find it ?

I'd go to a citizens advice bureau and ask to see their debt councillor, they should be able to give you some advice. I'd avoid going bankrupt if you can. My Dad went bankrupt (via his work, was a partner) in the 70's. He'll never be able to be partner (Lawyer) again, get a mortgage, have an overdraft etc for the rest of his life, aswell as other issues, avoid it if you can, its not the easy solution some make out. I hope the CAB can help you.

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I know it doesn't seem like it to you, but your situation doesn't seem extreme enough to warrant bankrupcy, Barclays were very unhelpful with us when we had similar probs and I'm not sure how they've worked out that your loan has not diminished and increased in term but it doesn't sound right, have someone look it over. Don't give up hope yet, this situation is still salvagable. Good luck.

If they're given a choice of regular guaranteed payments of £40 or bugger all when you go bankrupt, have no assets and therefore will be no dividend payable to creditors they'll more than likely settle for the reduced payment.

I would agree to continued payments of £40 but they have said there is no way they will accept this and from Dec I either pay £100 a month or they take it further.

I have already been told by a debt company that Barclays would really be wasting their time to take it to court, as then i'd only have to pay £2.50 a week anyway.

Then do that nutcracker. You've made a reasonable, affordabel offer. Let them "take it further". They tried it with us, I said "go on then, we'll see what the courts say. You've got a copy of our income/outgoings. Unless you advise I go into prostitution or we engage in some other illegal activity we cannot afford any more"
They agreed to accept our proposed payments

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cccs are supposed to be helpful

Yes, I have done this. Not quite gone bankrupt but went for a Protected Trust Deed which the Scottish Equivalent of an IVA.

This is one step away from bankruptcy - but research this very seriously before you even consider it.

Do go to the CAB.

This link might be helpful www.insolvencyhelpline.co.uk/

stupid question nutty but are there any other bills you can reduce etc? i had to do this a while ago but then i have a sort of budget account which is very helpful, spreads the cost of everything over a year (because i am useless at paying on time), they make sure all the bills are paid on time for me. could you do something like that maybe?

LittleB, it isn't so strict as that. DH went bankrupt three years ago, and has since had a £3000 overdraft and been offered a mortgage.