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Original poster

declaring bankruptcy

36 replies

sweetmonkey · 09/11/2005 12:25

hi i have a huge loan, big overdraft as well as other bills to pay each month.

just found out im gonna need to move out of where im staying soon and am just not going to be able to afford anywhere.

how do i go about becoming bankrupt in order to try and start my life again

i know ive been stupid in the past, took out loan when i was with ex and everything is on top of me at mo. not sure how much i can take

TIA

OP posts:

zippitippitoes · 09/11/2005 12:31

There are some useful links on this website, you need to think very carefully as it has repercussions for a long time

here
Good luck

Original poster

sweetmonkey · 09/11/2005 12:35

thanks. im not sure how much more of life i can take anyway so will have a look and see what happens

thanks

OP posts:

munz · 09/11/2005 12:36

my advice would be talk to CAB and see if there's an alternative.

good luck as well. u can talk to us on here if u're feeling down. (((hugs)))

spacedonkey · 09/11/2005 12:44

sweetmonkey, I'm in a v similar boat to you and I do understand the despair

Although bankruptcy is a last resort, when you get to our sort of situation it seems pretty tempting to wipe the slate clean. I'm not sure exactly how it works if you declare yourself bankrupt, but afaik it costs to do so! CAB will be able to advise on this. The other option is to wait until your creditors make you bankrupt (which they might do if you owe a lot of money).

I'm not an expert, but wanted to offer you a bit of moral support from someone in a simiilar situation xxx

Original poster

sweetmonkey · 09/11/2005 12:45

thanks to all of you. will see what my best option is ,

thanks

OP posts:

HRHQoQ · 09/11/2005 12:45

SM - talk to CAB - bankruptcy should be the VERY last option, CAB will help you negotiate with your creditors and work out repayments to them for any arrears, and also see how much you can realisticaly afford to pay each month.

PeachyClair · 09/11/2005 13:03

Please don't feel abd that you took out a loan when your circumstances were different- that's life, not your fault. many of us have been there (we had to pay a £9K loan for a new car on my maternity pay and everybody said we were stupid, but we weren't, dh bought car about 3 days before we met- how could he know after 27 years on his own he'd be engaged within 3 months and expecting a baby?)

Speak to CAb re: housing as well as finances, and if necessary shelter if you really are worried about finding somewhere- they're ace, and most importantly do it NOW so you are prepared.

If you feel that bad about life, and as I say having been there I am sure you do coz I did, you might think about seeing a GP. With appropriate support, you'd be a lot more likely to see a way throught his anyway. When you're looking down the abyss, everything seems black... then the light goes on and it's never QUITE as bad.

goldiilocks · 09/11/2005 13:53

Go to www.debtquestions.co.uk, post a query on the ask a expert section.Simon is brilliant, and can answer all your querys!
we went through it last year, and our life is soo much better now!(Although can only get a cash card on our bank account, no cheq book/overdraft facility...and is much harder to obtain credit!
Also our credit files are in a hell of a mess as most of the creditors have not updated their files to say its settled, so having to do it myself!! xx

Original poster

sweetmonkey · 09/11/2005 15:09

Thanks for all your help. im not trying to get sympathy or anything.

just there isnt anyone in my life at mo who would be bothered if i wasnt around.

i know its the easy option out but seems the only way sometimes. im tired and fed up of giving my all to people, friends family etc and all i get is grief and upset

all feels too much

OP posts:

goldiilocks · 09/11/2005 15:26

Once you get the debt situation under control, things will look a bit brighter!!

HRHQoQ · 09/11/2005 15:40

SM - banruptcy isn't the "easy" way out - it's difficult, expensive , and put's you in a really difficult position for years to come.

Sorting out your debts without bankruptcy will make your life much better in a shorter time scale (even with massive debts like ours).

Original poster

sweetmonkey · 09/11/2005 15:43

HrQOQ i didnt mean bankruptcy was the easy answer sorry.

i meant ending everything - life in general

i have no one who gives a sh*t about me and if i wasnt around everyone would still get on with their life as normal. i wouldnt be missed

OP posts:

zippitippitoes · 09/11/2005 15:44

I didn't notice you said easy ..it's right it is an arduous process with very little freedom and many strictures

even though it easier than it used to be

munz · 09/11/2005 15:48

sm - i'm sure that's not true. there must be lots of ppl in RL who care about u. do ur family know the full extent of ur debts?

ending it all is def not the way forward. trust me when I thought there was no way out debt management/IVA helped us. it could help you. please explore all of ur options.

sweetheart · 09/11/2005 15:48

I personally think it is getting too easy!

My sister recently did it (very different circumstances to you) she owed over £50,000 on credit cards and loans. She went bankrupt and now has to pay £80 a month for 1 year and thats it! Also friends of ours did it to (I don't know how much they owed) and they only had to make repayments for a year too.

I understand some people need help and it is a last resort but my sister is laughing at how easy it was and how she got her bedts written off - as are our other friends - it makes me so bloody mad because at the end of the day it's people like me that end up paying off their debts

Not having a go at you btw - my sister is totally irresponsible!!!!!

HRHQoQ · 09/11/2005 15:49

but sweetheart - your sister's credit rating with be affected for a LONG time to come - the "process" of it may seem easy (and perhaps is) but the "aftermath" is very difficult.

sweetheart · 09/11/2005 15:50

Please be very careful of IVA's they are not always all they are cracked up to be. Make sure you check them out 100% BEFORE paying anyone any money - there are lots of companies who will charge you to write letters that you can write yourself and get the same agreement as you would have with an IVA!!!!!!

sweetheart · 09/11/2005 15:51

This happened last year - and she is already being offered credit cards!!!!!

I know getting a mortgage or anything like that would be hard but people who want credit will always find it somewhere!

HRHQoQ · 09/11/2005 15:54

sh - has she actually applied for the credit cards and got them though??

I'd be VERY suprised if she did -

I keep getting offered credit cards too - and I don't even have a job (well I do now - but not by their standards) and I'd be turned down flat.

"Restrictions

There are four main things you are forbidden to do as a bankrupt. ? You should not try to get credit for more than £250 without disclosing that you are a bankrupt - and this includes trying to get credit jointly with someone else. It also applies to goods or services you might order and then failing to pay on delivery. ? You should not continue with a business in a different name from the one in which you were made bankrupt without telling all those involved the name in which you were made bankrupt. ? You should not form or manage a limited company or act as a director without the court's permission. ? You cannot hold certain public offices, such as MP, JP, school governor, the trustee of a charity or a pension fund.

Bank accounts

You can open a new bank or building society account but you are obliged to tell them you are bankrupt and they will probably impose conditions and limitations on your account.

You cannot have an overdraft without informing the bank that you are bankrupt or write cheques which are likely to be dishonoured. You are obliged to tell your trustee about any money you have in the account that is more than you need for basic living expenses. Your trustee will take any surplus to pay your creditors. "

Original poster

sweetmonkey · 09/11/2005 15:54

its just the whole money thing along with everything else.

just feels too much and i cant cope anymore

im fed up of constantly worrying about money, getting crap from my family, friends who im only good enough for when they have a problem but not when i do.

im fed up of waking up everyday, crying at the smallest thing, and feeling down and miserable

i used to be a happy person and i want her back again

OP posts:

HRHQoQ · 09/11/2005 15:56

right you HAVE to do TWO things then

Make an appointment with the Dr.
Contact CAB

Original poster

sweetmonkey · 09/11/2005 15:57

tried to make an app with the doc today but just need to go round tomorrow at 8.30 and wait.

OP posts:

HRHQoQ · 09/11/2005 15:58

right at 8.30 tomorrow morning get yourself down there then.

Original poster

sweetmonkey · 09/11/2005 15:59

yeah will do.

thanks for all giving me advice and stuff

i feel bad for burdoning you with my problems when i know there are others of you alot worse off

just wanna feel normal again

OP posts:

HRHQoQ · 09/11/2005 16:01

sm - I'll be checking tomorrow - don't think you'll get away with it.

Remember LOTS of us are in the same financial position as you - we currently owe 35k - 6k of that is business debt which may, or may not, reduce once all the business creditors reply to our letter advising of the ceasing of trading.

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