Bankruptcy

[pansydansy]

25 grand debt.

After bills and costs we're left with nothing to go towards debt. Life is so stressful and we're talking about going down the bankruptcy route.

Anyone been through this and can say wether they regretted it or not.

Our out goings is more than what we've got coming in

That may very well stop you from being a candidate for bankruptcy

That’s not true. In fact it’s the other way round

If your on a DRO (Debt relief Order) you have to have a disposable income of less then £90. If your financial situations changes in that 12 month period it will fail and go back to square one.

Similar applies to bankruptcy. If your husband starts to earn more money - you may have to pay in to it up to three years

I've been left with debt £23k from an ex partner! £17k of which was HIS business debt! He always had poor credit so everything was always put in my name!! He then buggered off 3 years ago and despite all my efforts never been successful in having him take his debt off me! ... I'm a single mother, trying to start my own business. I'm currently with StepChange on a Debt Management Plan (DMP) ... they say it'll be paid in 17 years!!! ... I've been considering Bankruptcy and been given all the information but I'm scared to take the leap! I worry that anyone can see your name in the register, I'd feel so embarrassed especially as the bulk of this debt isn't mine and I worry about my car being taken off me, phone contract etc...

Darlingheart In real life bankruptcy doesn’t have the same stigma it used to. Many celebrities go bankrupt many times over. People will only see your name if they actively go looking for it. Your friends, family or employers won’t know (unless you work in finance as you may be asked to disclose if you have)

If you have any assets over £1000 you maybe get told to sell them - including a car. Regarding your phone - you can get a giff gaff SIM card with internet and calls, they are supposed to be good.

17 yeas is a long time!

To even apply for bankruptcy you must have very little disposable income, have you looked at an IVA?

I have very little disposable income, I've been struggling terribly and my mental health is on a downward spiral as a result of this debt! ... I think Bankruptcy is the way forward for me! To have another 5 years with an IVA paying debt sounds exhausting, I just want it gone! I'd take more responsibility if it were all mine
My boys deserve better from me and a fresh financial start will secure that. I'm happy to sell my car, I've been contemplating it anyways to help towards my money struggles. It's worth around £5k
Thank you for the information regarding the Insolvency register. That makes me feel much better about my decision.

Hope this is helpful to you
www.scottishtrustdeed.co.uk/creditor-details/moorcroft-debt-recovery/