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Thread: bankrupcy

  
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    joem_565's Avatar
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    bankrupcy

    right, i have got myself into a lot of debt and it has not been helped by becoming an apprentice and taking a 70%pay cut for the next 2 years.
    i have debt collectors calling me every day sometimes as early as 7.30am on a sunday too!! i have absolutley no way of paying back my debts at the moment and the intrests and charges are spiraling out of controll, so i was concidering bankrupcy, wondered if anyone had ever taken this route and what you thought of it how it affected you and if it solved your problems.

    any advice would be greatfully accepted, thanks
    learning the hard way

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    gazTD's Avatar
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    phone the citizen's advice bureau mate, they're quite helpful and will help you work out ways to get debt free. Don't be tempted by these debt buster loans though as the interest on them is phonomenal.
    Gaz

    No longer owns an Astra


    Bye bye VXR Castle Combe Edition - because it's done more laps of Castle Combe than most Bergs have of the Ring

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    i have tried the cab but the help they tried to give didnt make any difference, the creditors didnt atall seem interested that i was unable to pay, all they wanted was money right now
    learning the hard way

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    Don't do it!!!!!!!!!!!

    Work out your monthly income and expenditure, right down to the last pound. Include how much you spend on travelling to and from work, food, hair cuts, etc etc etc, if you want help with that PM me and I'll be more than happy to help.

    Work out how much you have left over as disposable income that can be used to pay your debts back on a monthly basis, be it a total of £10 or £100. Then work out exactly how much you owe, then you make a pro rata offer to your creditors based on your disposable income.

    E.g. if you have £100 left over and owe Company A 20% of your overral debt, then they get £20. If you owe Company B 50%, they get £50 and so on.

    Then call your creditors, explain you want to do your best to solve things without any further action being taken, tell them your offer and send them your financial breakdown. Tell them it's the most you can affor dnow, but hope to increase it in the future and could they please suspend the interest and charges whilst you pay them back.

    Trust me, I work for debt collectors, I see hundreds if not thousands of these cases every week.

    If you got any questions or want to know more just PM me or post in here. But ffs, don't go bankrupt!!! At least this way you will actually start to rebuild your credit file, rather than going bust.
    From the Southeast? Find your next meet here


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    what dose going bankrupt do to you jace ?

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    jace i earn £155 a week. i dont have a penny left spare at the end of the week and i dont go out or buy stuff or do anything exciting i eat, sleep and work. i owe over 15k to creditors and about 4k to family.
    in 2 years it will be a different story once i am qualified and leave college. but obviously they are not interested in that.
    i dont fully understand what bankrupcy means or what it does to you, but from what i can tell it will stop creditors hasseling me and depressing me...no??
    learning the hard way

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    You will have all of your assetts (financial ones, not your balls, although it might as well be) taken over by an official receiver who will then decide what is of value and can be liquidated in order to pay back some of the debt. You won't be allowed to own a car over a certain value for example, would have to sell your house potentially if you owned it. Your bank account would be emptied if there was anything in it, and you can probably kiss good bye to getting credit for at least the next 6 years as that's how long it stays on your file for. Of course there are always companies that will lend to people with shite credit, but you end up paying like 50% APR.
    From the Southeast? Find your next meet here


    The difference between intelligence and stupidity is that intelligence is limited.

    At least I have chicken!

    WellOilBeefHooked

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    It is an option if you're seriously in the shit, but it's a very last resort. Another option might be an IVA, but I don;t think you earn enough to apply for one. I'm not an expert on that though. Speak to the Consumer Credit Counselling Service (CCCS) 0800 138 111 and ask them for advice they're a debt management company and will give you impartial advice. They're a government run charity. Whatever you do though, make sure you don't go with any company that charges you for the privelege of you being in debt. CCCS are free. If they suggest you go on a debt management plan then all they will do is the same thing I advised you above, except it'll take them 2 months to pull their thumbs out their backside and help you do what you could do in a couple of hours.

    The offer stands mate, if you want a hand with a financial breakdown let me know by PM.
    From the Southeast? Find your next meet here


    The difference between intelligence and stupidity is that intelligence is limited.

    At least I have chicken!

    WellOilBeefHooked

  9. #9
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    Here's a link to government's insolvency register, it gives you a load of gen on what it all actually means and what happens. You can also search for people who are bankrupt, which is info in the public domain....another reason I wouldn't ever want to go bankrupt.

    http://www.insolvency.gov.uk/

    Also, don't forget some employers will do a credit check on you before employing you and entering into a contract with you, depending on the company and type of job of course - that might not apply to you when you look for work.
    From the Southeast? Find your next meet here


    The difference between intelligence and stupidity is that intelligence is limited.

    At least I have chicken!

    WellOilBeefHooked

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    Bubba's Avatar
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    What about getting a second job? Possibly doing night shifts at the weekend could bring in another £100 a week.

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