Author Topic: please can people advise me?  (Read 2098 times)

cloverfan09

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please can people advise me?
« on: Aug 28, 2009, 02:53:20 PM »
Hi all,
    In february of this year my marriage of 17 years broke down leaving me a single parent to 6 kids aged between 14 and 1. over the years we had fallen further and further into debt. my kids have never really even had the basics of what they needed ie they always had second hand clothes,uniform etc... for a few months nothing made sense but i slowly picked myself up and i am determind to make a better life for my kids.
    I currently owe around £17000 on unsecured debts. I am entitled to tax credits for the children,child benefit and income support as i am a single parent although this is only £20 per week as I have started a part time job where i will increase my hours as my baby gets older;and then my wages. I do not own a house and I have no assets. I am afraid to open the door/post and I wont let the children answer the phone. I contacted payplan and entered into a DMP which is for a minimal amount as I really cannot afford very much.
Last week i got a statement from one of my debtors which altho they have been recieving payments from payplan they are still charging me "capitalisation" which has increased my debt by £1500 over the last 6 months!!
    I feel that bankruptcy is my only way forward for a fresh start for me and the kids....but 1) I am really scared i will have to go to court 2) am i doing the right thing and 3) have i chosen the best company do it thru? they are called debt release direct. ??? I would appreciate any advice anyone might be willing to share.  Thanks Cloverfan09

xstacie-mariex

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Re: please can people advise me?
« Reply #1 on: Oct 29, 2009, 02:27:21 PM »
We're just in the process of going through bankruptcy ourselves, and i will honestly say i feel relief!!!! I owed 23000 and i had tried to sort everything out through an iva which failed after 3 years (my wife left her job after we had 2 children in the last 22months). We have been to the CAB who are brilliant at letting you know the ins & outs of the whole process. I would go to them first as they will let u know the maximum amount you can have to live on which is always good to know - don't make yourself short to pay the creditors whats the point!!
I wouldn't be worried about the court it takes a matter of minutes!! its the waiting outside that is the nervous bit! Once your declared bankrupt (there is a 350 Official Recievers fee and 155 court fee you have to pay) you will then have to go through an income and expenditure form  and 'if' and i mean IF there in any spare income, upto 75% of it can be taken (at the Official recievers descretion as it could be less) and paid out to your creditors for 3 years. Should your circumstances change within that time all you need to do it contact your personal advisor and the payment will be amended wether it be up or down. Also bare in mind you can be released from bankruptcy as early as 6 months as long as your truthful and up front about everything but it can be a maximum of a year. If at any point they Official Reciever thinks you've been dishonest they can continue the bankruptcy order for uto 15 years!! Hope this helps

smallville

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Re: please can people advise me?
« Reply #2 on: Oct 31, 2009, 03:49:27 PM »
Hi There,
It sounds like your really struggling with the repayments and know what your going through.
I was about £64K in debt and tried to go through an IVA.
I was prepared to do it but then lost my job. I had no choice but bankruptcy and was very nervous.
I am not sure if it counts if your working part time but since I was unemployed I wasnt charged and believe if you hav to pay its about £500. There official receiver interview was a bit nerving for an hour or so but going to court was so easy.
I had to wait for about 30 mins I think then the judge didnt even want to see me.
I used my full name so even though it was in the local newspaper no one connected it to me.


GOOD LUCK

Debtwitch

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Re: please can people advise me?
« Reply #3 on: Nov 02, 2009, 05:27:43 PM »
Bankruptcy can be the best thing for some people and would seem to be ideal for you. 

There is more to life than worrying about debt.  If you deal with this, you can use the time-and-effort you're wasting on this devoted to your family - a much more rewarding cause!

Don't worry about the processes you need to go through.  Many people do this every day and can move on with their life.

It sounds like being declared bankrupt would allow you to make the step to move forward but for some reassurance you should contact a debt charity - CAB for example - to help you prepare.

Very best of luck.
Angela Rosler
Insolvency Manager  e: [email protected]