I'm looking for advice/experiences really regarding declaring yourself bankrupt.
Has anyone ever done it? Or know someone that does? Or even just know where to find the right info?
It's for my boyfriend, back ground reading, to see what the best option is regarding his massive and impossible to manage debts.
Anything will be useful, rather a difficult thing this being grown up n that. There's so many scams and dodgy things, I don't know what's what and we don't understand much about money matters.
Is citizens advice bureau a good place to go for help?
Cheers dudes and dudettes xxxx
Are we demented or am I disturbed?
The space that's in between insane and insecure...
Citizens advice is a good idea, is declaring bankrupt the only option for you guys?xx
There are times to stay put, and what you want will come to you.
But there are times to go out into the world and find such a thing for yourself.
I aint no abacus but you can count on me.
No idea to be honest. We're going to try and avoid it, but it looks pretty much like we will be. Well, I say we. My boyfriend will be, I won't be, cos the debts are his - we dont have any joint accounts or that. I think citizens advice bureau is going to be the way forward, but I like to know what other people have to say too. The more ideas, experiences the better really.
And also, it's taken a long time for the boyfriend to admit it's as bad as it is and it scares him so much he hates having to think about it nevermind do something about it. So I'm nudging him in the right direction, if there's anyones experiences to be heard it might help nudge him further to getting this mess sorted!
Thanks for't'reply xx
Are we demented or am I disturbed?
The space that's in between insane and insecure...
yeah go to CAB, they have helped matt with sorting his debts and avoided him going bankrupt. Are there any bank charges you can claim back? you can claim back for 6years worth of overdraft charges (£39 a go sort of ones) as they are still deciding whether it is legally allowed to charge a customer that much. there's a part of a law osmewhere stating that charges have to be within limits to the amount actually incurred by the person/company providing the service. ie it doesnt cost £39 to send a letter informing you that you have gone 1p overdrawn. look up 'reclaiming bank charges' anything helps right...
we got back over £1,000 because we complained about the intrest too (if he hadn't been charged we wouldnt have had to pay intrest etc) although they can legally charge intrest a lot of banks as a goodwill gesture refund at least some money. good luck, mand x
Mand, South Wales, Full-time working, single mother to 2 scarily independent girls.
I AM A PROUD PLUMERIA SISTER
Genius Mand :) So glad I've found someone who's been in a situation to be considering it! I shall research more on the things you mention - sounds promising, absolutely every penny is important, you're right, anything helps!
Cheers all :) xx
Are we demented or am I disturbed?
The space that's in between insane and insecure...
you want to do it asap if you're going to as you can only claim for 6years back and the later you do it the less you can claim back. also the banks are starting to fight back, if it goes to court a small number of cases are winning, whereas when it started every case was found in favour of the consumer. Ask CAB about it and maybe find a nowin-nofee lawyer who might advise you on how strong your case would be should it go to court.
mand x
Mand, South Wales, Full-time working, single mother to 2 scarily independent girls.
I AM A PROUD PLUMERIA SISTER
Other suggestions
If I recall you work at the same place and thus I wonder could he ask for more money/take on another job?
Look at where the money is going - how much is he spending on food, bills, etc. Could he cut any of these necessary expenditures down - e.g. cheaper places to shop I used to spend a fortune in that Somerfields in Headingley and so I went to Asda or Morrisons. The covered market and stopping the take out for healthy home cooked meals worked?
What does he spend on going out and other bad habits e.g. smoking? Can he cut these down and if possible out totally.
There was a tv programme bank of mum and dad and it gave some really good tips e.g. Work out exactly what debt you are in, Destroy all the credit cards, If he can give his debit card to a trusted person and only take out money to live once a week - if he spends it at the start then don't budge on returning the card till the next week, Research things like going bankrupt, money saving tips, budgeting, - google it, speak to people like the banks and CAB.
It sounds like he is admitting he has problems and thats the first step to a solution after all :)
When we lose twenty pounds... we may be losing the twenty best pounds we have! We may be losing the pounds that contain our genius, our humanity, our love and honesty. ~Woody Allen
Is a chocolate muffin loving glitter ball
Please bear in mind that declaring yourself bankupt can have life long implications. You may find it very hard to get any future loans or a morgage. Why not go in and speak to the bank and see what help they can give you as well as going to CAB. try to re-arrange your debts so you pay off the ones with the highest interest first.
There are specific people who can help you dealing with debt, like debt counselling services.
my dad went bankrupt a few years ago so if this does turn out to be the situation I can ask him for some advice if you need it. It sucks, I vowed never to turn out like my parents but im already in deep **** finance wise, grrrr. Stupid money...
If you have no money left over in your budget, or you have so little that it will take many years for you to re-pay your debts, you may want to look at bankruptcy as an option.
Going bankrupt can take the pressure of creditors away from you. You are allowed to keep certain things, like household goods and a reasonable amount to live on. When the bankruptcy order is over, you can make a fresh start and the money you owe is usually written off. In many cases, this can be after only one year. Creditors have to stop most types of court action to get their money back following a bankruptcy order (but in some cases the bailiffs may still be able to take your belongings away).
However, there are disadvantages to going bankrupt, for example:
it will cost you money (up to £485) to go bankrupt
if you own your own home, it will usually have to be sold
some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own
if you own a business, it is more than likely that your business will be closed down and your employees sacked
you can't keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper
even when you are no longer bankrupt, you could have another order, called a bankruptcy restrictions order made against you. These orders can be made if, for example, you took on debts knowing that you had no hope of paying them back. A bankruptcy restrictions order can last for 15 years and will make your financial affairs very restricted
even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.
If you are thinking about going bankrupt, you should get advice from an experienced adviser. Your local Citizens Advice Bureau can give advice about bankruptcy. To search for details of your nearest CAB, including those that can give advice by e-mail, click on nearest CAB.
Camilla, yes we work at the same place, but the way the company works there is no way he could get a pay rise, and there is no time for another job. Annoyingly. Cos that would be one of the best ways really.
We've done alot of the basic, working out what we spend what on, finding every way possible to save money, no take aways etc. And my mum also pays the majority of our rent.
It's credit card repayments and stuff that's causing the problems, so not using credit cards is a great way, but he has no (and I mean none atall) money left each month from his pay packet once minimum payments and bills are paid.
He found something v.similar to the info you give, Mary, on the internet recently, so he know's the general implications of the bankruptcy thing.
I hope it doesn't come to declaring himself bankrupt, as this advice has been ace, and so I think our next port of call will be CAB (next day free we have) but I will print off all of this so we have it all :)
This has helped so, so much you lot :)
Thank yooooooooooooooooou!! xxxxxxx
Are we demented or am I disturbed?
The space that's in between insane and insecure...