How do you go bankrupt?

[FUTO 10]

i'm in alot of debt & before anyone judges me i wasn't expecting to be in the situation i'm in now (not being able to pay credit cards, store cards ect ect....) as things stand at the moment, the ammount i owe & have coming in there's no way i can pay it back & i now have 2 ccjs & nothing to loose (or i don't think i have?).

 

Its a lesson well learnt but does anyone know how to go about it & what happens ect ect

 

 

:help::confused::blush:

 

Would be interesting to know how things got to this stage

 

If you are nice looking am sure some gent would pay it all off for you

[ricky36 11]

Would be interesting to know how things got to this stage

 

If you are nice looking am sure some gent would pay it all off for you

 

I honestly believe this post is a little over the top

[Tipex 10]

as I STATED previously the goverment make the rules everybody should take advantage

and IMO A ISA is a useless investment you live by your rules I will live by mine

 

Good idea. You go get yourself a credit card and go bankrupt, and i'll stick with my isa and any other money saving ideas:)

[ricky36 11]

Good idea. You go get yourself a credit card and go bankrupt, and i'll stick with my isa and any other money saving ideas:)

 

see you have come round to my way of thinking that was quick.

just a thought you go and get your ISA TOMORROW

I will go and get a credit card and use it correctly for 12 months and get the limit maxed out.

then I default on payment.

 

who makes the most money

me or you

hypothetically of course

I REST MY CASE

[Tipex 10]

see you have come round to my way of thinking that was quick.

just a thought you go and get your ISA TOMORROW

I will go and get a credit card and use it correctly for 12 months and get the limit maxed out.

then I default on payment.

 

who makes the most money

me or you

hypothetically of course

I REST MY CASE

 

I'd rather have my name clear of bad credit.

[happyhippy 11]

Yet again, another one who thinks the world owes them a living.

 

Use other peoples money to buy what they want and then expect someone else to pay for it.

 

You should be made to pay what you owe.

 

I'm probably going to get abuse for this post but you all know deep down, it's the hard truth that hurts!

 

I've seen some ignorance, but this is spectacular. Did you not read the bit which said

 

i wasn't expecting to be in the situation i'm in now (not being able to pay credit cards, store cards ect ect....)

 

Petrol Girl, why don't you attempt to engage your brain before using your fingers? Would you say the same to a neighbour who was in their fifties, and laid off with no way of keeping up repayments on a mortgage (time may have run out on their insurance)?

 

What a vile thing to say to someone who was looking for sensible advice.

[ricky36 11]

once again I REST MY CASE. YOU only need your name clear to get to get credit, if does not matter if you want to pay cash, I pay cash for everything I buy.

 

A BAD CREDIT RECORD ONLY EFFECTS THE PERSON THAT WANTS CREDIT.

 

PLEASE NOTICE THE WORD "hypothetically"

[happyhippy 11]

There is some utter tosh written in this thread. I wish people would think and research before they post on a topic as important as this.

Points to consider. If you cannot cope with your debt burden any longer and you have tried all other avenues of solving this issue, not IVA come to that later, then investigate bankruptcy.

1) CCJ’s ARE covered. Include ALL debt in your forms, however small. A CCJ will become a part of your bankruptcy.

2) BT will NOT cut off your telephone.

3) You may not necessarily lose your car if you inform them that you need it for work. You MUST disclose all assets, why, if you don’t then you could be placed onto a BRO, effectively an extension of bankruptcy for up to 15 years. Do not risk it, disclose all facts, be honest.

4) If you are a homeowner you may well keep your house. If you have children or dependents. If you jointly own a property your partner has the opportunity to buy your share of beneficial interest. This money will become part of your estate and given to creditors. This is good if you want to remain where you are.

5) You CAN get credit whilst you are bankrupt. Up to £500 is ok, anymore then that you have to inform lenders that you are bankrupt, if you don’t you are breaking the law.

6) You CAN open a bank account. You can become bankrupt in the morning and open an account in the afternoon. Co-op do a simple account, no facilities but you do get a visa electron debit card, more than enough. If you run the account successfully for a year after bankruptcy they will gladly open a current account for you.

7) A bankruptcy stays on your credit file for 6 years from the date you are declared bankrupt, it is then removed.

An IVA will stay on your file for the duration of the IVA term, usually 5 years and then for 6 years after on your credit file, effectively 11 years.

9) You can down load the forms to fill in at http://www.insolvency.gov.uk/

This site will also inform you of what you need to know. Moneysavingexpert.co.uk is also a good reference point with forums too.

 

I hope that this helps. Bankruptcy will free you from all debt, not student loans though, and it is a decision not to made lightly. If after you have investigated and you think it could be the way forward then do it. It is an opportunity to start again. Good luck.

 

Excellent post

 

Still, as others have said though, talk it through with a real person at a CAB or a specialist debt advice centre.

[happyhippy 11]

once again I REST MY CASE. YOU only need your name clear to get to get credit, if does not matter if you want to pay cash, I pay cash for everything I buy.

 

A BAD CREDIT RECORD ONLY EFFECTS THE PERSON THAT WANTS CREDIT.

 

PLEASE NOTICE THE WORD "hypothetically"

 

And having your name clear doesn't necessarily mean that the debt has been paid either. I know people who have unpaid debts which are 'spent', but have plenty of credit, and/or buying power with banks.

[Petrol Girl 10]

I also read your posts on that thread and it was obvious what you were like!

[Kat2008 10]

I also read your posts on that thread and it was obvious what you were like!

 

I didn't do what you do (trying to stir trouble) i came on here for advise, so like i said if you have nothing to say other than insults then please do not post on my thread

[DaFoot 10]

once again I REST MY CASE.

When u say wot rest your case that implies your input into the discussion is complete.

Therefore that makes no sense 'once again'.

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