Should I go Bankrupt or is there really an alternative?

Ok little quick history of myself,

I am 26 living with my parents, I have approx 18 thousand pounds of Debt combination of Credit cards and loans, It got out of hand when I lost my job a few years ago, Whilst I was in a IVA, so unfortunatley that was a disaster,

I have to move out my parents place in the next few months, I live in Central london, I only earn approx £900 After tax a month, And my rent will be at least £400 a month, add bills to this and transport food, it really doesn't leave me any left over to do a Debt management plan or another IVA,

Plus every company I call I do not trust they want to pressure me into a IVA or a debt managment plan, I can't afford to be paying £200+ a month to these companies, I simply can not afford it.

So I can only see bankruptcy as an option, The internet is really unhelpful with information as all the information sites have a hidden agenda and are attached to a company.

Thanks

Adam

2 Answers

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  • Flicka
    Lv 5
    1 decade ago
    Favorite Answer

    Deal with the companies directly and offer them regular payments of a sum that you can afford, even if it's 20 pounds a month.

    I have a house that i rent out and the tenant left leaving over 30,000 pounds worth of debt and did a runner. I keep getting threatening letters for him and then they starting sending letters saying that they will write off half the loans and he only has to pay back half. AS he didn't reply they sent another letter offering him to pay back only 30% of the loans back. So they obviously would rather settle for a small amount than none.

    Years ago my husband owed 10,000 to the Inland Revenue and was threatened with the bailiffs. I rang up and offered them 20 per month and they said ok.

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  • 1 decade ago

    you can sell stuff on the internet. also if there is another job available you can try for that job. that job should help you pay for the credit card loans. just pay a little at a time.

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