Help

[Lee72]

Hi
Firstly I need to say that I am a little paranoid about my work finding out about all this and it is rare I can get online at home

I have been struggling with debt for many years , mostly my fault as it seems I can not say no to my family. They get what they want regardless of if I can afford it. I am dealing with this so now I need to sort out my finances. I can barely cover my minimum payments.

I had a look at get out of debt free but to me the ideas seemed to be a bit wacky , when I asked for some proof that it worked I didn't get any just some funny answers and I eventually got banned. Someone did tell me about here though

I have been looking around and I think my best option is Bankruptcy but I need to get things clear.

How long does it last and how long does it stay on your record
Does it clear all other accounts off your record

What about gas electricity water, does it cover them and will the companies still supply me afterwards . I suppose I could put them in my wifes name

More questions later

[TibetanMonk]

Re: Help

Hi
Firstly I need to say that I am a little paranoid about my work finding out about all this and it is rare I can get online at home

I have been struggling with debt for many years , mostly my fault as it seems I can not say no to my family. They get what they want regardless of if I can afford it. I am dealing with this so now I need to sort out my finances. I can barely cover my minimum payments.

I had a look at get out of debt free but to me the ideas seemed to be a bit wacky , when I asked for some proof that it worked I didn't get any just some funny answers and I eventually got banned. Someone did tell me about here though

I have been looking around and I think my best option is Bankruptcy but I need to get things clear.

How long does it last and how long does it stay on your record
Does it clear all other accounts off your record

What about gas electricity water, does it cover them and will the companies still supply me afterwards . I suppose I could put them in my wifes name

More questions later

Hi Lee Welcome to AAD.

I'm sorry to hear that you're having problems mate :/ Best thing though is you've come to us!

If you can give a figure as to what your total debt currently is and list what the debts are and their amouns that would help.

Bankrupcy normally is the very last option and I'm sure we can help with others.

[Lee72]

Re: Help

Hi
My debt is about £30000 +/- a couple. It is made up of a couple of loans and then the rest is credit cards. The loans amount to about 20,000 and the cards about 10000. These figures are approximate

[Never-In-Doubt]

Re: Help

Hiya can you clarify what you're looking to achieve, ie fight, sort a payment plan, not pay? What?

Then can you please tell me the approx balance & start dates of each account in bullet point format - ie HBOS Loan - 01/01/1995 - Balance - £3000

[MrsD]

Re: Help

welcome to AAD

you have come to the right place to get some help

if you could lay out your debts like this

• Type of account (credit card/loan)
  
  
• Date commenced (ideally before Apr 2007)
  
  
• Approx balance
  
  
• Date last paid (approximate date you last made a FULL payment)
  
  
• Are you on arrangement or not paying
  
  
• Status (default/in arrears/up-to-date)
  
  
• Account owner (who is writing to you, a DCA or the lender)

It will help us to help you. you should have a good read around at http://forums.all-about-debt.co.uk/s...-Read-me-First!

once we've got a good picture of where you are, we can look at ways to go forward. main thing is to try and not worry, because it is only money and it can be fixed (just might take a while) Think you should shelf the bankruptcy until we see what's what.

[Lee72]

Re: Help

Hi
Thank you for a quick response. In short I think I am looking for a permanent fix to get rid of these debts once and for all. I have to get this sorted as it is not fair on my family and I will do anything to make their life better
This is what I have looked at with my thoughts

A debt management plan ( this will take forever to clear. Even if I only repay the balances owed right now I am probably looking at struggling for at least 10 years)
An IVA ( I have read a lot of negative things and it seems the only people who profit are the people who run it. Again 5 years of struggle )
Bankruptcy ( A fresh start , possibly as little as 6 months before I am free of the debts)
I have put some questions in post 1

Santander Loan £12500
Halifax Loan £7500
Tesco CC £750
Halifax CC £3600
Vanquis CC £1250
Capital One £ 1200

Everything has been opened in the last 4 or 5 years although the loans are quite new, last year or so . I did repay some cards . Everything is up to date .
I need to fix this and can not stand the thought of endless letters and knocks on the door .

[SaltnVinegar]

Re: Help

Hiya

Welcome to AAD

You were right not to go along with the 'freeman of the land' tactics employed by GOODF - thats a great decision.

An addition to what you've been asked already - do you own your own home, or are you renting?

[SXGuy]

Re: Help

A point to mention re bankruptcy. This would clear the debts, and you should be discharged from it after a year, however it will remain on your credit file for 6 years.

So if you wanted any credit in that time, its unlikely to happen.

Not saying bankruptcy is your best way forward, just pointing out what would happen. Others will advise the best way to move forward.

[Lee72]

Re: Help

Thank you both
SnV I do not own my home, I live in rented accommodation. I understand that is a good thing for going bankrupt

SX Guy Thank you, that does answer another question which had been on my mind, so it will be 6 years with no credit . That will probably be a good thing

[SXGuy]

Re: Help

Personally, if you need no credit, you don't own a home, have no assets, and it wouldn't affect any job you have, then bankruptcy could be a good idea.

The debts are not old enough to be unenforceable. So that isn't an option.

I went bankrupt some years ago, and it was the best decision I ever made, however I was young, and had a debt 5 times yours, so every situation is different.

Wait for some one else to advise if they see a better way forward before acting on what I say as im not an expert.

[Lee72]

Re: Help

Thank you SX guy. I will wait for another opinion

[Lee72]

Re: Help

Hello again
Still looking for the opinion on bankruptcy,
What bills are excluded as I might as well cover as much as I can and get a fresh start and if I include them will the companies still cover me
Someone has suggested that insurance might be a problem is that right?

[SXGuy]

Re: Help

Ill flag someone to come in and help.

[PlanB]

Re: Help

I have been struggling with debt for many years , mostly my fault as it seems I can not say no to my family. I have been looking around and I think my best option is Bankruptcy but I need to get things clear.

. . . . What about gas electricity water, does it cover them and will the companies still supply me afterwards . I suppose I could put them in my wifes name

Bankruptcy is a big step. You have a wife and family so it can impact on them too.

Can you just clarify your housing situation. On your profile page you say you are a homeowner but in a previous post you say you are in rented accommodation.

In order for us to suggest a way forward we need all the facts so we can help Are any of your creditors threatening legal action or are you understandably wanting to get rid of this financial pressure?

I do not own my home, I live in rented accommodation. I understand that is a good thing for going bankrupt

[PlanB]

Re: Help

Everything has been opened in the last 4 or 5 years although the loans are quite new, last year or so . I did repay some cards . Everything is up to date . I need to fix this and can not stand the thought of endless letters and knocks on the door .

I've had a quick read of your thread and I can see everything is up-to-date although you are clearly feeling swamped by these debts. Maybe a DMP is not such a bad thing as a holding position if these debts are not going to be unenforceable since you ought to be able to get the interest frozen if you go down that route. Give us a bit more info and we'll take it from there.

As for the knocks at the door I'm sure we can help you with that. We have awesome Template Letters based on case law which should prevent that kind of harassment.

Are any of these loans PDLs because we have a specialist on here who can help? It's not uncommon to borrow money or take out new loans to satisfy other debts. Been there done that