Bigpower

Thought i would post this in here as it seems the better idea,

I need some advice on Bankruptcy, I am got myself into to too much debt as I am an idiot so can any one give advise on it,
If any one has been through it, would you mind posting your a brief description of it, IE is it really as bad as people make out ?

Cheers in advance guys and girls.

Tom

first question is, are these loans etc unsecured (typically credit cards)?

i havent been declared bankrupt although i did consider it a few years ago. instead, i asked all my debtors to freeze interest and allow me to pay off what i owed steadily over time. they refused, so i refused to pay them a penny.

occasionally i'll get letters from "solicitors" but i just ignore them and make use of the "choose to refuse" service from BT to block them calling. plus living away for the last 11 months means they cant get hold of me even if they wanted.

dont get yourself into a panic over unsecured debt...seek professional advise from the CAB or a financial adviser.

well it is unsecured yes,

personal loan, phone bill, 2 overdrafts , i think that is it, so do you advise just not paying them ?

Tom You cannot ignore them. You need to try all available channels open to you and as Andy caca has said try to negotiate and sort this out directly with them. It doesn't sound like your debt is huge and maybe not serious enough to go bankrupt. Bankruptcy doesn't have the Stigma attached to it that it may have had years ago and is now a very commonly used way of managing debt if you are way over your head and well in the sh1t!!

In all honesty if you cannot get them to sort a repayment plan with you directly then go to CAB. CAB can contact your creditors on your behalf. With CAB backing you, you stand a better chance to get a repayment plan sorted amicably.

The other option if that doesn't work is go to an insolvency practitioner and ask them about IVA's (Individual Voluntary Arrangement). This is something your creditors probably won't refuse as it means they will get some of there money back and it won't be a total loss for them. This will probably cut down the amount you owe but will take about 5years to clear.

Bankruptcy is the final option. Depending on circumstances you can go bankrupt if you owe at least

My wife had declared herself bankrupt after her business venture failed. I went with her to the court and basically you paid the fee (

Dave-GTO wrote: Don't touch some of these debt companies as they add management fees to your debt.
Good Luck Dave 8)

Great advice. I imagine it's too easy to just throw your arms in the air and try to rely on someone else to bear the burden of sorting the paperwork.

Good luck with this, lots of us have been in financial sh!te, it's all part of life's rich tapestry.

So true Gerry - a number of years ago I had to sell my flat to clear my credit cards!.

Stick with this buddy, wasn`t so long ago I was taken for

How much

Cheers for the advice guys.

Not too sure which option to go down yet but this has cleared a fair bit up for me