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Discussion Starter · #1 ·
Just wondering if anyone has ever been bancrupt?
im up 2 my neck in it at the mo, and was thinkin about going bancrupt, ive heard that its not so bad these days, and my credit would only be suspended for a yr or 2 max.
if anyone knows anything, would be a great help. :D
 

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don't do it..

Where's Tan when you need her, she knows about this kinda thing..
 

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Go to your bank, see a debt councilor and try to sort something out.

Your debt doesn't "go away" and you'll be left with the bare minimum...

Seriously, there's a way out, but that ISN'T it
 

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uncle-chop-chop said:
Just wondering if anyone has ever been bancrupt?
im up 2 my neck in it at the mo, and was thinkin about going bancrupt, ive heard that its not so bad these days, and my credit would only be suspended for a yr or 2 max.
if anyone knows anything, would be a great help. :D
i think if youve got yourself in a position that you need bankruptcy the last thing on youre mind should be credit.....
 

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notails said:
3 years min . it used to be 5
My ex just did it and she's discharged in 1 year.

Thing is, it doesn't matter to her as, being a kiwi, she's not particularly in need of a mortgage in the UK in the future or anything like that so the usual reasons for not doing it don't apply.

Seriously, don't get 'barrack room' advice from here on something so major - go and see the CAB and get proper advice.
 

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M-A-D said:
My ex just did it and she's discharged in 1 year.

Thing is, it doesn't matter to her as, being a kiwi, she's not particularly in need of a mortgage in the UK in the future or anything like that so the usual reasons for not doing it don't apply.

Seriously, don't get 'barrack room' advice from here on something so major - go and see the CAB and get proper advice.
Indeed, go get proper advice
 

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notails said:
3 years min . it used to be 5
this is definitely not right - it has changed relatively recently

most are discharged in a year or less

the number of people choosing to go bankrupt has gone up by about 3 times in the last year or so in my local courts

it is spectacularly easy to do - literally just fill in a form and pay a fee

the hard bit is the working out what is best for you beforehand

it can be a way to lose a huge amount of stress and trouble - what use is credit if you are in massive debt that you will never get out of anyway ?

cccs are meant to be good for advice - http://www.cccs.co.uk/

in your shoes I would have a look at that web site, complete your 'debt remedy' page with them, then give them a call

be very very careful of taking advice from friends or on here - a lot of well meaning people are nowhere near up to date on this topic
 

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wedgedout said:
Seriously, there's a way out, but that ISN'T it
I know you mean well, but i agree 100% with Skoobadude, that it MIGHT be, depending on personal circumstances

there is simply no 'one size fits all' solution in this area
 

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CheekyMonkey said:
I know you mean well, but i agree 100% with Skoobadude, that it MIGHT be, depending on personal circumstances

there is simply no 'one size fits all' solution in this area
Actually, I agree too... so retract that last statement...

BUT as others have said, get PROPER advice.
 

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accurate and up to date info available here:

http://www.insolvency.gov.uk/

see the top left panel

you still need personal advice I suggest but this will give you accurate info - tons of it, click through to the leaflets etc

Strongly suggest you read everything on here before going any further
 

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this is not the way to go i have been there and i am still struggling to get credit 5 years on as said go talk to the right people .jamie
 

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CheekyMonkey said:
most are discharged in a year or less
Does your credit history always show you have been bankrupt?

I'm guessing for the rest of your life on a credit check of anykind you still set off the warning lights like it's christmas in oxford street.
 

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Discussion Starter · #16 ·
Well thanks guys n gurls, I do need to go n seek some professional advise, ive been doing lots on the t'internet, but just getting myself stressed out at the same time.
As for long term credit, im not too fussed about it, its the debt now that im more worried about and the stress thats attatched with it. will keep u posted probably gonna try n get hold of CAB monday and see what i can do.Thanks to everyone.
 

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Mate of my wife is in the house at the moment (She went bancrupt)

She was discharged after 6 months, but it is extermely difficult to get credit for seven years. You are not allowed a cheque book and only a couple of banks will give you an account. You can only have a cash card. No debit cards are allowed. Aslo is you rent, you could be subject to a credit reference if you move. (Result = crap reference, = no home!)

Unless you are way in debt (over £20,000 and don't own anything) she would not recommend it.

Talk to a debt company or Citizens advice (free) about an IVA.
 

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contact the people you owe money to first, I've been trying to sort out debt from my divorce for nearly 10 years coz the creditors don't do anything in a hurry :rolleyes:
Went to court the other week to sort one debt of nearly 20k and was given a ccj for a fiver a month, I was stunned at them thinking I would actually live until I'm 300 :eek:
 

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Crisis? What crisis? said:
Talk to a debt company or Citizens advice (free) about an IVA.
Nooooooooooooooooo - speak to cccs, NOT an IVA company

cccs is a charity, IVA companies are not

cccs is a better bet than CAB. CAB do many things, cccs does one. But both are better than an IVA company.

If you have no assets, and insufficient income, then an IVA will not work for you anyway
 
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