Bankruptcy (Advice please)

[Rogue Monkey]

Being somewhat financialy embarrased and entertaining demands for thousands of pounds has anyone every consisered bankruptcy as an alternative? I presently have no bank account and no assets to speak of! So....im wondering if bankruptcy is a viable altenative? I used to have all the trappings of a wealthy life but now im reduced to being a nobody with no bank account! (curtisy of an ex partner)! :o now a nice company called LLoyds TSB wants to take me to court and try to screw me for the rest of my life! :eek: Due to their cock ups I found myself in the position Im now in! What is a poor monkey to do in this harsh environment of commercialism? :confused:

[Mrs Reject]

I wouldn't do anything before talking to a debt counsellor, bankruptcy can be a good way out but you have to pay for it these days apparently, several hundred quid.
Get yourself down the citizen's advice bureau pronto and book in to see a debt counsellor, they can at least contact your debtors to stop the mounting interest and keep the wolves from the door for a while giving you a chance to decide what to do!
Don't be to eager to go bankrupt tho'. me and Mitch were left in the sh1t by his ex-partner but managed to dig our way out of it in a few short years by severe budgeting, some good advice and now have virtually no debts at all other than the mortgage.

[kennptwo]

That's good advice from Mrs Reject. Absolutely the best way to start is citizens advice - don't be tempted into the trap of calling one of those debt management companies - they will only cost you more money. Most cab's will refer you to some specialist who will contact your creditors to tide you over. Before bankruptcy there is also something called an individual voluntary arrangement - this is a legally binding agreement between you and your creditors without resorting to bankruptcy - the most important thing is to take action asap to stop bailiffs arriving etc.
I can tell you what to expect if you do go down that route if you want. If you would like to discuss it more privately I think my e mail address is on here?
Good luck.kenn

[krammer]

like the good people have said, do something! last january my oldest buddies wife just upped and left him with huge debts. he adopted the old sticking your head in the sand ploy, this did not prove to be a long term fix however. so he ended up in birmingham law courts and he was at such a low ebb he told them to take everything, his house (with 12 months unpaid mortgage) his car,the lot but fair play to the courts a debt advisory councillor stepped in and has really helped him back onto his feet. he has kept the house and car and is now slowly but surely sorting his life out. do not despair! :)

[Sir Ewok]

Bankruptcy is a poor option if you intend to live a decent lifestyle in the future. After my first wife divorced me and married my best mate, she bankrupted him in four years. He just couldn't keep her in the style she was accustomed too. It was about 7 years before they could get another mortgage and at exhorbitant rates. Basic bank accounts, poor credit ratings etc etc.

Voluntary bankruptcy was about £350.00 last time I looked, but that was a while ago (I wonder if you can do it on credit) which seems a bit of a joke, although I believe it is to stop companies frivilously making YOU bankrupt as they have to pay.

See the debt counsellers, make an agreement you can live with and stick to it. That way you still have money to spend and your debt is reducing, instead of gathering intrest.

Good luck m8, have hit bottom a few times meself, but managed to scrape meself up again and so can you.....

[technoboiler]

Voulentry Arrangement will need a solicitor to organise and set in motion,,,and to liase with and agree amounts to be payed back and to whome,,,,believe me its a logistical nightmare and the solicitor will charge u about 2 grand for the privillage..
Bankrupsy costs about 350 quid as stated,,,,but might be the best option unless you are gonna go on benefits for a spell,,,, ;)

[technoboiler]

Being somewhat financialy embarrased and entertaining demands for thousands of pounds has anyone every consisered bankruptcy as an alternative? I presently have no bank account and no assets to speak of! So....im wondering if bankruptcy is a viable altenative? I used to have all the trappings of a wealthy life but now im reduced to being a nobody with no bank account! (curtisy of an ex partner)! :o now a nice company called LLoyds TSB wants to take me to court and try to screw me for the rest of my life! :eek: Due to their cock ups I found myself in the position Im now in! What is a poor monkey to do in this harsh environment of commercialism? :confused:

You can also make an appointment to see a debt manager at the bank concerned who can work out a reasonable repayment scheme and freeze the interest accruing.
If you fill in a self assesment form ascertaining your incommings and outgoings, make sure you are left with about 5 quid a week spare, and offer that,,,, the bank you mention accepted this from me on a 20,000 loan,,,,!

[Rogue Monkey]

Thanks for the advice everyone but I failed to mention one fact.......NO way On FECKIN EARTH will I pay THE TSB ONE FECKIN PENNY AFTER the way they have treated me! Prison! let them pay for me for a change! bankruptcy...deffinatly a good option at the momment :o Thanks everyone! :o Specially Mr CHAZ! :o

[Fran]

What about the banking ombudsmen?Ask them to look into the TSB screw ups as they have to be 100% unbiased.

[Rogue Monkey]

Threatened um with that a few times and they backed off (I wonder why?) Anyway me minds made up (wot little there is I have) and once its made up it cant be unmade! Im not given em a penny and if the banking omsbudsman decides in my favour I`ll still be told I still owe em a couple o thou instead of the eleven they claim and they are getting naff all from me come hell or high water! The little man stirkes back! besides.....I cant even pronounce Bank Omsbudsman and dont want to sound like an idiot in court! :o Thanks though! :o

[traficman]

Being somewhat financialy embarrased and entertaining demands for thousands of pounds has anyone every consisered bankruptcy as an alternative? I presently have no bank account and no assets to speak of! So....im wondering if bankruptcy is a viable altenative? I used to have all the trappings of a wealthy life but now im reduced to being a nobody with no bank account! (curtisy of an ex partner)! :o now a nice company called LLoyds TSB wants to take me to court and try to screw me for the rest of my life! :eek: Due to their cock ups I found myself in the position Im now in! What is a poor monkey to do in this harsh environment of commercialism? :confused:
*on no account go to a debt management co.,they are crap!,I've got 15k,
in debts,using a co.,called FCL.,at Grantham,they sorted it all,I pay 150quid
a month,and thats it,until the debts are payed,good luck!,traficman.

[ninjagal600]

It cost £450 quid for bankruptcy and it doesnt make any difference if you are receiving benefits you still have to pay it up front...if you have bikes put them in someone elses name, things you need to essentially cannot be taken...beer not included (shame)...as a essential.

Im going through it all at the moment and i got some debt advisory service working for me all im hoping i will have to do is appear at court and sign a few papers...you can get a bank account after and the bankruptcy will only last a year not 6 as it used to be...


If you want details of bankruptcy i can forward it on to you
Cheers
and good luck

[Mrs Reject]

It all sounds very extreme! Banks are set up now to rip you off to the max i.e £28.00 'bank charge' for going one pence overdrawn etc and encouraging everyone to spend on credit cards with money they haven't got, accumulating massive interest whenever someone misses a loan payment and debt then spirals out of control.
Me and Mitch don't have any credit cards, don't spend what we haven't got and don't do loans. We'd love to get out of banking altogether but don't know any alternatives other than being mad old people who stash money all over the house.
We've both learnt our lessons in the distant past and would rather go without than be in hock to these bastards.

[Spike]

Is there a local credit union near you ?
Its like a community bank, very low charges etc.
My landlady is setting one up in the vilage where i live, i'll see if i can find ony more info for ya :)

[Rabid1]

Send me your money Mrs R i will look after it for you and will let you have it when you need it (if there is any left) i wont even charge you anything for looking after it for you. :D See no more worries aren't i good :p