Debt Woes

[osiris_1983]

Hello Everyone,

This is my first posting on here and I would very much appreciate your help and opinions regarding my situation.

Just to put things in perspective for you, I qualified as a medical doctor this June. Just after qualifying I started to suffer from a mental illness-manic-depression. During June I went thru a manic phase, where in 1 month I spent £1250 on a mobile phone, took out a £18000 natwest graduate loan, bought a car on hp for £14000 and spent £2000 on credit cards. So I managed to get myself into 30k+ debt in one month. At the same time I signed up to a 24month phone contract which is costing me 110£/month. All the time not realising the mess I was getting myself into un-necessarily.

I was due to start work at the end of July in hospitial. Soon after starting I was asked to go on sick leave until my condition improved. Since then I have been off and I dont know when I will be allowed to returned. So in essence I am only receiving SSP pay, which is just over 300£ a month.

Last month I realised what a mess I have made of my life. Anyway Ive been struggling with all this debt for the last few months. Mostly with help from my parents who arent very well off. Im getting to the point now where I cant pay these debts because I dont have adequate income. Over the last few weeks its been really getting me down. And I dont know when I am going to be allowed to return to work

Ive got nothing to show for the money that I spent. And to be honest I didnt have the mental capacity to realise the mess i was getting myself into.

Ive considered going bankrupt, but Im worried that this may affected my career as a doctor (but i cant find any info anywhere showing if it does or doesnt)--really big concern of mine

I like to know if theres any suitable alternatives or if bankrupcy is the best way to go?

And will the OR take into account that I was suffering from a mental condition?

Thanks for reading

JK

ps I dont have any assets.

[MelanieGiles]

Hi Osiris and a warm welcome to the forum

First of all many congratulations for qualifying as a doctor. What a rewarding career after lots of hard study, and a shame that your current state of health is not allowing you to enjoy the benefits of your chosen career.

It is not difficult to incur £30,000 worth of credit over a relatively short period, but obviously not a great idea if you cannot afford to pay it back.

So far as I am aware, there are no restrictions on declaring yourself bankrupt as a doctor, but best to check with the GMC to be sure. It sounds as if you could do with a fresh start in order to focus on your career.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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