I'm going to get straight to the point, I am in around £30K of debt, I was in control of my credit until I lost my job in 2008, since then I've been in and out of work and fallen further and further behind.
I am currently unemployed and I am considering bankruptcy, but can't afford the fees, is there any alternative or any way I can get help paying for my bankruptcy?
You can wait until one of your creditors petition for BR or you could see if anyone can help.
Speak to CAB as they should be able to advise you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There are rebates if you are on certain benefits -- either your local court office or CAB can advise. Alternatively, wait to see if one of your creditors will do it.
Another option would be to see if your creditors would accept a debt management plan until you are back on your feet.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Echo foggy's advice. Your local CAB will have a financial adviser who can advise on costings of the bankruptcy hearing. Depending on what benefits you are on there maybe some help towards the hearing.... in the meantime stop paying anything to your creditors and save this money towards the cost of your bankruptcy application would be my suggestion. Just tell your creditors that you intend to go bankrupt but first you need to save the fee for it
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I'm afraid even if you are on benefits I believe only part of the fee is waived. You will probably still need to find c£500 towards the fee. You could save this by stopping paying your creditors, if you haven't already failing which I think the only alternative is to wait for a creditor to do it but there is no guarantee this will happen as it will cost them money and from October they can only do it if they are owed over £5k whereas the minimum at the moment is £750 debt.
I will look into what my best options are, I am currently only paying my car HP and insurance etc as I need my car in case I get a new job; is it possible to exclude the HP from a bankruptcy?
Thanks again.
PS. I'm on Jobseekers.
Last edited by DonnyDave on Thu Aug 27, 2015 2:39 pm, edited 1 time in total.
It may well be that the company you do the HP through will stop it anyway - some companies do.
Speak to CAB for some advice or to Andy Davie/Vincent Bond to see if there is a way forward.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your HP debt is a priority if you wish to keep the car, but how to afford it whilst only receiving JSA is another matter. If it ends up going back then it becomes an unsecured debt like all the rest.
Whether you could keep it post BR depends upon a number of factors, value, payment each month, whether you were back in work at that point and it was essential to earn a living. Without further details it is impossible to speculate.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I don't know the rules and perhaps its slightly unethical, but if you were to draw cash off a credit card for a purchase and put the money in your top drawer and then subsequently decided that you would rather declare bankruptcy could you raid your top drawer ? I.e. You drew the money off the card before you decide it you were going to make that decision ? ....if you get my drift !
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
I certainly wouldn't do that and it doesn't help with the HP on the car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
That could lead to a Bankruptcy Restriction Order being made against the Bankrupt although its not high risk.
Using an overdraft facility might be a different matter (if available). As regards the HP ultimately this is up to the OR/Trustee as to whether the expenses is reasonable but also whether the HP company is happy for the arrangement to continue post BKY.