www.iva.co.uk

hi my debts per month are roughly 777,and i earn 1189 per month. with whats left i have to pay rent which i cannot afford to do at the moment, eat and run my knackered van 20 miles a day to get to work do you think i would qualify for bankruptcy as i am struggling to cope at the moment thanx

Bankruptcy would be totally OTT and, frankly, it would cost you nigh on £500 to do it so I'm asking myself what would be the point.

If you genuinely can't pay or make any contribution to the debt I suggest you write to your creditors to tell them the position. My guess is they won't think further pursuit is worth the hassle.

Ian

sorry BR is not OTT its a way out for some people and unless you have had to bare it then don't knock it!
depending on your situation it may be a viable way out of your situation if you have no assets etc
kerri

Yes, you can go bankrupt if you want to, and it will wipe off all your debts, Even though it costs £500 at the outset, for most people it will be the cheapest way to resolve their debt situation. The alternatives are a DMP, where you end up paying your debts in full over an extended period (Don't do it if it will take over 8 years max), or an IVA whereby you offer a 5-year payment deal in full settlement. Do some research and see which one is the best for you.

I agree with Scaredkez and Philip. As you are left with little money to fund your usual household and living expenses, and feel that you are drowning in debt, then bankruptcy would be one way of getting a fresh start.

If you are left with some disposable income in bankruptcy, the Trustee may take ongoing payments from you for a maximum three year period, but these are likely to be based upon 50 to 70% of your disposable income and you would therefore be left with some of the money. It might be better at this stage to work out an income and expenditure statement, without taking account of the ongoing debt repayments, and then taking some professional advice from an insolvency practitioner as to your options.

HI
I think Ian must have mis-read that post.
Bankruptcy would be a sensible solution,but do take advice
Regards

Ah..... Mea culpa - serves me right for answering the post after the witching hour - apologies I had missed the "per month".

Of course Bankruptcy is most likely the right option for you, given the circumstances with which you are faced.