what is the best route to take?

[CrazyRach]

Hi there,
I’m 25 year old, single and still living with my Mother in rented accommodation. I have about £19,000 in debt which basically started just before my Father died in about 2003. Once the debts became a problem I got in touch with a company who I thought were going to help me, but infact it just made my debts get bigger.
To make matters worse I’m unemployed and in receipt of Disability Living Allowance so I’m only getting about £600 a month and I’m struggling to get by.
I have 14 debtors totalling £18,488.63. The debtors are Natwest, 2 x RBS, T-Mobile, Northern Rock, Comet, HFC Bank, Great Universal, Vodafone, Capital One, Littlewoods, Orange, First National, Dollar Financial and Barclays.
Like I say, I don’t own my home and never have. I don’t have any savings and I’m currently unemployed.
Can anyone advise me what is the best route to take? I’m tired of being in this mess at such a young age and I want to get my credit straight, but I don’t have a clue where to start and the creditors just don’t seem to care about my situation.
The IVA Wizard seems to think Bankruptcy would be best! Is this right?
Regards,
Rach

[TheMatrix]

Sounds like it may be the best solution for you if your unemployed and have no assets. I believe you have to have a regular income to be considered for a IVA. I'm sure a expert will be along to advise shortly.

[pixie]

Hi Rach
As you're not working and have no assets to protect, BR does seem to be the best way forward. It will give you clean start that you need. You can do this yourself by downloading the forms but I'd suggest having a word with an expert who'll be able to talk you through the ins and outs and put your mind at ease. I would recommend Paul Johns from Reviva UK.

[MelanieGiles]

It definately seems as if bankruptcy would provide a much needed release from your current situation, and is now a relatively painless procedure which will enable you to have a fresh start free from these debts.

[Soulgrowth]

Hi CrazyRach

I would agree with the others, in your situation bankruptcy would certainly appear to the option that would give you a fresh start.

I am so sorry to hear of the loss of your dad, and I hope that your mum is well ... it is these kind of experiences that really shows us what is important in life. So long as we learn the lessons of what got us into our debt situation and can rehabilitate ourselves to ensure that we donlt go down that road again, a fresh start at a time like this. There are more important things in life than money.

Take care CrazyRach

Debbie

[debtfreesusie67]

Hi crazyrach

I just went bankrupt on Wednesday and its the best thing I've ever done. I'm sleeping better, not panicking when the door goes or the postman turns up. I went to Paul Johns of Reviva for advice and help and I would recommend him to everyone. You've taken the first step by finding this forum and asking for help.

[angela18]

Hope everything works out ok for you.. good luck

[facingittogether]

HI - JUST WANT TO SAY GOOD LUCK!

LIKE OTHERS HAVE SAID BANCRUPTCY WOULD DRAW A LINE UNDER YOUR DEBT PROBLEMS AND YOU COULD START LIVING AGAIN WITHOUT WORRYING ABOUT DEBTS!

LOVE BARB X

[Viki.W]

Hey crazyRach, welcome to the forum. As you can see by the other posts, you are in a great place for support and advice. I'm so sorry to hear about your Dad. I hope you get everything sorted, please keep posting, Viki X