Bankruptcy was right for me, as I had £40,000 worth of debt. I owned no property, I was in tied accommodation and with no dependants or possessions to speak of. If you own your home, have possessions of value (this could include even your wedding ring) then Bankruptcy may not be the way to go.......
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Debt is a massive burden that many of us are currently saddled with.
I say "us" because I have also been in deep financial difficulty and was eventually driven to petition for my own bankruptcy when the Child Support Agency made impossible demands on me. I could not possibly pay them a third of my income plus honour the debts that had built up on credit cards, bank loans and store cards after the break up of my second marriage.
A Debt Management Plan (DMP) or an IVA may prove to be a better proposition. You will find articles on these possible solutions by clicking on the buttons to the left.
I hope you will appreciate that I do know what I am talking about in relation to debt and my site has been set up to offer advice to others who are struggling with managing their debts and I offer possible solutions to assist you to get on top of your debts whilst still managing to live with an acceptable style of living. Remember you are not alone. Unfortunately there are now thousands of people also struggling to cope in these troubled times.
Bear in mind that the worst thing you can do, is do nothing. The debts will not go away and ignoring them could lead to bigger problems of bailiffs knocking at your door, persistent telephone calls from Debt Collectors and even imprisonment for certain kinds of debt. Start now and make tomorrow the first day of your new life. You will not be debt free but you will be able to feed and house your family as well as pay something towards your debts from any cash left over, if you take the right steps now and I can show you how it can be done.
A good first step could be to study the Ebook, selfhelp (click to download pdf) Inside there are template letters to send to creditors explaining your current difficulties in managing your debts and how to work out individual pro rata payments. This is, paying your creditors, those you owe money to, a proportion of the cash you have available. There is also a Financial Statement form that you should complete to see exactly how you stand financially.
The very worst thing you can do is ignore the statements and letters you receive and bury your head in the sand. You must take hold and begin to manage your debts. They will not go away and you are in danger of having Debt Collectors or even Bailiffs calling on you.
Apart from DMPs, IVAs and Bankruptcy, there is now a new way to handle debts of £15,000 or less. It is sort of a mini bankruptcy called a Debt Relief Order or DRO, these are also managed by the Official Receiver and have to be handled by an acknowledgedprovider such as a Citizens Advice Bureau.
Credit Crunch Stressline - In England
The NHS has launched a new Credit Crunch Stressline. This is a helpline for people who are feeling stressed because of job insecurity, redundancy, debt or financial problems. The helpline is open daily from 8 am – 10 pm. You can discuss the the issues that are affecting you and your family and get expert advice on how to help yourself if you're in a difficult situation. Health advisers will offer practical advice, guide you to useful online resources and put you in touch with other people who can help such as debt, housing, employment advisors, and counselling and talking therapy services. You can call the Credit Crunch Stressline on 0300 123 2000. You can also visit the NHS Choices website where you can find tips on how to stay healthy when times are hard, including how to cope if you're feeling stressed, anxious or down and how to spend less on your food shopping and still eat healthily. Go to: www.nhs.uk/creditcrunch
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