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xmas baby
Average Member
537 Posts |
 Posted - 19 November 2008 : 19:24:19
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Hi everyone!
Can anyone offer me advice please? I am currently over £45,000 in debt with bank loans and credit cards. I am not in arrears with any of them yet, but usually only pay the minimum payment, which is increasing month by month. I have embarrassed to say that a lot of my credit card transactions were cash advances and this was spent on gambling. I am looking into an IVA or possible bankruptcy, although I think I would have a BRO placed on me for many years due to my reckless spending. Has anyone else been in the same position and could offer any advise as to the best option to take. By the way, I don't own my home and I have no assets to speak of, but I am in full time employment...so far!
Thanks very much
Keith |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 19:51:50
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Hi Keith and welcome
Firstly what is your total income and expenditure.
You say that you dont have any assets but you have mainly got your debts through gambling so as you have pointed out that more than likely will incurr a BRU or BRO.
How much of your debt was due to gambling, and what was the other sort of spent on, also when did you last gamble.
Sorry to ask but its so that we can gain a better picture and give better advice.
Have you looked into an IVA.
If you dont wish to answer these online i totally understand and dont be ashamed, we are not here to judge you, if you cant put it here then do give our helpline a call and leave a name and a contact number and someone willk get back to you.
That number is 0800 078 9367.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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xmas baby
Average Member
537 Posts |
Posted - 20 November 2008 : 10:52:04
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Hi Jo,
Thanks very much for your reply. My total income is £1250 per month and my approximate expenditure at present is £800 per month on rent, food, etc. My debts due to gambling must amount to around £10,000 and the remaining debt was just spent over a period of 10 years on socialising, food, entertainment and such like. I last gambled nearly 3 weeks ago, but I haven't been since and have no intention of doing so either. I may go with friends, but I will not gamble. I am also planning to attend counselling for this problem. I have looked into an IVA but I am worried that due to my wages not really increasing in the foreseable future and obviously my rent and rail fares will increase annually, I am worried that I will be unable to commit to a proposed fixed figure for a period of 5 years.
Any advice you could offer would me very much appreciated.
Thanks Jo
Keith |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 20 November 2008 : 11:12:28
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Hi Keith
BR does seem an option open to you. I would therefore give our helpline a call, that way they can go through the timescales and what you should be looking at doing in order to get on the right track.
That number is 0800 078 9367.
I am also pleased that you realise that you have a problem, if you dont mind me saying that, i am not going to lecture you, thats not my intention. You do need to try and get a plan together and once you have that things will start to come into their own.
Do call the helpline, leave a name and contact number and someone wilk get back to you.
I am here though should you need me again. :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take it by the horns and live a little, otherwise life would be so boring!
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xmas baby
Average Member
537 Posts |
Posted - 20 November 2008 : 16:21:09
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Hi Jo,
Thank you very much for your helpful advice. I am still sitting on the fence as to which route to go down. Maybe I am just delaying the inevitable to be honest. I am just scared that I could be on a BRU/BRO for 10 years or more.
Thanks again for all your help.
Keith |
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| bankruptcyhelp.org.uk Forum |
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Hi everyone!Can anyone offer me advice please?
