i am on income support of £90.50 every two weeks and owe about £600,£340 of which is council tax,£259 of which is repairs from the council i have no money to spare but it keeps on adding up,i live in scotland is it possible to declare my self bankrupt because i am really down and not well enough to work
PLEASE HELP ME
2007-02-08 02:15:13 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Don't even contemplate bankrupcy. I know this seems like a huge amount to you but in reality its not a huge amount of money. Certainly not worth the very drastic step of making yourself bankrupt. Go to your local CAB and ask to see a debt counsellor. They may be able to negotiate with your creditors on your behalf. If there is interest mounting on the debt it may be possible to persuade them to waive it or at least freeze it and arrange a repayment plan you can afford. They may even be prepared to reduce the debt. Most creditors would rather receive less money than none at all which is what would happen if you went bankrupcy.
don't panic, you will get out of this situation.
2007-02-08 02:26:45 · answer #1 · answered by gerrifriend 6 · 0⤊ 0⤋
Your debt is too low for an IVA or bankruptcy, it will end up costing you more in the long run and you could lose some of your posessions.
Sell anything you don't need on ebay, then try to set up a payment arrangement with the council for £10 a week. You could have the debt cleared by the new year!
The website www.moneysavingexpert.com has lots of tips on how to save money and clear debts.
2007-02-08 12:06:35 · answer #2 · answered by Chris 2 · 0⤊ 0⤋
Bankruptcy may be the best answer; an IVA seams inappropriate in your position.
In England, the Court Fee for an application for Bankruptcy is £150 but this may be waived for those in receipt of benefit.
Presumably the principles are similar in Scotland. I hope life improves soon.
2007-02-08 10:26:54 · answer #3 · answered by Clive 6 · 0⤊ 0⤋
contact your nearest citazens advise explain the situation they will give u help, advise and support i had a similar problem and they arrange me to pay a amount back that i could afford every month in installments, they also arranged for me to borrow a social fund from income support and they take the money i owe back for that of my income support which is really good and that helped me the pay some of the money back as a lump sum!!!
2007-02-08 19:44:47 · answer #4 · answered by foxy lady 4 · 0⤊ 0⤋
Consider bankruptcy. Seriously.
2007-02-08 10:21:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You know there are free credit counselling services throughout the UK. You can call for free or visit them in person.
2007-02-08 10:21:33 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Talk to a credit counselor.
2007-02-08 10:20:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
try a iva
2007-02-08 10:22:07 · answer #8 · answered by pipin 2 · 0⤊ 0⤋