HELP! what are my options?!

Sammy · Joined: 30 Nov 2006 Posts: 2 Location: Nottingham

Hello,

I’m not really sure what I should do, I have recently split up from my husband and have 2 children. Over the years my debt has built up but since my divorce things have just spiraled out of control. I owe over 40k to various different organisations and have ended up moving back in with my mum and dad. I am working but only part-time in one of my friends hair salons, she can’t really afford to keep paying me either. I have tried to take out a loan to consolidate but got refused and now I'm hardly making the minimum payments.
With xmas approaching I just don’t know what to do, I’m sooo stressed and upset, I cant believe I've let things get this bad, I’m desperate to start a fresh!! What is my best option?

Thank you

Andrew · Posted: Mon Dec 04, 2006 11:43 am Post subject:

Gosh Sammy, It really is difficult to know where to start.

The first thing is to note that it is impossible to give specific advice withouth knowing all we can about your case. If you complete the questionnaires on our site one of our advisors will get in touch to discuss your options in detail.

However, from that facts in your post, it would seem you have a lot of debt, limited income and that you are not in a property you own or on which you have a mortgage - and, as your mum and dad are your landlords, I guess you are not behind with the rent.

Knowing just these facts, we think you should strongly consider bankruptcy. It may sound scary, but, it will put all your debt behind you and give you a clear path ahead. You won't get any new credit - and there'll be a black mark on your credit rating for six years. But, we imagine that, right now, more credit is the last thing you want - or need.

It seems a drastic step - but you might find it gives you the certainty you need - by all accounts many who go through the process find they leave much of their stress behind with their debts.

Hope this helps.

Best regards

Andrew

Sammy · Joined: 30 Nov 2006 Posts: 2 Location: Nottingham

hi, thank you for your advice.

I filled in the analyser and was contacted by one of your team. It appears you are right, that bankruptcy is the way forward! I really just cant beleive it has come to this.

But i have to think of it as a new start,

will keep you updated

Thank you for your help, I think i just needed some impartial advice to give me a shove in the right direction