The CCCS but (taken from their website ver batum) "the CCCS is funded and supported entirely by the credit industry..." in other words debt collectors and credit agencys fund the CCCS. (you could potentially say that they are a wolf in sheeps clothing)

Also, nice one for getting the CCCA to act on your behalf because they didnt do that for my and my other half, they told me what to do and i had to do it. sorry if i sound bitter but i got burnt by them.

you make some good points here. are you in an IVA then?

Get in touch with CCCS. They helped us. I cant praise them enough. Basically I make a single payment to them and they issue it to all my creditors. If I get any phone calls or letters from creditors I just tell CCCS and they contact them on my behalf. Basically what happens is that they add up all your debt, income , work out what you can afford to pay monthly and your creditors get paid in proportion to what they are owed. It will take me about 13 years to pay off what I owe but it is a manageable monthly payment. Usually your interest payments are frozen until you are in a better position financially to deal with your debt. Try their website and you can do most of it online. I had many sleepless nights about money problems, this way I am paying back what I owe but by an amount that I can afford. If you contact any of the other commercial companies they will try to sell you a secured loan to pay off your debts. If you go for an IVA, this is only possible if you do not have any equity in your house. Ring CCCS and they will advise you on the best option. they are a charity and not out to make money from you.

Good Luck

Harry, you can be bankrupt for a anything from 1 - 15 years (although you gotta be a really bad boy to stay in for that long.

After a debtor (you) have been discharged from bankruptcy, the fact that you were made bankrupt can stay on your file for for six years.

so year if your bankruptcy length is 6 years then you can only get the debtor to place a letter of satisfaction on your account after 12years.

hope this clarifies it for you

so If i am bankrupt for 6 yearsit will stay on my file for 12 years? (ie 6 for the bankruptcy and 6 after?)

its nornally only happens if the debts cannot be satisfied. ie if you are out of work and have no assets etc. if you have any assets , or there is a steady income comming into the house they will not normally discharge you so easily.

would be nice though to have a one rule for all, wouldnt it

Georgie

Hi George

Agreed, but in the majority of cases, debtors are discharged after one year, some even less. As you rightly say, it depends on the circumstances surrounding the bankruptcy.

Degsy,

since the new legislation came in, bankruptcy can last 6 months to 15 years depending upon the circumstances surrounding the bankrupcty.

Georgie

rockchick,

Just to clarify, bankruptcy lasts for one year. After a debtor has been discharged from bankruptcy, it will remain on their credit file for six years. A debtor will not be bankrupt for six years - perish the thought!

i thought bankruptcy was a maximum of 6 years? are you saying that you are not home free after the bankrutpcy period?

Hi Leepy,

it will show on your credit file that you are bankrupt for at least 6 years sometimes longer. you would be lucky to get credit with your partner if you have been made bankrupt.

hello

That sounds a bit harsh. I have spoken to national debtline today (eventually got thro) and they have told me to go bankrupt. They say if i move in with my partner now even before the bankrupcy it will have no bearing on her situation. The information they gave me made me feel much better. I now it will be stressfull but they didnt seem to think i would have too many problems. Do you know what my sitaution would be after I am discharged with getting credit with my partner etc Also if i have to pay to the bankrupcy monthly will they look at her earnings???

Thanks

Hi I read this topic with interest. from personal experience, bankruptcy can cause a whole heap of trouble in the furture. if you are going to go down that route please make sure you dont get anything out in a joint name with your partner because if you do your creditors can go after it.

mbna especially will go after you and not let it go untill they have had their pound of flesh. that and the fact that they want to know everything. i owed my father £700 and paid him whilst the bankruptcy was pending. once the bankruptcy went through my case officer informed me that i had to prove that i borrowed money off my dad and the i owed it to him.... because it was a verbal agreement and couldnt be proved my dad ended up having to pay back the 700 to my creditors as apparently i had no right to give preferential treatment to my dad (ie pay him off first.)

ok - a debt management plan is another form of debt solution. others include IVA, bankruptcy and debt consolidation. they all have their merrits and pitfalls.

benefits of Debt Management Plan is that not every knows your business and unlike bankruptcy and you have a chance of repairing your credit rating and not get investigated or barred from certain jobs.

however bankruptcy is an alternative if you have no money left at the end of the month due to bills etc. but unlike Debt management plans with bankruptcy they will you off all your assets to pay off your creditors. so that things like hosues cars tv furnature etc.

i also believe that you have to give your creditors your address etc.

something that is less severe than bankruptcty is and IVA's but you can only enter into this if your creditors allow you to.

hope this helps.