Pretty sure I have no other option than to go bankrupt, I'm after stories of people who have experienced this. What happens after I'm discharged? Will I ever be able to borrow again? Can I build my credit rating back up by borrowing off those credit companies who say they will lend to bad credit, single mums etc, pay it off and slowly build a credit rating again or can I kiss the idea I ever borrowing again goodbye?
5 Replies
Those companies that lend to bad credit companies can get you in greater hot water than you were before. They charge much higher interest rates making it almost impossible to hold off. I'd plan on living in a cash economy which is possible as long as you plan, live well within your means.
We had no troubles getting loans again after my husband come out of bankruptcy. They charge you a higher interest rate for the first 12 months and after that it's at the normal rate
Ring My Budget, we got ourselves in loads of debt and they have helped us get out of it slowly! You do pay pees but they are minimal in comparison to all other fees you get charged when in heavy debt! Might be worth a call to alleviate some of your stress and get some advice
Fees not pees!!
Sorry to hear that you are experiencing this stress. I do not have advice for life beyond bankruptcy but due to reasons beyond our control my husband and I are facing the possibility of bankruptcy too. We are receiving support from a not for profit Organisation called 'Christians against poverty' (CAP). They do not charge a fee for their service. Even though we are still facing bankruptcy I would recommend them for sure. They firstly try to help you repay your debt but if that is not possible they then act as an advocate for you through the process of declaring bankrupt. You do not have to be religious to receive help from them - I certainly am not.