Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By WRW76
#31978 I am seriously considering declaring myself bankrupt(or similar) as my debts over the last year have spiralled out of control.18 months ago i had a good job with regular overtime leaving me plenty of money to pay my debts,i still have the same job but my boss has stopped overtime and is basically trying to get us to leave without paying 6 years of redundancy.My debts are nearly as much im earning each month and i am really struggling to keep my head above it(i have had no option but miss payments some months as i have no money).i have 3 loans and 5 credit cards and i owe at least £35k,i live with my parents but they certainly dont have any finances to help me out,ive had to sell nearly everything of any value to help funds.could anyone advise who to get in touch with or what to do as i fear this christmas might be the finish of me :(
#32269 Hiya

Sorry I deal with Scottish stuff and havent been online for a few days so apologies for delay.

First of all dont panic- and dont just decide on Bankruptcy till you have discussed all our options. I presume that as you are posting on the Scottish boards thats wher you live... :D

Bankruptcy is not easy in Scotland. You cannot file for your own Bankruptcy until a creditor takes you to Court and then serves you with a Charge for Payment of Money or a Statutory demand. This is the only way to prove that you are "apparently insolvent", and this can take years. Meanwhile you have creditors calling you etc and can be very strssfulw while you are waiting for this. There are new Bankruptcy laws on the way, but they arent in force yet (probably late 2006/07 before they become effective)

Now this may not be your only option.I would suggest that before you consider this drastic step, that you contact a free money advice agency in your area. ... agency.php

Now you will notice that a lot of people on this board will suggest you contact Payplan or CCCS.These are excellent agencies, but I find they are more geared up for English clients, and dont discuss the full range of options for Scottish ones. If you contact the CAB-make sure you are dealing with a Money Advisor and NOT a volunteer.

On the home page of the link I gave you there is a financial statement there.I suggest you fill it out and work out what you have left to spend (called disposable Income) DO NOT INCLUDE PAYMENTS TO CREDITORS. This will help give you an idea what your options are.

Come back and post and let us know how you get on........ :D
By WRW76
#32478 Thanks for the advice :wink: .i will look into it further over the next few days and let you know how i get on