Should I declare bankruptcy on my £21,500 salary
We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be, and do better than we did yesterday.
Let me say that again and allow it to sink in
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We don’t all have equal opportunity.
But we all have the opportunity to be better than what we currently are.
We ALL have the opportunity to be and do better than we did yesterday.
WE ALL have the opportunity to learn more today than we did yesterday
WE ALL have the opportunity to GROW more today than we did yesterday
WE ALL have the opportunity to become MORE than THEY thought we could become!
WE ALL have the opportunity to ATTRACT whatever we desire into our experience.
IT IS UP TO YOU
And you alone.
IF, you take responsibility for your life.
And seek the opportunities you wish to find,
you WILL find them,
and when you do:
FIND THEM and CONQUER THEM.
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I owe £10,000 in loans and perhaps £5,000 in credit card debt. The average APR is roughly 30%.
My present pay is £21,500, but I expect it to rise to between £24,000 and £26,000 by March 23.
Despite the fact that I’m now working with StepChange to finalise a debt management plan, I’ve begun to consider bankruptcy.
I’d want to hear about other people’s experiences with these two possibilities.
I’m aware that bankruptcy stays on your credit report for six years, which is roughly how long it will take me to repay via DMP.
I’m studying to be an accountant, and I’m wondering how this may effect my chances of getting into various institutions.
What was your experience with renting, getting insurance, and so on? Should I declare bankruptcy on my £21,500 salary
Yes, I am a moron and accept full blame. Going bankrupt makes me feel embarrassed.
Thank you very much!
CANDID ADVICE
By the way, you’ll never work in accounting with a bankruptcy.
Businesses will always want you to keep your personal and professional lives separate until they have a chance to wreck your entire existence.
I believe it would be on the credit report for 6 years? After that, you might be able to work in the industry, but it’ll be too late…
Why would you even consider declaring bankruptcy if this isn’t even 1x your salary? It would be beyond dumb, especially if you want to be an accountant.
Why would you even consider declaring bankruptcy if this isn’t even 1x your salary? It would be beyond dumb, especially if you want to be an accountant.
I appreciate all of the feedback thus far. According to what I’ve read, the consensus is to continue with it and work hard to decrease costs and earn more.
I’ve been looking into part-time work recently, and I honestly believe it would be the best option on top of my full-time employment and studies.
Guys, I appreciate your candour. Should I declare bankruptcy on my £21,500 salary
I don’t know the facts around your debt, your age or salary, or anything else, but have you considered filing affordability concerns with some of the lenders? Debt Camel offers numerous templates you can utilise and appears to have some success stories – in my opinion, you have nothing to lose by submitting some!
Try to get a debt consolidation loan to pay off your debt at a lower interest rate than your credit card.
Keep going, it may feel overwhelming right now, but in a few years you’ll be able to look back on it all as a life lesson well learned.
I work in the financial services industry. Most of the jobs I’ve had would not have been possible if I had ever filed bankruptcy. I’m not an accountant, but I know you can’t work as one if you’ve ever been declared bankrupt. This is true for the majority of finance occupations.
Don’t even think about it; this is ridiculous. It’s not so much about the borrowing as it is about absolutely screwing up your career.
Also, 15k in debt with a salary of 21.5k that is anticipated to climb isn’t so bad.
Well, 6 years after discharge, although discharge might happen in a year.
The issue is your career – 2-3 years after release, you can start looking at borrowing money again (some lenders do it), so it’s not a significant stigma; however, if it could jeopardise your professional path, that could be an issue.
But don’t be embarrassed; you have to do what you have to do.
Being unable to pay debts isn’t all the fault of the debtor: creditors willingly take that risk: only a stupid creditor expects everyone to repay everything on time, and it’s their problem; rational ones have included it into business plans.
Declaring bankruptcy and failing to repay your obligations will render you unemployed in the financial services industry and will ruin your career. The same goes for CCJs, etc. The hiring company checks these during the reference stage, along with a criminal background check and other factors. I strongly suggest you to complete the debt management strategy.
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This. They double-check everything in finance. It’s a warning sign that you might be blackmailed or bribed. Honestly, that debt isn’t great in this situation.
You must declare bankruptcy and ccjs in accounting, and I believe the Aat (governing body) and probably other governing bodies will not touch you.
I would personally call debtors and beg, cry (literally), and promise them the world in order to lower your interest rate or maybe give you an interest break on your payments. Don’t take no for an answer; keep going, going, going; if they can’t help, ask for their supervisor; if they can’t, go to their supervisor; and so on. Explain that you may need to declare bankruptcy if you are unable to pay. (To them, having some money is preferable to having none.)
If you earn £21,500, I’m assuming you work 40 hours per week or fewer. If it were me, I’d be obtaining a second job/working overtime and focusing all of my energies on paying off the debt as soon as possible. Good luck with the accounting career; I recently completed my professional diploma in accounting and thoroughly liked the learning experience; it will undoubtedly open many doors for you!
You should not declare yourself bankrupt. Is there any potential of consolidating your outstanding loans into a single loan of £15k, which would likely cost you less than what you’re paying presently and shouldn’t have an APR of more than 30%?
When he was 20, a close friend of mine declared himself bankrupt. He’s now 35 years old. When he sought to secure a mortgage this year, it was still flagged.
I would do everything I could to keep you from becoming bankrupt, especially since you’re in accounting school. It is not a good way to avoid paying your bills. Get a grip and pay what you owe. The greatest thing you can do is be honest with your lenders, tell them you’re on the verge of bankruptcy, and ask for a payment plan. Every lender on the planet would prefer to receive a little amount at a time rather than nothing at all.
Here is information about the impact on your accounting training:
https://www.icaew.com/membership/support-throughout-your-career/support-members-scheme/information-sheets/chartered-accountants-in-financial-difficulty
If you are studying to become an accountant, your salary will most likely rise in the medium term. Given this, I’d be more inclined to go down the debt management plan route, because while you say it may take six years to repay under current circumstances, if your salary increases in the next three years or so, you may be able to repay it faster and find it far easier to repair your credit rating from that position.
In terms of professional consequences, the OP has a pretty clear answer, but for anyone else with similar figures but no professional barrier to insolvency, a Debt Relief Order would be a better option than bankruptcy for debts under £30,000 (obviously, this isn’t debt advice for anyone specific; speak to an independent debt advice organisation like StepChange or CAB).
£15k debt with an increasing salary of £21.5k is not too awful. The best option is to try to minimise the debt’s interest rates. See if you can find any 0% Balance Transfer credit cards. If you can get a good rate, you might even be able to secure a cheap loan (to pay off the expensive ones).
Santander, MBNA, Lloyd’s, and Halifax are examples of credit card companies that provide good 0% rates, provide a solid indicator of acceptance before actually applying (and marking your credit file), and tend to show how much credit limit you’ll be accepted for. After all, there’s no purpose in getting a 0% card if the limit is only £500 or anything.
Would you put your trust in a bankrupt accountant? Nowadays, you can learn a scary lot about people, and some people will blame everyone but themselves. Worst-case scenario: someone uses your services, then discovers you are/were insolvent and sues you for their own problems.
Do you realise why you’re in debt in the first place? All the best plans will fail if the core reason is not addressed – no judgement, things happen. Just don’t get caught in a revolving door.
If at all possible, I would try to employ a repayment plan, as long as it is feasible. You might also consider boosting your income or cutting your outgoings to assist you pay off the debt faster. Your earnings are projected to improve over the next six years.
How did you manage to get $15,000 in debt on a salary of $21,000? That was the moron who approved the loan? There was no way you were ever going to be able to repay it on that salary. Although you own 50% of the blame, it appears to be a difficult task!
As others have stated, bankruptcies frequently appear on your records for much longer than 6 years, may entirely halt your career, and may even prevent you from doing other things depending on the type of bankruptcy you declare.
Unfortunately for you, it appears that you must find a better job quickly and devote all of your resources to it for the next X years.
If you succeed, I’m sure you’ll never be in debt again, so that’s something to look forward to:)
I had a CCJ for a parking ticket I had no idea about. Despite having documentation of a ticket, I had to pay the large fee and not fight it since I couldn’t afford to risk getting a CCJ and losing my work and certification.
I’m just a financial man, after all.
Bankruptcy will undoubtedly be a hindrance to a career in accounting or other financial jobs. If you try to shift paths, it will be a difficulty for a variety of other occupations that entail working with money (eg even solicitors can have issues with the regulator because of managing client money).
In my opinion, declaring bankruptcy is a bad idea, especially if you can pay it off over time – you would lose your desired career over £15k, which you would more than make up for in profits over time if you worked as an accountant.
I was in a similar situation with around £8,000 in debt, but I never considered bankruptcy; instead, I opted for a DMP. I weighed my options for a week, but on reflection, I wish I had contacted all my creditors separately and asked them to reduce my monthly repayment to a lower amount. I would also recommend trying to set your direct debit payments to one date – your payday, so you know exactly what you have left to work with for the reschedule.
This is not the first time I’ve encountered an accountant in a similar scenario.
I would add that there are methods for repaying debt, such as the snowball method. I would investigate it. I had debt, but not quite as much. I began repaying them one by one.
I’d make them all min. I saved enough and paid off the smallest debt first. It once again assisted me in saving more for the following one. So I’d advise you to do the same. Try to acquire a 0% interest rate if possible. If you can’t, attempt to clear some CCs so that they can offer me 0% later.
Best wishes, and the good news is that you recognise the financial trap sooner rather than later.
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