yes fully intended to pay it back. in fact have history over almost 10 years of perfect repayments. unfortunately with seemingly attractive balance transfers going straight into current account this was used to pay off some balances and stupidly to pay for some investments . this worked fine until the recent market collapse which turned positive balance into massive deficit. also still owe friends money so balance of shares left almost negligible.if i paid minimum payments it would take decades to pay off. as previously mentioned my job future is insecure. contractor with looming redundancies and budget cuts in industry. therefore highly unlikely to continue with regular repayment plan. that is why f and f would appeal
not sure of future implication. also may have problems with security clearance for work..not sure about br.. would or not frown on stock market side even though recent events exeptional and have long history of perfect repayments with no avoidance of debt repayments
The best thing to do would be to dig out your contract of employment to see if there is anything which would affect your position under either bankruptcy proceedings or an IVA. As you say a lot of employers are becoming more sympathetic to bankruptcy, given the current economic climate.
melanie how do you think the offcial receiver would view this sort of situation. would he possibly view it as reckless and thus impose harsher penalties or giving the current economic climate would he be more understanding
I would not have thought so Robin. Everyone trading in shares makes an occasional bad deal, and as you say there have been a lot of factors also outside your control which has added to your losses.
thanks mel for prompt reply. you really are very helpful and i appreciate you giving of your own time to help others. think ill have to go through all my paperwork and figures to get a clearer picture. would i be able to call you sometime for a chat when i know more.?
