hi i owe arround 50,000 credit cards and a loan

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gordon07

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Post by gordon07 » Fri Dec 05, 2008 7:54 pm
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hi i owe arround 50,000 credit cards and a loan i have a son born at 26 weeeks now 22months old i care for him at home at moment just covering my debts i receive carers allowance and family tax credit at moment and do car recovery 2days but work has dried up i have a loan at 23,000 credit cards total around the same would i be able to have a iva or is bankrupcy the only viable way thanks
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james.c

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Post by james.c » Fri Dec 05, 2008 7:58 pm
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Who and how much do you owe money to?

If you have an house how much equity have you got?
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Adam Davies

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Post by Adam Davies » Fri Dec 05, 2008 8:13 pm
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Hi
An IVA will probabaly not be an option but bankruptcy certainly will.
You could also look into a DMP, using part of your earned income to make payments.
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Fri Dec 05, 2008 8:20 pm
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Do you envisage that your earning prospects are likely to improve at all? If not, then bankruptcy may well be an avenue worth looking into, to take the stress of high debt repayments away from you.
Regards, Melanie Giles, Insolvency Practitioner
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