I'm in a real mess! I owe £6000 on a secured loan, £6000 on credit cards, £2000 on bank overdrafts, £800 to the Money Shop, £200 on catalogues, I'm just manage=ing to pay my essential bills but redundancies have just been announced at work and I need to know what to do (apart from looking for another job). In the current climate there's very little equity in my mortgaged property and I am so depressed. IVA? Bankruptsy? What's the best option???
You shouldn't think about either option at the moment as you really don't know what is going to happen, but I can understand that this is an awful time for you.
If you are made redundant, then you could negotiate directly with the creditors for reduced payments or a payment break or you could start a debt management plan. You may find employment quickly and be able to afford payments, you may not be able to afford them so you could enter into an IVA or if you are out of work for a long period then bankruptcy could be an option.
I hope that you are not made redundant but if you are, you should seek advice from an insolvency practitioner who can go through all your options.
Hopefully you won't be made redundant - fingers crossed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
hi all ,a very good site and lots of help.i am £31000 in debt to 5 credit cards,a loan and overdraft and would like to know my options.I have contacted numerous companies and get different results.I seperated from my wife in march and agrred informally to pay £425 month but with my incomings and outgoings 1 have nothing left to pay debt.I am hoping to get better job to pay more otherwise will get part time job to provide more money.Could anyone give advice to options.Thanks
What sort of results have you been given? If you don't make any payments to any of your debts, how much disposable income do you have which could go to your creditors?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I suggest that you contact an insolvency practitioner directly to get advice on all options available. Perhaps try two or three different practitioners to compare the advice and do as much research on the internet as you can.
From the limited information you have posted, it would appear that an IVA, DMP and bankruptcy are all options for you, but it is better to take specific one to one advice to be sure.
It's a scary time! Life is tough enough as a single parent as it is without this! I'll be due a small amount of redundancy pay but that will only double my final salary!
I understand how stressed out you must be feeling. You owe around 15K if my brain has scanned the numbers correctly. I know it feels like a million if you cant pay though. I am so sure there will be a way forward even if youre made redundant.
You could try phoning cccs or going to the CAB for free advice.
Most insolvency practitiners will give you free advice about the various options there amy be available to you - but I concur that the CAB is also a good starting point.
If you go to CAB and find there is a large Q dont walk away,it is one of the hardest things I have ever had to do and waited for almost an hour to be seen but was soo relieved that I did wait,because it got the ball rolling in sorting out my debts. Had I walked out we'd be in a bigger hole than we were!!!
They can be busy places but believe me,they are worth talking to.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi m12345 and Robsterdad'
I echo all that the others have said - this site is excellent for advice and support during stressful times and good times.
CCCS make appointments (or they did when I phoned them), but I have it on good authority the advice and help is excellent. I've used CAB on a couple of occasions and they are great. They run debt clinics so google your local one to get times. Turn up early as there is usually a Q but don't be disheartened you will be seen eventually - I had to go twice before I got in but it was worth it!!
Good luck to you both and keep posting,
Chardonnay
