is there anything you can do for us?

[h1969]

my partner and i have been paying a consolidation company and have a debt of aprox 9500 that they are currently dealing with. we also took out a loan on my dad credit card a couple of years ago and owe aprox 5000 even tho we only borrowed 6000 and have paid 3500 to the card...550 of which was paid in the first 2 months. we are findiing it near on impossible to meet our payments and we feel that bankrupcy is our only option? we are council tenants..is there anything you can do for us?

[aguise]

Hi there an welcome. Can you post your total unsecured debt and what is joint with your partner and more advice can be given, it would be useful if you put your household income down and what you have left after living costs are taken into account.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[vickir]

Is the credit card loan in your dad's name?

[h1969]

heya, the card IS in my dads name...we were trying for a loan ourselves for home improvements and holiday and were advised that the loan had been approved, so we committed our selves with deposits we couldnt really afford but thought we could recoupe when the loan came in..needless to say the loan company let us down and stated they would loan us an amount considerable lower than we needed. Thats were my dad came in and saved the day. Unfortunately our circs have changed and we are really struggling. I have written to my dad to explain that we are unble to meet the payments and ofcourse HE AINT HAPPY... I really need help with this..I DONT WANNA LOSE MY DAD!!!!

[Adam Davies]

Hi
This is difficult because your Dad's debt will still remain even if you declare bankruptcy.
Can you meet your £9000 loan payments in full if you do not repay your Dad until the loan is finished ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[h1969]

Hi Andy, yes i probably could manage to pay the £9000 repayment IF i didnt pay my dads credit card but it would still take about 5yrs to clear!!!! What about my dads card? the interest and charges on it for none payment over 5 yrs would be incredible. What were you going to suggest?
maxine

[MelanieGiles]

I am afraid that your father is legally responsible for paying his debt - even though the money was taken out for you. Is it possible to renegotiate lower payments on the other debt so you can try and pay everyone an equal amount.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[h1969]

i have been talking to the CCCS and they are trying to help me with a budgeting plan but i just feel everything is spiralliing out of controll..i cant even bring myself to speak to my dad as i am so very upset and embarrassed....i have always done my best to pay my way and anything i owe..this is just awful...

[h1969]

its 3 of my 4 childrens birthdays coming up in march too..one is going to be 16 the other 18 and the little one 4yrs old....what am i going to do..i dont want to let them down too..i just want to curl up and die to be honest

[Adam Davies]

Hi
Speak with the consolidation loan company and see if you can arrange lower payments,possibly over a longer period.With regard to your Dads credit card debt see if he can transfer the debt onto an interest free card,this will give you breathing space and hopefully your situation will improve.
What is clear is that you have to do something and I would strongly suggest talking to your Dad,however difficult that it may be.
You may be surprised at his reaction as many on this forum,in similar positions,have been in the past.
Regards


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[h1969]

hiya...well i have been talking to my day earlier today...all very emotional ..but he was amazing!!!!
hes not happy but was very understanding...he was more annoyed that i hadnt been returning his calls, but that was because i wanted to be able to go to him with the problem sorted. HE has paid the debt and we are going to work out a realistic budget with a figure i can afford to pay him...i cannot belive how reasonable he has been. he did say to my brother that if he had to pay then he would never speak to me again..but my mum has told him how hard i have been trying to get his name away from this debt. i will approach the consolidation company..i have had to cancel the standing order for this month as i will get charged by my bank as the funds wont be there..i hope thhis was an ok thing to do..

[Adam Davies]

Hi
They will just send out a new standing order form.
I hope that you get things sorted,you seem to be half way there
Good Luck


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[cr15py]

Hi h1969

I'm glad you seem to be on the road to getting things sorted. I am just 7 days into an IVA myself, so I can relate to the debts spiralling out of control. There isn't a magic wand that can just extinguish debts, and quite frankly I'm glad of that. I got myself in to the trouble I am in, and I will get myself out of it.

It is a great feeling looking back that you have admitted you have a problem with debts. That is seriously the first step on the ladder, and probably the biggest.

I just hope you can find the answers and manage to sort yourself out. [:)]

Chris

Visit my blog at http://cr15py.blogs.iva.co.uk

[h1969]

Thanx for listenig guys and thanx for your support..i hope i can get this mess sorted too...good luck chris..i hope it all goes well.
maxine

[Martin2011]

Good luck Maxine, so glad your dad was understanding and fully admire your determination to get your situation under control.

Keep in touch with the forum, you'll get a lot of support here...

Martin