maybe BK is the answer?

[lee_m]

what can i do with unsecured debts of £60k and i am on income support and have no assest, try offering the creditors 11% of what i owe as full and final? could borrow from friends and family! but would this make things worse, maybe BK is the answer? please advise

[freelili]

hello

I am not an expert but bankruptcy looks like your answer, as well as this site, you can find info on www.myvesta.org.uk. they have videos on BR I wouldnt borrow any more money, a DMP for this amount would last forever. If you are only on IS for a short time and expect an inprovement in income in the near future it might be worth trying for a while and then looking into an IVA. I hope that one of the experts will answer you with more info

good luck and keep posting

LILY

[123debtsolutions]

Can you provide more information as to your age and reason for unemployment. Also if you could provide some info on Income and Expenditure that may help us to offer further assistance.

P.s. 11% is not a realistic offer at all but again more info on who the creditors are and the precise values will help.

Have you considered getting an assessment carried out by a financial advisor. I would recommend a company on this forum.

Regards

Lee
www.123debtsolutions.co.uk

[accgroup]

Hello

I agree with 123debtsolutions - you should speak to an advisor about your specific circumstances, they will go through everything with you. Most companies (including Accuma) provide initial advice for free so it is worth speaking to someone in order to receive advice which is suitable for your own individual circumstances.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[lee_m]

I was issued with a county court letter, it said judgement by default but the judge has set it aside? what does that mean now, what do i do? i have many debts to 6 or so lenders >60k what does this mean are they all going to set me aside? does this mean?

what can i do with unsecured debts of £60k and i am on income support and have no assest, try offering the creditors 11% of what i owe as full and final? could borrow from friends and family! but would this make things worse, maybe BK is the answer? please advise

[lee_m]

income 1200 exp 1000 40yrs old 6 lenders 60k looking after disabled member of family after been layed off. just had judgement set aside this morning! what does that mean one of the creditcard companies tried ccj but was set aside? would you explain in plain english what this means

Can you provide more information as to your age and reason for unemployment. Also if you could provide some info on Income and Expenditure that may help us to offer further assistance.

P.s. 11% is not a realistic offer at all but again more info on who the creditors are and the precise values will help.

Have you considered getting an assessment carried out by a financial advisor. I would recommend a company on this forum.

Regards

Lee
www.123debtsolutions.co.uk

[MelanieGiles]

Hi leemyers

As you have no assets which would be at risk in bankruptcy, then I suggest that is probably a sensible way forward for you to consider. Do remember that bankruptcy is a sanctuary for you to avail of when you are unable to repay your debts, and it is not a punishment or something to be ashamed about.

The County Court letter you have received indicates that there is a county court judgement which the judge has set aside - ie postponed. I do not know why this has happened, and you should make enquirieis of the Court.

As other posters have suggested, it would be sensible for you to seek specific advice from an expert or your local Citizen's Advice Bureau before deciding what to do.

Good luck.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[123debtsolutions]

I agree with Miss Giles.
Seek advice from Citizens Advice and try to think of bankruptcy as a sensible way forward.

Best of Luck

Lee
www.123debtsolutions.co.uk