my debts are getting higher every month !

[m.brown]

Hi I am currently £14000 in debt to 3 creditors. I am getting no beacuse of the amount of interest. I earn about £800 a month and a quarter of this go's on debt.
I was browsing the internet and came accross Payplan, they are going to be phoning me tonight, but Im still unsure what to do, my debts are getting higher every month ! please help!

[MelanieGiles]

Hi mbrown and welcome to the forum

It seems that your options will be to offer a Debt Management Programme to your creditors, or to declare yourself bankrupt. How much do you think that you could offer to pay creditors each month?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Sadsack]

Hello m.brown and welcome to our wonderful site!

As your debts are less than £15k, an IVA is not suitable for you. I suggest a Debt Management Plan which is more flexible ie you can request that your creditors freeze your interest and you negotiate a suitable payment plan to each. The down-side is that the creditors can change their minds at any time and start charging interest and bugging you again.

Melanie Giles posted a name of a company which she recommends (I believe everything she says as she is one of the most credible IP's)

Read the thread "advised by my bank to get an IVA".**

Hope this helps

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

** added by admin
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=2958

[Sadsack]

Sorry Melanie - am typing too slow again!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[m.brown]

after i pay my bills and commitments i have about £300 left so i could afford about £100 a month
I had someone contact me last night about doing a trust deed - as i live in scotland- and he thinks there would be no problem doing this. However he did say that because i owe northern rock £11000 there might be a problem but we could overcome this by going for sequestrian.

[Oliver]

A Trust Deed is the Scottish equivalent of an IVA and Sequestration is the equivalent of Bankruptcy.




Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[m.brown]

The only thing i was worried about is the fact im due to get married in about 4 weeks and at the moment i live with my boyfriend who has a mortgage but obvoulsy after we are married i would be entitled to half his house. I was told that if i was to go ahead before the wedding with the trust deed then no one could bring the house into it - im worried because i read somewhere that if i go ahead with sequestration then any assets or property acquired after this could be seized. is this possible even if the house is not in my name?

[Oliver]

It's a good question. We have helped many poeple propose succesful Scottish Trust Deeds and we work closely with a firm in Glasgow. Why not give them a call, the firm name is M Aitken and their number is 0141 272 0000.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[m.brown]

Thanks - i might just do that - i have someone coming to see me this saturday but the whole house thing is worrying me.
If it falls thru i'll give them a phone [:)]

[MelanieGiles]

Sadly, you do not become entitled to half of someones house if you get married to them! You only gain such entitlement if you have made direct contributions to that property. In these circumstances, I hardly see that the timing of your Trust Deed is relevant.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[m.brown]

So if i was able to go thru with the sequestation or trust deed, would my boyfriends house not be affected? I read somewhere that if i was to acquire property after this had been done then i might have to surrender it? I suppose that means if i inherited or bought property in my own name?

[MelanieGiles]

You are not acquiring property - merely moving into one owned by your boyfriend.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[m.brown]

Thats the answer i wanted to hear - thanks!! [:p]

[m.brown]

forgot 2 ask - someone mentioned that i didnt have enough debts to do an iva? i think i owe around £14500, would that be enough?

[Sadsack]

Hi - it was me!!!

Although I do admit that I was not aware at the time you were in Scotland and unfortunately I am not absolutely sure about the process there.

Oliver from Thomas Charles posted here - he is far better qualified to advise you than I on this matter.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/