If i apply for bankruptcy

[11221592]

Thanks David, I will definately call you in the next couple of days..

Thanks again
Lee

[11221592]

Hey guys,

A question that I had not thought of, I am now living with a friend who has his own house. If i were to go BR or take out an IVA does that affect him in anyway???

Thanks
Lee

[MelanieGiles]

Not at all Lee. Your poor credit rating should have no effect on your friend.

[11221592]

Thanks Melanie that is one less thing to worry about anyway!!!!

[11221592]

Does anyone know of a company called PayPlan?, are they credable? Its just they have thrown myself and my wife a possible life line but not sure if I am to trust them or not??

Thanks again
Lee

[kallis3]

Me and hubby are with them, and they are fine.

[11221592]

Thanks Jan,

I didnt think a debt man plan would work for me but it may just give me the time i need so find a new better paid job...

[kallis3]

I hope it works out for you and that Payplan can sort you out.

Good luck and let us know how you get on.

[11221592]

Thanks Jan I will do, just keeping my fingers crossed....

[David Mond]

Payplan are a good and reputable company and you should have no fears in going with them. A short DMP might be appropriate to give you breathing space before you decide on your long term solution. Good luck.

[11221592]

Well I may have had some better news after convincing my wife not to file for bankruptcy until our house is sold. If I sell my house how would I go about dividing the Debts 50/50 as this is benefit me hugely and I could prob either do a debt man plan or IVA with ease even on my lower salary if it comes into effect...

[MelanieGiles]

What do you mean about dividing your debts 50/50? If they are your debts then you are responsible for all of them.

[11221592]

Sorry Mel didnt explain myself. At the moment we have joint debts - Mortgage 138K, secured loan 38k and another loan (unsecured) 23K. we are looking at around a neg equity on house after sold of around 20K... if the house sells how would i go about splitting the debts.. the mortgage is fine as will be paid off in full but what about the negative equity and unsec loan... do i just call the lenders to advise them and i arrange to pay my half seperately...

I hope this makes sense...

lee

[11221592]

Can anyone help me with the above message...

Thanks again..

[kallis3]

If you have a shortfall of £20k, this will be come unsecured and captured under an IVA or BR.

If all loans are joint, then you really both need to do an IVA, DMP or BR as the person who doesn't do anything will be held liable for the full amount.