Hello
I owe about £30000 i have two personal loans and numerous credit card debts plus two overdrafts.
I am on state benefits and recieve £665 per month, i currently have a quarter share in my mothers house.
Most of my credit card debts are online gambling related, i should alos tell you that because i was desperate i lied on my application forms too get the credit in the first place.
what are my options??
Do you think you might gain employment soon? Have you sought help for your gambling?
Bankruptcy or possibly a debt management plan may be your only options at the moment. If you do go BR then you will almost certainly get a bankruptcy restriction undertaking or order which means that you will be under certain restrictions for up to 15 years. Also, the official receiver who will deal with your case will more than likely want the equity in the property you own, if your mother can't buy it out.
Please wait for a bankruptcy expert to advise you.
If you can offer any sort of monthly payment, then a debt management plan could help you at the moment until you find work.
Last edited by Viki.W on Thu Sep 25, 2008 10:59 am, edited 1 time in total.
well just been told that if the other three people that own shares in the house allow me to equire about releasing equity via a loan or mortgage and i get turned down i can still get an iva and my equity wont be touched??
is this true or is it just sales patter
If the gambling element of your debt is more than 20% of the overall debt, then as Viki says a BRU may well be sought. And your interest in the property will have to be disclosed - as well as if you want to put forward an IVA, which will not be possible if your only income is derived from state benefits.
soit was just sales patter then what do you think my chances of getting a debt management plan are then because the sales guy is giving me all sorts of guarantees but i am not sure
I woule try a couple of different companies to see the quality of advice there is available. Salesmen who make promises they cannot keep should not be trusted.
