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If i owe about £15k in outstanding debts, have a monthly income of about £775 and outgoings of £1150, what're my chances at getting a resolution with creditors?

Hi Tom and welcome to the forum

You have not provided enough information for me to advise? What is your disposable income, before taking account of any debt repayments?

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

Disposable income is currently negative. I get about £775 in a month and have £1150 going out including rent etc. I've been off ill for some months and so unable to work, so backpayments have been building up.

Any ideas or suggestions of people to contact are welcome...

(This is perhaps the wrong forum to be asking for advice on this, but it did at least seem to be along a related theme [:)])

Hi again

As you do not appear to have any spare money, then it will be nigh impossible to broker any form of ongoing settlement with your creditors.

Unless your work situation is likely to improve in the short-term, I would seriously look at bankruptcy proceedings, which will remove the debt burden and allow you to make a fresh start.

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