my husband lost his business 1 year ago

[alison]

any advice?
my husband lost his buisness 1 yr ago that has put myself and husband into difficulty this is how it stands at present cab have got intouch with all creditors and i am paying £1 at min but not for much longer we gave our house up to northern rock that has now been sold by them with an outstanding amount plus we have about another 8 creditors and another unsecured loan with northern rock our plan was to file our own banqrupcy but i dont know if we would be better going for a iva????

we both work any ideas
thankyou alison

[123debtsolutions]

Can you provide some further information, such as total household income and an overview of monthly expenditure. Also Total Debt amount.

Regards

Lee
www.123debtsolutions.co.uk

[MelanieGiles]

If you are only paying £1 per month to each creditor, it doesn't seem that an IVA is a viable solution.

Do post the information requested by 123debtsolutions, but my gut feeling is that bankruptcy proceedings are likely to be the best way forward for you guys.

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

[alison]

hi thankyou for getting back to me
my household income per month is £1700
my outgoings on bills and rent per month £1250
that leaves £450 per month for us to live on ie food petrol and kids needs
this is without paying any creditors at all
our debt is around 45-50k
what do you think now any advice is welcome
thanks alison

[scooby]

Looking at these figures I would say bankruptcy is best option 5 years in an IVA is a long time if you cannot afford the monthly payments

Scooby

[alison]

to be honest scooby i think your right just trying to do the right thing and pay some of this money back but looking at it i really havent got the cash to pay back
i have already given my house up and my credit rateing is zero all through trying to make something of our life
starting a buisness was a bad idea we said ita all or nothing and yep is NOTHING
thanks for your advice scooby

[neverending]

Alison
Your quote "just trying to do the right thing and pay some of this money back "
You have already "lost"your house and have tried to do something about your debt regarding using CAB and looking into an IVA.However on your figures you only have £450 left before paying for food etc.
You now need to put yourself and your family before your creditors and it really does look like bankruptcy is the best way forward for you.
Good luck

[jamesfalla]

Alison

I totally agree with Neverending. You have suffered a huge amount with the loss of your house. Thinking about getting into an IVA is lordable but based on the figures you have supplied you can not afford to make any payments to your creditors.

Bankruptcy is absolutely the right thing for you. Given your situation, I expect that the Court would agree that you have suffered anough and you can not afford to pay more. I would not be surprised if the whole thing lasted under 12 months.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. My book, "IVA, Bankruptcy and Other Debt Solutions" was published in 2006. I have made numerous TV and radio appearances including BBC1 News, BBC News 24, Radio 4 and Wake up to Money.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[alison]

thanktou so much for your advice and i now agree reading all the advice given the only option is fileing our own banqruptcy
if i was to go with a iva it would leave us pennyless
thanks again so much
what a wonderful website

[alison]

just anothet question if anyone can give me advice
after i have filed banqruptcy and have been accepted will i ever get a morgage again or not as when i gave my house back to northern rock and told them i couldnt afford it anymore i was not behind with any payments and moved out straight away ??????

[neverending]

Alison
There is a mortgage for just about any situation out there.As long as you have a large enough deposit then you should be able to purchase again,however it may be a while before you can do that.
Good luck