what is the best course of action?

[nickyjack]

my husband and i have joint debts of around £80000 due to a business deal that didn't work out. This was funded mainly by credit cards and the interest and repayments are killing me. we are wanting to move abroad but know that we can't take this with us and need to sort it out before we go. we own a house but don't have much equity in it. my husband has just closed his business down and will be going to start work at the end of the month. i work full time and our net income will be around £3000 per month before we leave. he is an elctrician and will move before me to get a job so realistically we will be able to carry on payments. what is the best course of action?

[Beechy]

Welcome to the forum nickyjack.
Are you defiantly going to move abroad, or is this a reaction to your current situation.

Dave Beech

[MelanieGiles]

Where are you intending to move to?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[nickyjack]

We are looking at moving to South africa. It is not a given - just a thought. Could anybody please give me advise on which debt agency is the best to go through. The one who have started the process have already lost all my data and that is only after one week! Doesn't really inspire me with confidence.

[jpj]

Sounds to me like you would be better off going bankcrupt!? get the whole thing out the way in a year or so, especially if jobs and house equity isnt a factor.
Remember with the South African rand to the pound, people earn a lot less there so the payments you send back to the UK under an IVA could seem hi compared to South African values.
I lived in Capetown for a year and loved it...sea,mountains,vineyards...I would move back tomorrow )

Good luck

[MelanieGiles]

That is good advice from jpj. I very nearly emigrated to SA about 15 years ago, and the salary was less than half I was earning in the UK (same job, same firm) but housing and living costs were about a quarter - so it made it quite attractive. But if you are paying debts in the UK, they will seem very high.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva experts]

Welcome NickyJack,

I think the most definitive option for you would be bankruptcy, as you could be bankrupt for 12 months (possibly less) and then move to SA.

Think about this carefully as bankruptcy is not an easy option, your details would still be in the paper etc but it may be something worth considering if you are moving to SA.

I wonder if bankruptcy would hinder your emigrating process to SA??

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[cr15py]

I can't offer advice on what to do, but the mention of the words South Africa!!!!!!

South Africa is a wonderful country, I went there in 2004, went to Pietermaritzberg and Cape Town, the scenery is something else, and I loved Cape Town.

Once my IVA is finished (only 5 years minus 6 days to go!!) that is one place I will be hoping to revisit!!

Visit my blog at http://cr15py.blogs.iva.co.uk

[nickyjack]

Thanks for all the advise! Any ideas where I need to go for more info on Bankruptcy? I have searched the net but there is such conflicting advice!

[Skippy]

The best site for BR information is www.insolvency.gov.uk. This is the official website of the Insolvency Service.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/