Hi,Im in full time employment.

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by Karen.qk » Fri Jan 15, 2010 11:09 am

Im in full time employment. My debts are 31,000 and finding it hard to keep up the payments. Do I need to get a new bank account. I live with parents.


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Michael Peoples
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by Michael Peoples » Fri Jan 15, 2010 11:13 am
Hi Karen and welcome to the Forum.
If you are struggling with repayments you should seek some free advice from a firm of insolvency practitioners who will advise on what options are available. If you have debts to your current bank it may be advisable to open a new account to have your wages transferred into or there is a danger your bank will seize the money when it is paid in.

Seek some advice before you do anything as it is quick and easy to contact an IP firm. Good luck.


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by kallis3 » Fri Jan 15, 2010 11:14 am
Hi Karen, and welcome to the forum.

I think you need to seek some professional advice. Either click on the experts link on the left hand side of the page and contact one of the companies on there, or visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

You should open a new bank account with a bank that is not linked to any of your creditors. The Co-op comes highly recommended on here.


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by MelanieGiles » Fri Jan 15, 2010 8:41 pm
The first think you should do Karen is to sit down and work out your income and expenditure on a monthly basis. List down all earnings and benefits on one side of a piece of paper, and then list down all of your regular outgoings - don't forget things that you pay for annually as well such as car tax and insurance - and also something for contingencies, leisure and hobbies. If the end result is less than the minimum monthly contractual repayments to creditors, then you would be wise to seek advice from an insolvency practitioner about your options.
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