I’ve got 38k of debt and can’t afford to keep on top of the payments.

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phil926
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by phil926 » Mon Feb 05, 2018 6:35 pm
Lisa Thomas wrote:
Make sure you consider all insolvency options in case Bankruptcy is better for you.

Here is my ideo on personal insolvency options:

https://youtu.be/h4dozq9aGak

Here is my video on Bankruptcy:

https://youtu.be/mAkQsVSCnqo

and finally one on IVA:

https://youtu.be/mAkQsVSCnqo



Thanks for that Lisa, I will keep you in mind for when I do it. :)
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Lisa Thomas
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by Lisa Thomas » Tue Feb 06, 2018 9:19 am
Happy to help if needed.
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phil926
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by phil926 » Thu Feb 08, 2018 12:44 pm
Lisa Thomas wrote:
Make sure you consider all insolvency options in case Bankruptcy is better for you.

Here is my ideo on personal insolvency options:

https://youtu.be/h4dozq9aGak

Here is my video on Bankruptcy:

https://youtu.be/mAkQsVSCnqo

and finally one on IVA:

https://youtu.be/mAkQsVSCnqo




Can I ask, if I’ve just signed up for a new loan but in 2mths struggling to pay it will I get into trouble? Thanks
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Foggy
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by Foggy » Thu Feb 08, 2018 12:52 pm
When you say "just signed up" .. when do you mean ?

It is not uncommon for people to get a loan in a last ditch attempt to right the ship, but then find themselves still sinking. It could be that the particular creditor will not be impressed and could vote down an arrangement, if they have the voting weight to do so on the day.
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phil926
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by phil926 » Thu Feb 08, 2018 1:07 pm
Foggy wrote:
When you say "just signed up" .. when do you mean ?

It is not uncommon for people to get a loan in a last ditch attempt to right the ship, but then find themselves still sinking. It could be that the particular creditor will not be impressed and could vote down an arrangement, if they have the voting weight to do so on the day.



Yeh looking at getting one 2 day to see if it helps for the nxt couple of mths and stops me going down the Iva route, but if it doesn’t what could or would they do if I do an Iva in a few mths. Cheers
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Foggy
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by Foggy » Thu Feb 08, 2018 1:26 pm
phil926 wrote:
Foggy wrote:
When you say "just signed up" .. when do you mean ?

It is not uncommon for people to get a loan in a last ditch attempt to right the ship, but then find themselves still sinking. It could be that the particular creditor will not be impressed and could vote down an arrangement, if they have the voting weight to do so on the day.



Yeh looking at getting one 2 day to see if it helps for the nxt couple of mths and stops me going down the Iva route, but if it doesn’t what could or would they do if I do an Iva in a few mths. Cheers


The only thing they are likely to do is vote against the IVA, so you are possibly just collecting more creditors that could stop the IVA going forward.
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phil926
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by phil926 » Thu Feb 08, 2018 1:31 pm
Foggy wrote:
phil926 wrote:
Foggy wrote:
When you say "just signed up" .. when do you mean ?

It is not uncommon for people to get a loan in a last ditch attempt to right the ship, but then find themselves still sinking. It could be that the particular creditor will not be impressed and could vote down an arrangement, if they have the voting weight to do so on the day.



Yeh looking at getting one 2 day to see if it helps for the nxt couple of mths and stops me going down the Iva route, but if it doesn’t what could or would they do if I do an Iva in a few mths. Cheers


The only thing they are likely to do is vote against the IVA, so you are possibly just collecting more creditors that could stop the IVA going forward.



If I got this loan I would have 5 creditors and would get rid of one loan and a credit card. Is it wise as my Payment would be cheaper with new loan. Cherrs
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Foggy
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by Foggy » Thu Feb 08, 2018 1:34 pm
My own experience ( and it seems many of us here) are that consolidation loans rarely work the magic we hope for and generally just make the hole deeper in the long run.
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phil926
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by phil926 » Thu Feb 08, 2018 1:51 pm
Foggy wrote:
My own experience ( and it seems many of us here) are that consolidation loans rarely work the magic we hope for and generally just make the hole deeper in the long run.



Yeh I see what you mean, this is why it’s great to talk to you guys that have been there and come out the other side. Thanks
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kallis3
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by kallis3 » Thu Feb 08, 2018 2:27 pm
I agree with Foggy - don't dig a deeper hole. Speak to someone and sort something out.
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phil926
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by phil926 » Thu Feb 08, 2018 3:36 pm
kallis3 wrote:
I agree with Foggy - don't dig a deeper hole. Speak to someone and sort something out.


Yeh will be doing so ASAP. Thanks for all the help :)
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phil926
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by phil926 » Sun Feb 18, 2018 3:22 pm
Hi I’ve been byding my time atm with the whole Iva as I wanted to give it a mth b4 I started one, just thought what happens to anything I have on finance I’m a bit worried as I have a settee and chair in my name, oh I never took anymore further loans I listened to all ur asvise and contacted my creditors and asked for a few mths leeway which I got phew.
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Foggy
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by Foggy » Sun Feb 18, 2018 3:31 pm
phil926 wrote:
Hi I’ve been byding my time atm with the whole Iva as I wanted to give it a mth b4 I started one, just thought what happens to anything I have on finance I’m a bit worried as I have a settee and chair in my name, oh I never took anymore further loans I listened to all ur asvise and contacted my creditors and asked for a few mths leeway which I got phew.


Usually things bought on finance you are allowed to keep, providing you haven't just taken delivery, in whch case they might want them back. It also depends on the actual finance deal --- for instance, stuff bought from the likes of Brighthouse are actually on a hire purchase agreement, and do not belong to you until such time as the loan has been repaid.
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phil926
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by phil926 » Sun Feb 18, 2018 5:15 pm
Foggy wrote:
phil926 wrote:
Hi I’ve been byding my time atm with the whole Iva as I wanted to give it a mth b4 I started one, just thought what happens to anything I have on finance I’m a bit worried as I have a settee and chair in my name, oh I never took anymore further loans I listened to all ur asvise and contacted my creditors and asked for a few mths leeway which I got phew.


Usually things bought on finance you are allowed to keep, providing you haven't just taken delivery, in whch case they might want them back. It also depends on the actual finance deal --- for instance, stuff bought from the likes of Brighthouse are actually on a hire purchase agreement, and do not belong to you until such time as the loan has been repaid.



Ah right I see, it’s from DFS so not sure, who use creation, will need to check as I can’t be doing without my recliner lol
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kallis3
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by kallis3 » Sun Feb 18, 2018 8:54 pm
You may have to! :)
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