In a massive pickle

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Nevergetabreak

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Joined: Tue Jul 09, 2019 6:44 pm

Post by Nevergetabreak » Tue Jul 09, 2019 7:43 pm
Good evening all,
I really need some solid advice if i may.
I will try and cut a very long story as short as i can................so apologies if i ramble and babel.

Divorced and lost everything.
Re married and very happy.
We rent a small flat.

Divorce has cost me dearly and after 5 years i am still paying it off with interest.
I just about make my payments every month and for sometime now i have being racking my brains as what to do.
Sleepless nights, stress and worry all the time.

Now the biggy!!!!!!!!!!!!!!
After working faithfully and very hard for the same employer for 22 years my job has been made redundant. :cry: :cry: :cry:

I am at wits end with worry.

I owe approx 27k and what i get from redundancy will no way cover it.
I have read a few posts about full and final payment? is this possible? if so how?

i would really appreciate any help and guidance.

Thanks in advance

Foggy

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Post by Foggy » Tue Jul 09, 2019 7:56 pm
Have a look here: https://www.iva.co.uk/full-and-final-iva

Basically it is a full 5 / 6 year IVA condensed into a few months with one lump sum payment. Acceptance will, of course, depend on the numbers involved and you would ideally need to chat this over with a couple of Insolvency Firms to get a feel for the process as well as a feel for the provider --- although it is a shorter relationship than with a full IVA, you still need confidence in your provider.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Nevergetabreak

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Joined: Tue Jul 09, 2019 6:44 pm

Post by Nevergetabreak » Tue Jul 09, 2019 8:09 pm
Hi Foggy and thank you for your reply.

My largest debt is to the bank. A loan and overdraft which is 13k combined :cry:
The rest is made up of credit cards and a loan for my car.
We have not had the number from work yet but it will be the statutory redundancy pay but they are offering voluntary which i don`t know the numbers for yet.

I am guessing i could get max 20k

If and when i manage to get another job it will be nowhere near what i was earning so i would rather try and use the Full and Final option if i can?

Foggy

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Post by Foggy » Wed Jul 10, 2019 7:08 am
Tue Jul 09, 2019 8:09 pmNevergetabreak wrote:
Hi Foggy and thank you for your reply.

My largest debt is to the bank. A loan and overdraft which is 13k combined :cry:
The rest is made up of credit cards and a loan for my car.
We have not had the number from work yet but it will be the statutory redundancy pay but they are offering voluntary which i don`t know the numbers for yet.

I am guessing i could get max 20k

If and when i manage to get another job it will be nowhere near what i was earning so i would rather try and use the Full and Final option if i can?
Have a word with a couple of providers so you can get ahead of the game ... best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Fri Jul 12, 2019 12:21 pm
Are you already in an IVA?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Fri Jul 12, 2019 1:18 pm
I don't think he is.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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