Please help guys, combined debt of £22.000

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charles.23

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Post by charles.23 » Wed Sep 22, 2010 6:43 pm
My wife and I are in a combined debt of £22.000 and almost all of the companies chasing us are not the original creditor, but debt recovery companies etc. As it stands we have not been actualy taken to court although most companies threaten us. The majority of them are "payday advances/loans". Each of which were taken out to cover minimum payments for other debts. Our circumstances have changed since the debts were taken out, I am no longer in full time employment but on a basic benefit and my wife has today started maternity leave (baby due in 4 weeks). I have been told an IVA would be a good option but need advice as to if this is possible. I would normally deal with each company individualy but there are more than 23 in total and we have no chance of a loan to pay them all off. we live in Scotland and I know that sometimes the rules for an IVA can be different. Please help guys
 
 

leaKybrain

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Post by leaKybrain » Wed Sep 22, 2010 8:02 pm
Oh bless you, I am new to this too and can only imagine your stress if mine is anything to go by. I'm sure someone will be along soon who has the 'expert' touch. Good Luck
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Broke of London

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Post by Broke of London » Wed Sep 22, 2010 8:09 pm
Lots of experts and Scottish posters on here. Keep popping back to the 'puter this evening and I'm sure someone will be along to help.

With so many creditors threatening court, you need to speak to a professional as soon as possible. Particularly so you can stop worrying about the debts and start enjoying the new addition to your family.

Congrats on the bubby and good luck with the rest of it.
 
 

nepensioner

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Post by nepensioner » Wed Sep 22, 2010 8:34 pm
Hi
Welcome from me too. I am sure someone from North of the Border will be along soon to help.
The first thing maybe to do is to speak to 3/4 IP's and get some free impartial advice about your own situation. They are great people for honest advice and are so non judgemental and very supportive, those that post on the forum come highly recommended and would be a good starting point. The sooner you do this you will have professional help to give you the options to choose from.. do let us know how you get on. Good luck
F & F Accepted 19th Oct 2010
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 8:45 pm
Melanie is usually quite good with debt problems north of the border and we do have one poster who is in a PTD who might be able to help.

Congrats on the new arrival. Hope that all goes ok.
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
 
 

Adam Davies

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Post by Adam Davies » Wed Sep 22, 2010 9:15 pm
Hi
It will be a Trust Deed rather than an IVA as you are in Scotland.
One point to consider is that in a Trust Deed your payments will increase if your disposable income increases, for example if you get back into work.
It may be worth also considering a debt management plan, this will have greater flexibility and you are in control of payments
Regards
Andam Davies
 
 

carlmcmullen

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Post by carlmcmullen » Wed Sep 22, 2010 9:22 pm
I agree with Andy, a Trust Deed may not be the best for you at the moment, should you get back to work then your income is going to increase and it may well be you can then afford to repay the debts, also is your wife likely to return to work, may be better to look at a DMP until your circumstances settle down a little.

Do you have any assets ? Bankruptcy is sometimes an option if your circumstances dont improve (or Sequestration i think they call it in Scotland)
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 9:41 pm
I think you need to speak to a professional about this, and I'm afraid I don't know of any north of the border. I hope Andy or Melanie can help with this?
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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