What can I do about my debts?

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OA234

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Post by OA234 » Sun Jun 16, 2019 4:27 pm
Good Day,

I have a few questions regarding my debt, please.

I have had a change of circumstance and I am finding it very difficult to make my monthly payments.

I was wondering if you could be of assistance please ? The monthly payments are due very soon.

My total debt is about £95,000 (with interest).

I am not sure what solution is best for me. That is why I require your advice, please.

So, would an IVA, DMP, DRO or Bankruptcy be an ideal solution for me ?

Also, please, does anyone know of a good & reliable company that can advise me regarding a solution ? It would be helpful also, to know (if possible), how long it will typically take to set up a solution and how much it will cost, please.

In addition, I just started a permanent job and I get my 1st salary at the end of this month. Please, do you know if it will in any way affect me getting a debt solution - like a DMP, DRO, IVA, etc ?

Thanks!!

Foggy

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Post by Foggy » Sun Jun 16, 2019 4:38 pm
Which debt solution will be the best would need us to know the full picture and an in depth analysis. I would suggest a chat with a couple of insolvency firms to get some idea.

It typically takes a few months to set up a solution and will depend a lot on how fast you respond and provide the required paperwork and information. It will not cost you anything up front if using a reputable firm as they draw the funds from the monthly payments.
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

kallis3

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Post by kallis3 » Sun Jun 16, 2019 4:49 pm
I agree with Foggy - also, I take it your new job will have no problems with a finance solution?
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

Keith White

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Post by Keith White » Sun Jun 16, 2019 5:15 pm
Find out about all options then you are in a position to make an informed decision.
Keith White, IVA advisor at iva.com
Contact me at http://www.iva.com/about-us/keith-white

Lisa Thomas

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Post by Lisa Thomas » Mon Jun 17, 2019 10:46 am
Hi

You need to speak to some advisers to explain your circumstances in more detail in order that they can advise you.

A DRO would not be applicable to you with that level of debt and a DMP is probably not going to be viable for any material length of time with that level of debt, which may narrow your choices down to Bankruptcy v an IVA.

I'd be happy to chat to you and give you some advice.
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 » Mon Jun 17, 2019 11:41 am
Do you own your own property? Is bankruptcy an option?
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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