Would we have to declare ourselfs bankrupt ?

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rhiannon.ra

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Post by rhiannon.ra » Tue May 11, 2010 3:55 pm
Me and my husband are considering getting an IVA. We have been living with my parents for just over 5 years and my parents have made it clear that they want us to move out. We can not afford to rent anywhere with our debt at the moment. We could only afford at the very most £50.00 a month to all our creditors. I was wondering if £50.00 or less if possible, could we apply for an IVA or would we have to declare ourselfs bankrupt please?
Last edited by rhiannon.ra on Tue May 11, 2010 8:15 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Tue May 11, 2010 4:42 pm
Hi, and welcome to the forum.

Do you mean you can afford £50 to each of your crditors? How much is your total debt and how many creditors do you have?

It all depends upon your income and expenditure as to whether an IVA would be right for you.

You need to pick up the phone and speak to one or two IP's to find out what your options are.

Visit www.iva.com for a list of companies and reviews. You will receive free and impartial advice.
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
 
 

Michael Peoples

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Post by Michael Peoples » Tue May 11, 2010 4:43 pm
I agree with Jan. Seek some free advice based on your full individual circumstances and hopefully you can reach a resolution once and for all.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

rhiannon.ra

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Post by rhiannon.ra » Tue May 11, 2010 6:19 pm
This is going to sound silly but I thought I was contacting one of the advisors on this website, I didn't realise that this was a forum. I sent my enquiry via the contact us page.
Me and my husband can only afford £50.00 a month to all our creditors. My husband is on a low income and I can't work due to ill health. At the moment we struggle a little bit with our debt but when we have to move out there is no way we can pay all three creditors, that's why we can only afford £50.00 a month (at the very most). I will ring an advisor at the citizen's advice bureau tomorrow.
Thank you.
 
 

rhiannon.ra

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Post by rhiannon.ra » Tue May 11, 2010 6:32 pm
Double post.
Last edited by rhiannon.ra on Tue May 11, 2010 6:33 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Tue May 11, 2010 6:34 pm
You're not silly at all, and whilst this is a forum, we do have professionals on here to advise.

If all you can afford in total to all of your creditors is £50 then an IVA will not be right for you.

Depending upon your level or debt, then a Debt Relief Order may be an idea for you. Otherwise you could look at a Debt Management Plan or Bankruptcy.

Take professional advice though and contact one or two of the companies on the link I posted, or click on the experts link on the left hand side of the page and phone one or two of the professionals who post on here who all come highly recommended.
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
 
 

rhiannon.ra

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Post by rhiannon.ra » Tue May 11, 2010 7:23 pm
Thank you Jan. You have been a great help. I will check out the link you have provided.
Thank you for your help.
 
 

kallis3

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Post by kallis3 » Tue May 11, 2010 7:36 pm
My pleasure Rhiannon, glad to have been of assistance.

Anything you want to ask, there will always be someone about to assist.

Please let us know how you get on.
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
 
 

MelanieGiles

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Post by MelanieGiles » Tue May 11, 2010 9:40 pm
If you only have such a low amount of disposable income and no assets, a DRO could be a perfect solution for you, but I would get your rental propertly lined up first before your credit rating becomes affected.

Very best of luck!
Regards, Melanie Giles, Insolvency Practitioner
 
 

rhiannon.ra

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Post by rhiannon.ra » Wed May 12, 2010 12:34 pm
Thank you Jan, I will do. Our whole debt is £17,800 and my husband earns £800.00 a month, do you think we would still be entitled for the DRO? I was wondering how a rental property would be affected please? Can you still rent a property if you have a guarantor please?
 
 

kallis3

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Post by kallis3 » Wed May 12, 2010 7:36 pm
A DRO depends on how much disposable income you have after your priority bills have been paid. You would need to have less than £50 per month for the whole twelve months.

If you can rent somewhere now it would be a lot easier to sort out.

If you have a guarantor (if needed) then you should be ok.

Speak to someone like CAB or Payplan about whether a DRO would be right for you.
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
 
 

rhiannon.ra

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Post by rhiannon.ra » Fri May 14, 2010 2:20 pm
Any more help would be greatly appreciated.
Thank you.
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