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T O P I C R E V I E W
donna_p
Posted - 08 April 2008 : 10:21:38 I rent my property and have a car that I owe money on HP until August 2008, the value of the car is only about 2000.00 max! I have been paying off my debts for 5 years on a debt managment programme but still see no light at the end of the tunnel. I think in total I owe £16000.00 would bankruptcy be the best way for me to try and move forwards. I am getting to the point where the cost of living is having an inpact on the amount I can pay to them especailly as they take a £45.00 fee every month.
4 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 08 April 2008 : 23:15:31 Hi Donna
a rough look at the figures might suggest you give Melanie's team a call tomorrow to have a chat.
Clearly your debt management plan is serving no purpose at all. You need to get rid of the debt so you can start again.
melanie is best placed to advise you if an IVA is possible with your creditors if not then you could review Br as an option.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
melanie_giles
Posted - 08 April 2008 : 21:33:30 Who are "they". If your debts are not reducing under a DMP they never will. At least with an IVA there will be an end point, but bankruptcy is also a sensible option if you are not bothered about leaving your creditors behind and have no assets.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
donna_p
Posted - 08 April 2008 : 17:13:59 I pay £260.00 and have done for nearly 5 years...I tried to organise an IVA last year but they said I would be better off staying as I was with the managed plan
Reviva UK
Posted - 08 April 2008 : 11:21:14 Hi donna p
welcome to the forum
how much do you pay into your debt management plan each month? if it is 200 or over you may want to consider other options that would likely clear the debt sooner.
If however you are paying in less than 200 it is likely to take you longer that 5 years to clear the debt and you may want to explore Br.
However you should really understand the implications and processs of Br and would encourage you have a conversation with an expert to explore all the avenues.
This way you will know what the right solution is and when you will be debt free.
there are court fees for br and these are 495 so if you decided this was the route you would need to save up for this.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
