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| T O P I C R E V I E W |
| HOMER2418 |
Posted - 21 May 2008 : 20:12:19
Currently working 18hr day and earning about 25k before deductions and have approx 37k of debt
Ive advise some people here, that I have rent free tied accomodation, but I am looking to get out and change career.
After speaking with a nice lady from Melanies team, it all looked possible to run down the IVA route as my new career was going to earn approx 23K to 25K but with less hours.
Going through my monthly expense, the total ammount is about 1600, so what I would earn and add income benefits for my children, wont leave the creditors very much. if anything
The problem is that most of the LGV jobs pay on an hourly rate which range between £7 and £9 for the class two licence I have.
Then comparing this hourly rate to my main job, I earn £10.41 before deductions
I cant see forward, it seems that I am trapped where I am unhappy in a career I hate
Or should I just bite the bullet and move in to rented accomodation, stop paying my creditors and look at Bankuptcy |
| 5 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 22 May 2008 : 08:19:12
What do you do for a living Homer?
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 |
| HOMER2418 |
Posted - 21 May 2008 : 23:08:51
Thanks Helpful- at the moment I am exploring all options that are available to me.
Bankruptcy really doesnt see bad in my view, so my credit rating will be damaaged, it is on an IVA
The only thing I do know, is that I cant stay in my current employment if I decide to go BR as its a breach of my employment contract and my accomodation.
As for assests, well I dont own anything of value, no property, Car is only worth 3k to 4k but I need that to get to a place of work, so I cannot see losing it..
The only real thing that has great value to me at the moment is my 2 kids, and they cant take them away from me
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| Helpful Advice |
Posted - 21 May 2008 : 22:40:13
Hi Homer,
Firstly I would get your career change sorted as this will improve your quality of life by cutting the number of hours you are working.
Once settled you can then establish you disposable income and look at your options.
I see you have had a chat with one of Melanie’s team which is a great start, perhaps you should have a chat with a Bankruptcy specialist to look at this option. Paul John from Reviva who posts on this site is very experienced in this area and will be able to advise of your options so you can compare both IVA and Bankruptcy.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| m and v |
Posted - 21 May 2008 : 20:50:01
Hi Homer - you are the second person this week who is working a huge amount of hours to try and keep on top of debts.
It must be so difficult.
You need to look at how you can bring your life back into balance and what is going to make good again.
IVAs and BR both have their good and bad points..
IVA's take all your disposable income - BR just takes a percentage or none at all.
BR's have more restrictions but these may not have a direct impact on you.
Both affect your credit record for 6 years but BR isn't accepted so well after that time.
If you rent privately most landlords don't do any sort of credit check - an expert will advise if your BR would affect others. Did you mean other tenants or a partner?
From my experience BR has brought a huge relief to me, I can sleep at night, no-one hassles me over my debts, I have a bank account, a debit card and importantly debts aren't controlling my life.
I think once you make the decision to go BR or IVA everything else will fall into place.
Hopefully a BR expert will be along soon to advise you too.
Take care
Vicki x |
| HOMER2418 |
Posted - 21 May 2008 : 20:17:16
Another question is does bankuptcy effect the post address or is it now the persons named
And how do you keep it out of the press |
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