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T O P I C    R E V I E W
Lizzie Posted - 30 January 2009 : 18:15:03
My husband has been to see the CAB today and they have given him loads of forms to complete. When he got home he had an email from one of his Credit Card Companies to whom he owes the most money and they are offering to write off 65% of the total debt and if he accepts he will pay off the other 35% over a 3 month period. At moment he is in a position to do this and this would certainly improve his situation.

Would it be wise to take advantage of this offer? he is only in debt with credit cards not the mortgage or utilities.
15   L A T E S T    R E P L I E S    (Newest First)
Lizzie Posted - 05 February 2009 : 22:00:25
Thank goodness I found this site....at least I will not be going into any meeting 'green' so to speak.

I just want to be sure we/him are not being forced into something that we feel we cannot sustain and end up in a worse position then if we/him had gone bk.
Reviva UK Posted - 05 February 2009 : 21:56:00
Hi

if there is uncertainty about medium / long term job and income then an IVA is probably not the right solution yet.

This doesn't mean it is not right for the long term.

You may decide that a "holding Debt Management Plan" for him would be better until you were all sure that the job and therefore affordability of the IVA was likely.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
08454 751 851

Real People ..... Real Debt Solutions
www.revivauk.com
Lizzie Posted - 05 February 2009 : 21:53:08
Thanks Paul I have a feeling I will need feedback from this site and will certainly let you know what is happening....however its my income that settles all the household bills as well as pay my own credit cards, so nothing left over to settle husband's debts, however as my husband is still employed it would be no problem for him to have an IVA the big problem would come if he was made redundant which is on the cards.

Lizzie
movin on Posted - 05 February 2009 : 21:51:27

I definitely think its a good idea for you to go with your husband. That way if he forgets something you are there.

Onwards and Upwards is the way im going :-0)

From "Moneyworries" to "Movin On" in 3 months is fantastic :-))

xx
Reviva UK Posted - 05 February 2009 : 21:47:26
They will be looking to see if the household income (yours) can be used to settle OH's debts via an IVA or long term DMP.

Certainly worth going to see them and see what they come up with then if you need to you can get a little more feedback form the site.


Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
08454 751 851

Real People ..... Real Debt Solutions
www.revivauk.com
Lizzie Posted - 05 February 2009 : 21:44:48
The only joint debt we have is the mortgage which I pay and is up to date. Infact all my bills are up to date. It is hubby who is behind with payments on some of his credit cards. All other bills ie utilities are all up to date.

I don't mind going along to the interview infact I would welcome it so I can hear first hand what they suggest, at the end of the day I am in a position to tell them I do not want an IVA or to go bk personally.

Lizzie
movin on Posted - 05 February 2009 : 21:35:57

Hi Lizzie

When i had an initial chat with the CAB they did exactly the same with me....once i sent the forms back in, they made an appointment with an Insolvency Pratitioner to do a interlocking iva with hubby, who could afford his debts!! (without telling me first)

I would ask why they need this information.

Is it possible that you have any joints debts that need attention ?

Onwards and Upwards is the way im going :-0)

From "Moneyworries" to "Movin On" in 3 months is fantastic :-))

xx
Lizzie Posted - 05 February 2009 : 21:29:36
Hubby has filled in all the forms from the CAB (he is keeping his options open at the moment)he delivered the forms to them today and they have sent him home with a form to be completed by me listing all my debts, even though I am not considering bk as I can pay my debts at this moment in time and I am not behind on payments. Is this normal practise for the CAB to request a partner to complete a debt form? Apparently once they have my form back they will call us both in for a interview.
movin on Posted - 03 February 2009 : 10:31:38

Hey Lizzie

I would certainly try and get your hubby to make that call - everything will seem alot clearer once he has spoke in depth about your situation.

Take care

Jenny
xx

Onwards and Upwards is the way im going :-0)

From "Moneyworries" to "Movin On" in 3 months is fantastic :-))

xx
Reviva UK Posted - 02 February 2009 : 23:46:42
Hi

definately worth speaking to the CAB first but as you are just starting to see there is a lot more to thing about thank simply Br .

IVA
Bankruptcy
Negotiated Settlement
Debt Management
a mix of negotiated settlement and debt management.

Everyone is different and every solution needs to be tailor made to your personal situation, job situation and future prospects.

We even have a number of clients who have 2 solutions running at the same time.

For example we are hoping not to go Br bu being able to sell a house / collect a bonus from work etc so negotiate wih creditors, however these are uncertain times so we are also preparing for BR so that if optiona a is unsuccessful we are ready with option b straight away.



Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
www.revivauk.com
Lizzie Posted - 02 February 2009 : 20:30:47
Thank you so much Stu, I have passed the details of Brightoak and Reviva onto my OH who has at last realised he needs to talk to someone who can help us make the right decision.
sjbyron Posted - 02 February 2009 : 19:47:15
Hi
I would start by talking to an independent and free advice insolvency practitioner who can go through your options, or an small debt management company such as brightoak - Andrew Graveson is excellent (www.brightoak.co.uk) or even Paul Johns at Reviva he offers excellent, non-judgemental advice and also support.

Each of those can offer different products to from DMP to BR.

Hope that helps

Stu J Byron
Lizzie Posted - 02 February 2009 : 19:14:38
How do we find out if the private pension is 'touchable'? my OH has completed the forms for the CAB and will take them in tomorrow then we have to wait to hear back from them.

We have worked the figures out and are getting a bit worried as what we have coming in and what we have going out excluding our debts leaves us with a big surplus at the end of the month. If we use this surplus to pay the debt then we should be breaking even, but we're not.

I don't know whether going down the road with the CAB is the correct road to take and maybe we need to talk to someone in detail who can show us where we are going wrong.

Where would be the best place to start with this?
Reviva UK Posted - 01 February 2009 : 22:04:06
Hi

just a note regarding the private pension. You need to see if the pension is "touchable" by the OR of if there is the possibility of a lump sum payment during the Br period.

As you have probably worked out by now there is a lot more to this than form filling ( that really is the easy bit).

You do need to make sure that you have a good understanding of all the options open to you and how each will effect you and the family.

Only then are you in a position to decide that Br is right for you.

Please take advice

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
www.revivauk.com
Lizzie Posted - 01 February 2009 : 21:54:00
That thought had never crossed our minds Stu as my husband does not have a pension with the company he is working for, so I doubt his company would be interested in paying him off. He has a private pension and a forces pension which he is already in receipt of.

My goodness its all a mind field and knowing which way to go is so difficult, I really appreciate all this advice. I really think my husband needs to take advice, he is already talking to the CAB and completing the necessary forms and they have already told him to open another bank account away from the one he has now, just incase at a later date he does go bk.

Its all getting confusing for me

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