| T O P I C R E V I E W |
| stressed |
Posted - 16 January 2009 : 20:23:37
Hi,
I'm a young mum, cohabiting with my partner and i have debts of approx £12k and I'm seriously struggling.
I haven't been able to pay any of my debts for the past 2yrs as everyone I owe money to are not being very helpful. They all want high monthly payments and none will lower to accommodate the others.
I've been told by a friend that there is a new law coming in in April that will wipe debts of £15k or below.
Does anyone know if this is true. If so does anyone have any details.
Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 22 January 2009 : 09:27:31
The Co-Op Cashminder does seem to be the account of choice at the moment with a lot of positive feedback on how BR-friendly they are.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| stressed |
Posted - 22 January 2009 : 09:01:22
Thanks Everyone xx |
| movin on |
Posted - 22 January 2009 : 08:56:55
You wont go wrong with that account...
Just phone them or call into a local branch. You cannot apply online im afraid. The phone number is 0845 602 7057.
Also just to mention you can also do your paying in and taking out at a post office, as well as online banking facilities - im very happy with mine 
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 - 22 January 2009 : 08:56:46
hi
either in branch or via the phone ( their details available on the web)
They don't open these via the internet.
You also need to be on the electoral register and they may ask you to send in id.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| stressed |
Posted - 22 January 2009 : 08:51:00
Thanks Reviva.
I'm been advised by National Debt to open a co-op cash minder account. Does anyone know how I can do that? |
| Reviva UK |
Posted - 20 January 2009 : 08:01:24
Hi Stressed
the solutions to debt are:-
1. IVA
2. DMP
3. Bankruptcy
4. Debt Relief Order ( starting in April)
5. Refinance
6. Negotiated setlement with a lump sum offer
The best way to see which is best for you is to eliminate the choices that are NOT available and you are left with a very few or one option.
Alternatively you could not pay the HP on the car, save up the payments you would make and buy a cheaper car outright. Then the shortfall from this would fall into bankruptcy, or IVA ( where ther debt would now be over 15k and disposable over £200 pm because the hp payments aren't made anymore)
hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| stressed |
Posted - 19 January 2009 : 21:07:01
Can anyone think of something else I can try and do.
DMP - will take approx 15-18yrs!
IVA - Not possible as monthly repayments too high.
Consolidation - I do not want to do
What else can I try? |
| stressed |
Posted - 19 January 2009 : 19:23:04
I've had 3 different DMP company's call me this afternoon, paying what i CAN afford every month, it will take approx 15-18yrs to clear! |
| movin on |
Posted - 19 January 2009 : 12:46:48
Im glad you made the call and hope it eased a 'little' stress 
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| stressed |
Posted - 19 January 2009 : 12:38:13
I've just phoned the Insolvency Helpline as my Local OR will not give advice. They have said that it all depends on the value of the car and the outstanding balance.
If the car is worth more than the outstanding balance, the OR can take it. Currently, the car is worth approx £4500, but I have £6700ish to pay back, My HP company are happy to continue with the agreement. That Last point you have made John, could be possible.
Thanks John and Jenny |
| John |
Posted - 19 January 2009 : 12:29:09
Hi
Moving On is correct.
The OR in bankruptcy cannot take the car unless there is equity in it. However, he can object to your continuing the monthly payments for the car if he deems them excessive.
Also the lender, in an HP agreement, will very likley exercise the clause which says they can repossess if you are declared bankrupt.
They will sell at auction and the shortfall balance can, as long as you list it, be included in your bankruptcy.
You may also, if you are able, try to persuade the lender to allow a 3rd party to take over the payments whilst you are bankrupt but insure it for you to make use of.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| movin on |
Posted - 19 January 2009 : 12:08:49
If you did decide to go down the br route then as well as it being at the discretion of the Official Receiver it is also down the the hp company. Check your agreement with them or make an anon call to them to find out - what is your monthly hp agreement ?
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| stressed |
Posted - 19 January 2009 : 12:02:42
I've just got off the phone to National Debt Helpline. They are recommended I try another DMP or go bankrupt. They have said regarding the car, as its a Hire Purchase Agreement, the car isn't legally mine, so there is a chance the courts can't touch it. But I need to find out from my Local Official Receiver. |
| stressed |
Posted - 19 January 2009 : 10:43:51
IVA.co.uk has just phoned me. An IVA is NOT an option because my debts are not high enough and my monthly affordable payments are not high enough. They recommend a Debt Management Programme.
I have used DMP's in the past and they have made my debts worse and I at this current time I can not see away out of this :'-( |
| RHB |
Posted - 17 January 2009 : 18:42:42
If you paid 150 pounds over 5 years in an IVA what proportion of the debt would you pay back? |
