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| dan.t |
Posted - 23 February 2009 : 14:38:30
Hi, I wonder if you can please help me. I'm struggling with massive debts, around £31,500. My (self employed) income has been good in the past, up to £45k gross, but work isn't good at the moment and earnings around half that, possibly less in time. My basic net monthly income varies month to month and can be anything from £1,500 to £3,000, but the average lately is more like £2,500. My outgoings are £2,100 and I am really struggling, living in a tiny flat with my girlfriend with no hope of moving out or ever getting rid of these debts, I'm even having to put my tax payments on credit card and it is all getting too much. What are my options please?
Many thanks for your time.
Dan McCartney |
| 3 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 23 February 2009 : 16:28:48
If you have a disposable income with which to offer a return to your creditors it may be thatn an IVA is a better option for you. You will only know by following my earlier advice of contacting an IP to go through things in full detail. They will go through all the options available to you, with no commitment, at the end of the day it is up to you which step you take but would be a valuable conversation to have to ensure you know the pros and cons of each of the options and how each will effect you.
Get in touch, but make sure it is with a firm that does not charge for this service.
Just to clarify an IVA is put forward on your disposable income (DI) this is paid for 60 months after which you are debt free. Your IVA would be reviewed every 12 months as a matter of course, but if there were changes to income or expenditue during that period the figure can be reviewed at any stage.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| dan.t |
Posted - 23 February 2009 : 15:41:03
Hi Melanie,
Thanks. I was wondering about an IVA, assuming that is slightly less damaging and not as much of an ordeal as bankruptcy?...
Sorry should have said - I'm renting, don't own any property, no car, no assets. My work is in legal costs, but the industry is bad and getting worse and my work is really drying up. But what happens if you make an IVA - how do you prove your income/outgoings etc, and once the IVA is agreed, what if your situation changes - do they keep a check on you?
Thanks again, I look forward to hearing from you
Dan
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| Melanie.n |
Posted - 23 February 2009 : 15:26:37
My best advice to you is to seek help from an Insolvency Practitioner (IP) details on our sister site iva.co.uk for a number of highly regarded IP's or by visiting iva.com where you can read reviews of many IP's on there and speak to one of them giving your whole situation so that you can take on board the advice offered. I cannot say from the information provided whether or not bankruptcy would be best best solution for you, but if you feel you cannot meet your monthly commitments from the level of income you receive, it may be the best course of action.
Do you own your own home or rent? if you do own your home what is the equity situation?
What is the nature of your self employment?
Many many details would be needed before i could say whether or not it is the best solution for you and be able to warn you of any possible implications
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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