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| T O P I C R E V I E W |
| jonathan |
Posted - 15 October 2009 : 20:26:26
My wife left me in February 2007, after that my daughter moved in. She was at college so had no income. At that point, instead of two incomes I had one. Later she got a boyfriend, who also moved in. At that point I was paying out for all expenses with no additional income. At the end of each month, i was having to top up the bank account by withdrawing money from my credit cards. My daughter moved out two months ago, as she obtained a council flat. The situation has mow got to the point that with my rent, tax and other outgoings, plus the credit card payments, my out goings are more than my income. I have sold my classic car to try and put some money into my account, but that has taken a small dent out of my overdraft and time is running out. I think I may be able to cover the next month, but then I will be done. I have nothing else of any value to sell. Certainly, nothing that could cover my debt. What would you advise me to do? I can give you details of my income, expenditure and debt.
Regards,
Jonathan |
| 3 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 16 October 2009 : 10:41:27
Sorry Dave, I have to disagree with you there.
The whole idea of a DMP or an IVA or BR is that your expenditure is more than your income, otherwise there would be no point in seeking a solution, so any one of those could be an option.
Also, a Debt Relief Order is not just under the CAB. Payplan, CCCS and Baines and Ernst are also companies you could approach.
I recommend that you speak to an IP who can give you all your options. Visit www.iva.com for a list of companies and reviews. They will tell you of the options available to you and the best way forward for your circumstances.
The glimmer gets brighter all the time
Jan
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| Dave Perkins |
Posted - 15 October 2009 : 22:56:47
Hi Johnathan,
If your expenditure is more than your income then you would not qualify for a Debt Management Plan or an IVA. You mention rent so you wouln't have an issue with losing a property with a lot of equity in it, and as you have sold your classic car to try and repay some of the debt it seems that there is no other asset as such that you would lose. If your debt is under £15,000 then you would be eligible for a Debt Relief Order which costs £90 (as opposed to £510 for BR) and can be administered via your local Citizens Advice Bureau. Bankruptcy is not always the best option but it seems in your case as if it may be the only one. At least then it will give you the chance to 'wipe the slate clean' and start again.
Good luck with it all.
Don't let debt overwhelm you. Be brave and take control - you only have one life. |
| Srrs |
Posted - 15 October 2009 : 20:31:34
Hi Jonathan,
There are a few options to debt problems depending on level of debt and other factors.
Prob best if you post on here how much you owe and your income and expenditure then someone can advise you properly and give you your options.
I decided on bankruptcy and went to court today. Was a big decision for me but once I had decided and had the iformation I needed I felt a hundred times better!
Rachel |
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