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slavetodebt
Starting Member
6 Posts |
 Posted - 13 February 2010 : 13:30:15
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| Hi all, this is my first post and am very nervous, i need to know if i can go br or not as i have income of £2000 and usual outgoings of £1200 plus £850 in debt payments. i have looked at dmp and iva but i want to be debt free asap as i am in mid 40's. i currently rent and have no real assests. (1)will i be allowed to go br?. (2) if i do qualify for br should i stop paying dept payments to credit cards and loan now? (my loan is with my bank so i dont know if i can stop that payment anyway).(3) do i open a new br friendly bank account now or after br starts? thanks in advance for any help, im sure i will be back with more questions soon :-) |
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debtinfo
forum expert
2826 Posts |
Posted - 13 February 2010 : 13:50:20
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| It seems that you ar only slightly insolvent, is there no way that you can cut your outgoings, increase your income or rearange your finances to pay it off |
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slavetodebt
Starting Member
6 Posts |
Posted - 13 February 2010 : 14:09:49
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| the 1200 i spend is pretty basic (not inc cigarettes i know i should stop but its hard at the moment :-( ). how would i rearrange my finances? i tried to get a consoladation loan for the cc's but was refused.i cant do much ot as i have my son every other week and work is dropping off where i work. |
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debtinfo
forum expert
2826 Posts |
Posted - 13 February 2010 : 14:19:00
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I think the first thing then to do is to speak to one of the debt charities, CAB, CCCS or national debtline, they will go through the whole situation with you and advise what options are available.
I can help with bankruptcy questions but i don't advise people what course they should take |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 13 February 2010 : 14:30:02
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Suggest that you arrange to see local CAB initially.
They will assist and guide you in a wholly non judgemental way - if then BR is the right road, the CAB may be able to take you through the process - depends on the size and client base and volume of work in that branch. They rely upon voluntary advisers that are well trained.
You may find that a post back here and a chat with one of the insolvency experts on this forum - amongst the best in the UK.
I can assist with advice relating to property/tenancies and the like
Good luck, Richard
quote:
Originally posted by slavetodebt
Hi all, this is my first post and am very nervous, i need to know if i can go br or not as i have income of £2000 and usual outgoings of £1200 plus £850 in debt payments. i have looked at dmp and iva but i want to be debt free asap as i am in mid 40's. i currently rent and have no real assests. (1)will i be allowed to go br?. (2) if i do qualify for br should i stop paying dept payments to credit cards and loan now? (my loan is with my bank so i dont know if i can stop that payment anyway).(3) do i open a new br friendly bank account now or after br starts? thanks in advance for any help, im sure i will be back with more questions soon :-)
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 13 February 2010 14:31:07 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 February 2010 : 18:55:27
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Hi slave2debt
once you have decided to go BR you should open the COOP account cash minder or similar and only transfer the direct debits that you will be keeping after BR.
you have not mentioned level of debt as that will direct course of action.
appreciate that you may want to go BR quickly but that is not always the best option, before you take the plunge speak to one of the experts to the left.
also speak to paul and his team at reviva to establish of you fit the criterea for a reviva plan, it may prevent you from having to go BR, dont know your circumstances so cannot say if it is the right solution for you but def worth a phone call or email
regards Richard |
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slavetodebt
Starting Member
6 Posts |
Posted - 13 February 2010 : 19:47:15
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hi again. thank you for the replys..
i have a loan of 20k,another loan of 2.5k and cc debts of 15k |
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slavetodebt
Starting Member
6 Posts |
Posted - 21 February 2010 : 19:35:07
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| rang up on sat for a coop account, been accepted :-), should have paperwork in couple of days and card a few days later ive been told,will transfer my dd's and stop payin my debts, i am thinking of doing my own dmp and see if my creditors agree to it, if they dont great :-) br it will be. i would rather be forced into it than do it of my own back. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 22 February 2010 : 18:03:48
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Hi Slave to debt
why do DMP your self ? I did my own DMP for 9 months all it did was put off the inevitable. (but it did buy me time)
DMP's have advantages and disadvantages
what is your get out clause with a DMP, if you "reduce your payment" (gonna be hard as you struggling on 850 pcm) to a total of 1000 per month means that you will be repaying the debt for the next 38 years !(oops changed after posting meant months 500PCM = 6.5 years) provided the banks freeze the interest !
regards Richard |
Edited by - Richard P on 22 February 2010 18:05:38 |
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what do i do, and can i go br?
