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Miamoo
Starting Member
1 Posts |
 Posted - 09 March 2010 : 13:35:20
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Hi, I am asking this question on behalf of my boyfriend. We have been dating for a few months, he lives with his parents and has 25k of unsecured debt. His monthly wage is £1700 debt repayments total £1200.
He can only afford the debt repayments because he lives with his parents, we are moving in together soon as I have just discovered I am pregnant, I am a full time student, with 2 children from a previous relationship, I will lose my tax credits/housing benefit etc when he moves in, so he will have to cover the bills/rent etc which he cant do if he continues to repay the debt at the current rate.
He is looking into declaring himself bancrupt so we can have a fresh start, does this sound like a sensible solution?
He has no assets so is definately insolvent |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 March 2010 : 15:45:54
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Hi miamoo
welcome to the forum
BR is an option but it is not the only option
with an income of £1700 it enables one of the experts to seriously look at other options, especially if his parents are helpful
I would suggest contacting Paul at reviva and seeing if you qualify for the Reviva Plan !
good luck regards Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 March 2010 : 16:10:23
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Hi and welcome to the forum.
First of all congratulations on your pregnancy!
BR may not be your boyfriend's only solution. I would recommend he contacts and Insolvency Practitioner and they will be able to advise him of all his options. This advice will be free. Have a look on www.iva.com where you will be able to find the details and reviews of many companies.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
32 IPA payments made, 4 to go - the end is in sight! |
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asking this question on behalf of my boyfriend
