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cc1985
Starting Member
4 Posts |
 Posted - 28 December 2011 : 22:26:31
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Hi There
Long story short, when my partner and I were together we accumulated a large sum of debt and then we split up 18months ago. The flat which we jointly owned was repossessed and there is about a 25k shortfall. I moved into rented accommodation with our 2kids. My partner and I have since got back together and we now face a situation where we have about 60k in debt which we just cannot afford. This has been going on for years and years and now that we are back together in rented accommodation we have realised that we really need to deal with this situation! In a normal month we are about 500 short when trying to make all payments and we're using credit to meet basic living expenses. We've got to a point where we think that bankruptcy is our only option?
Any advice would be helpful |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 29 December 2011 : 09:05:50
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The best advice I can give you it to contact someone (Perhaps one of the experts on here - contact via 'experts' button on left hand side of screen) and have a full reveiw of your situation. It may well be that bankruptcy is your best option - are either of you working?
If you undergo a reveiw chat with someone, at least you will be aware of what all the options are, that are available to you.
Hope this helps - but without the 'whole' picture I cannot state whether or not bankruptcy may be your better option (it probably is, but would like to be sure that you are aware of all the options)
Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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cc1985
Starting Member
4 Posts |
Posted - 29 December 2011 : 16:55:49
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Hi Melanie, thank you for your response. My partner and I are both in employment. My partner earns about 1600pm and myself about 900-1000pm. We have about 10 creditors, shortfall on mortgage is jointly, most of the others is in my partners name only. The total is about 60k. When paying everything we are about 500 short every month and when looking at our figures and not paying any debt we have about 200pm left over after living expenses. Given the amount of debt we have I wouldnt think that our disposable income would be enough to enter into a payment plan. Also is it looked upon badly if we waited for our creditors to petition for bankruptcy or should we do it ourselves (if we can pull the money together)?
Thanking you in advance |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 29 December 2011 : 17:00:34
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Would it be possible for you to contact via the 'experts' button on the left hand side of the screen - I would be only to happy to help you look at all the options and provide you with the information you require to enable you to make an informed decision. I am available today or tomorrow, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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cc1985
Starting Member
4 Posts |
Posted - 30 December 2011 : 15:55:54
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Hi Melanie
I sent a msg via "experts" and have not heard back. Just wanted to check that you received this?
Thanks |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 30 December 2011 : 16:29:50
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no I have not received anything - did it show my email address?
I can be contacted via melanienicholas@jonesgiles.co.uk - this should show up on the experts tab, but no worries, just email me direct
Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Topic |
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Situation out of hand, need advice!!
