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John.v
Starting Member
1 Posts |
 Posted - 28 March 2012 : 20:05:31
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I owe £33000. I defaulted on 6 creditors about 3 years ago.Monthly net Income £1300.
Outgoings Rent £535 , council tax £114 , travel £120 .No car . No house. Is bankruptcy a good way forward. Will they take money off my wages? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 March 2012 : 20:19:57
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Hi, Bankruptcy could be an option but there are others so.have a chat with an expert.
You may have to.make a payment to BR for three years depending on your disposable income.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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mydebtpages
Starting Member
43 Posts |
Posted - 28 March 2012 : 23:35:04
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Hi John
On the figures you give your main alternatives would be a Debt Management Plan or an Individual Voluntary Arrangement. You would be in both of those for at least five years.
Bankruptcy is almost certainly your shortest (and cheapest overall) route to a debt free future, but there are pitfalls so make sure you get well advised.
The figures you give show you have about £500 per month spare income but you haven't included food and probably quite a few other things. If you file for bankruptcy you need to show you can't actually afford your debts as they fall due.
Also if you do have to make a contribution from wages (known as an Income Payments Agreement, maximum 3 years as stated by Jan above) your surplus income will determine the amount you pay.
Regards
- MyDebtPages |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 March 2012 : 23:44:29
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John needs to take expert advice as to all solutions opne to him - not just BR.
An expert on here can help, or someone on the sister forum (iva.com)
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 29 March 2012 : 08:51:42
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Hi John,and a warm welcome to the forum, as Kallis states it is important you chat through all the options that are available to you before you chose the one for you.
Please feel free to contact myself or another of the experts (via tab button on left hand side) and we would be only too happy to go through each of the options with you - totally non committal, and importantly the advice is free!
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms. I can be contacted at www.lifestylemoney.net or via the experts tab |
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I owe £33000. I defaulted on 6 creditors about 3 years ago
