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Terry.cb
Starting Member
2 Posts |
 Posted - 27 April 2012 : 20:05:30
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| I have an accumulated approx £80k worth of debt of repossession costs, unsecured and personal loans but have a steady low paid job. What options do i have to clearing my current debt in my current situation ? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 April 2012 : 08:06:01
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Hi Terry,
Welcome to the forum.
Bankruptcy may be an option if you can not afford to repay your debts, but there are other options too depending on your circumstances.
I suggest you speak to an expert on here to chat everything through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Terry.cb
Starting Member
2 Posts |
Posted - 09 December 2012 : 22:18:31
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Hi,
Sorry for the delay but have seen a friends financial advise who advises a soft option would be an IVA. This would mean some banks may consider offering a mortgage at the end of the IVA.
Problem is an IVA can last 60 months which is a long time as I would like to like to be debt free at the maximum after 2 years.
Can you advise please ?
Many Thanks
Terry
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 December 2012 : 07:57:01
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Hi Terry,
With bankruptcy, your debts are discharged after 1 year, but you may pay your surplus income to the OR for 3 years.
With an IVA, you have to complete it to have any debts written off, but depending on your circumstances, it could protect certain assets, but I couldn't advise if this was the best route without knowing your exact situation.
With both bankruptcy and an IVA, they will stay on your credit file for 6 years. With regards to mortages, I would pop over to our sister site, iva.co.uk and speak to Ryan who is a mortgage expert listed on there, he may be able to tell you what chances you may have getting a mortgage afterwards.
Please also speak to an expert for some debt advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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I have an accumulated approx £80k worth of debt
