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john.1
Starting Member
1 Posts |
 Posted - 17 July 2009 : 13:19:27
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| i need to declair bankrupcy as ai cant maintain payments to my creditors i have been in volentry payment plans with them for years.but over time what savings i had have gone to my creditors.now i cant afford to pay these please help in advice i have over £50000 i owe to credit cards bank loans and others |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 17 July 2009 : 13:43:16
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You choices really depend upon your income. You could enter into a DMP, which sounds like the plan you are in at the moment.
Another option is an IVA but after you have paid your rent/mortgage, utility bills, food, etc. you need to have at least £200 available. An IVA also has to be agreed to by your creditors.
The other option is bankruptcy. Your debts would be written off and depending upon how much disposable income you have after rent, food, bills, etc. you may have to pay a percentage (50%-70%) of the money left over. With bankruptcy you may also lose you home if there is equity in it and your car if it is over £2k in value.
Before rushing into anything get some professional advice either from the CCCS, CAB or National Debtline. You can also get advice from the following companies who post on this board and are highly respected. They offer free advice and will only charge if you want their assistance in completing the BR forms or even accompanying you to court on the day:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
England, Jackman & Spacey - http://www.ejands.co.uk/index.php |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 17 July 2009 : 14:06:14
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I would also recommend visiting www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you, and the best way forward for your circumstances.
The glimmer gets brighter all the time
Jan
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i need to declair bankrupcy
