I m on the desperate step, I have deats of 17.000 loan to Abbey + 2000 over draft ,same bank ,I al ready pay a agre amount with a credit card comp /for the past 10 month i have payd £ 140 a mth to Abbey instead £ 390 , but now they call me to tel me that they can not accept this agreement and demanding the diference to bring my account up to date or to pay the original sum of £ 390 or i will be past to Debt Colectors / This now put me in the road of thinking of bankrupcy- my Q its what can hapend so at the moment I earn about £ 1600 a mth and rent s about £ 600 + we have a new born baby( 1 mth now ) and we ar a family of four( first son its 4 ) . Some body thold me that they will be in control of my wages and decide how much i ned from that + they dont count my whife ,chids ,they will have to apply for job s.allowance , i just want to now eny of this can heapend for real and what should i do ( at the moment we live on a temporary accomodation and we have a 19 years old car . Thank s in advance
if you need to get advice on a specialist matter better to speak to experts rather than friends who don't really know.
Unfortunately what you have been told is wrong.
Couple of options.
In Br you basically swap your assets for your debts and potentially need to make a contribution towards the debts each month from disposable income. From what you have said I suspect you wouldn;t make any contribution and would not be at risk of losing the car.
Alternatively you may be better to move to a debt collection agency and then start a debt repayment plan with them. You clearly cannot afford to meet the payments that Abbey are demanding.
To set up your own debt repayment agreement you need to carefully list ALL of your income and ALL of your outgoings. Whatever is left is your disposable income and this should be split between the debts on a Pro Rata Basis.
Vincent Bond specialise in debt management Plans and have a good relationship with the creditors - you may want to give them a call to have a chat - ask for Andy Davie.
I m on the desperate step
Posted - 18 September 2009 : 08:58:20
