2007-12-03 02:00:31 · 18 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Why not try and get another job, there are other jobs out there, rather drastic to consider IVA or bankruptcy...haven't you got insurance covering job loss, you just seem to be going straight for the Nuclear option.....it will ruin your creditworthiness for ever.
2007-12-03 02:05:17 · answer #1 · answered by Knownow't 7 · 2⤊ 1⤋
Hi
An iva is only possible if you have an income with some disposable income after living costs, so hubby will need to get another permanent job for this.
Bankrupcy another option but as said more info is needed as if you own your home you could lose it.
Other possibilities could be a full and final iva ( you offer an amount either via a remortgage if you have equity , redundancy pay if enough, or borrow from family) and offer all of your creditors via an insolvency practitoner, an amount of say for eg 30p for every pound owed, they put it to the creditors and if accepted they write the rest of the debt off aand that is it ,apart from the fact that any of these options will damage your credit rating for at least 6 years.
You need advice for your specific situation either contact CAB, cccs, iva.co.uk forum all will give advice. The latter has insovency practioners online that will advise.
All the best hope it sorts out, I am sure it will.
2007-12-03 06:48:35 · answer #2 · answered by pollywallydoodle 3 · 0⤊ 0⤋
Well bancruptcy is cleared after one year now (the gov't changed the law as they forcast a deep recession) so better be bancrupt. An IVA might not be approved and you might have to work for 6 years to pay it off.
Probably, probably, you do not "really" in all TRUE honesty to God owe actually 30k, much of it is rip off bank charges and interest so you can reclaim these and SUE in court "Small claims court, county court counterclaim" sue the banks and credit companies for EMOTIONAL DAMAGE did not you loose the job as you were in distress caused primarily by illegal bank charges ???
OF COURSE !
They owe you, seriously, I am a lawyer, they DO !
Do not surrender, you have to protect MORALITY for our whole nation (and your future creditworthiness).
Goto lawyers, get free LEGAL AID and FIGHT your corner.
Get free advice at the CAB and do not write any letters to banks as these may INCRIMINATE you.
Be wise, move to a secret address and use a MAIL box.
Do not be intimidated by loab sharks aka "debt collection agencies"
Me, I was hounded but actually i owe nothing, but the system is BIASED in favour of capital (Bank shareholders) against bank employees and customers. UK is very unfair in terms of credit management. The worst place to bring up kids (OECD study) I'm not making this up !
Protect your family from LOAN SHARKS !
Seek advice and move house so they cannot hound you and you can sleep well.
Whats the worst that can happen ?
Move to France they will not follow you !
These sharks cannot swim they are land based !
(best of things France, wine, great education, health)
With you in the best and the worst times,
always,
in solidarity.
2007-12-03 02:17:39 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Start by communicating with your debtors and see if you can get an extension of paying them back. Or you can work out a payment plan with them. Let them now that you currently have no income but plan to pay them back.
You also may need legal advise on this with the different laws and rights in your country. Bankruptcy should be your last option.
Good luck
2007-12-03 02:11:03 · answer #4 · answered by J V-S 2 · 0⤊ 0⤋
Safi82 i right you are down and the others will rip you off if thy can. Talk to cccc and then to your creditors and get time so you can get a new job and restart payments but don't be fooled into long extensions of the repayment period as the chances are that you'll be done with high interest rates and charges.
2007-12-03 03:44:27 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Sorry to hear that your hubby redundant, especially now. I suggest you go to a debt councillor and get your debts amalgamated, into a affordable payment lump. Before it gets to much out of hand.
2007-12-03 02:06:27 · answer #6 · answered by archaeologia 6 · 1⤊ 0⤋
Get onto moneysavingexpert
It has loads of information on finances and dealing with debt. The forums will give you loads of support on dealing with your debts. It really is one of the best places to start dealing with your debts.
2007-12-03 02:13:43 · answer #7 · answered by :-) 2 · 0⤊ 0⤋
not enough info depends if you own your own home and have a mortgage, and what assetts you have are the debts/assetts in joint names. is there redundancy pay.
whats the chance of earning an income in the future.
lots of questions but cant advise without answers
2007-12-03 02:06:56 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Hello, sorry to hear about the circumstance you are at the moment. And it is hard not to panic, but help is at hand and free from the links below.
2007-12-03 02:13:44 · answer #9 · answered by Leo 7 · 1⤊ 0⤋
call consumer credit councling service they are a free debt advice charity most importantly they take NO money from u they really helped me out.
heres the web site
www.cccs.co.uk
and phone number
0800 13811111
dont go to these people on da tv they will just take money off u to n thats the last thing u need.
gud luck
2007-12-03 02:06:40 · answer #10 · answered by safi82 2 · 6⤊ 2⤋