Author Topic: Where to go from here  (Read 8191 times)


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Where to go from here
« on: Aug 13, 2014, 07:30:47 PM »
Hi all,
I have not been on here for about a year happily because I have not had any issues with my creditors, I am paying a total of £4 per month in token payments to my 4 creditors. Great eh! no my £15000 debt will never go down at that rate.
However, my situation now.
My house is sold and I have £18000 of equity coming my way once my ex wife agrees to our divorce settlement which could leave me with £3000 pounds, wonderful news I hear you cry but wait I am living in a flat surrounded with second hand furniture and my washing machine is on the blink. I know that I am in a better position than most people on here but before I am judged please hear me out.
My ex wife would not acknowledge any of the debt we built up (all in my name but she benefited from it) so subconsciously I don't want to repay the lot, I also want to furnish my house to the same standard I was used to,  my ex has all our furniture and I had to kit out my flat for me and my son on gumtree with a budget of £300. I also want to protect myself from future disaster i.e. new washing machine. It sounds terrible but my intention is to sensibly buy what i need and be careful with it and then see what is left over. I have defaults and I won't be looking for credit so is there any point in repaying the full debt?
Looking at my finances I could afford to pay more now but I want to move so that my daughter can stay with me too, I currently only have a 2 bed flat and a 3 bed will cost about another £100 per month.
I am writing this thinking what a chancer but I've been dumped with all of the debt  and I am too old to start again buying what i need over a period of years. 
So what do you think about a full and final settlement? At this point in time I am still paying my original creditors, no agencies have taken over. Or could I pay part of the debt and do an IVA for the rest?
Like I say it sounds terrible when I have the money to repay in full but I am trying to choose quality of life over debt. I'm not planning on any exotic holidays or fast cars either!

alastair swanwick

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Re: Where to go from here
« Reply #1 on: Aug 25, 2014, 05:23:33 PM »
Wow, I'm in  similar situation.

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