Author Topic: Advice on debt  (Read 48142 times)

Zen

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Advice on debt
« on: Jan 20, 2017, 09:55:43 PM »
Hi,


Currently I am having a unsecured debt of around £40000. At the moment nothing is in arrears. All credit cards and loans are repaid on time. But now I have lost my job and due to my health I cannot do the same job which I was doing. I am feeling very depressed and don't know how to pay this debt. My wife is not working. I have applied for a job seeker allowance which is in process. Can somebody guide what is the best option for me IVA or Bankruptcy. I don't have any asset except 2 cars which is valued may be £3000.

Lisa Thomas

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Re: Advice on debt
« Reply #1 on: Jan 23, 2017, 09:32:04 AM »
Hi Zen


I'm unable to advise you on which is the right option without knowing a lot more information.


If it's just one creditor you owe money to you might like to ask them if you can pay the minimum or ask for a payment break whilst you consider your options.


If you look up Neville & Co on YouTube you will see I have posted some guidance videos about BKY, IVAs and all the personal insolvency options (Sorry I can't post links on this site)


I would recommend you speak to a licensed Insolvency Practitioner and if there's one in your local area arrange a meeting in person for proper advice.
www.Nevilleco.co.uk 01752 786800

sharon75

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Re: Advice on debt
« Reply #2 on: Jan 23, 2017, 06:52:19 PM »





Hi


You would be able to qualify for an IVA if you had a friend or family member that would act as a guarantor (they have to work) otherwise you could enter into debt arrangement scheme which would involve you paying all the debt back but the interest would be frozen and the payments would be lowered to a more manageable level.  If you need more advice call 01415306715 and ask for james

sharon75

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Re: Advice on debt
« Reply #3 on: Jan 26, 2017, 03:48:29 PM »


Hi anyone thinking of remortgaging or looking for a secured loan feel free to call 07555995824 ask for wendy

michaelfinch1236

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Re: Advice on debt
« Reply #4 on: May 23, 2017, 10:54:30 AM »
 I have been having issues with debts for many years now and after a long time of struggling with this I have finally said enough is enough.

I used a new company called Debt Mate. I found them on Facebook, I filled in a simple form and I received a call within 24 hours.


They are very professional, polite and really empathized with my situation. I have provided them with as much information as I could and found I fit the eligibility of their scheme.

I told them I have £4587 debt and I just fell short of the criteria but the person I spoke too took me through a list of possible debts so I was then able to make up the difference. I was transferred through to their colleague who discussed the scheme in further detail, assured me that this will help me have less stress.
Now I am on the scheme I find my life has changed for the better and me and my money is on the mend.
I recommend them.

 

Fardin33

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Re: Advice on debt
« Reply #5 on: Jul 31, 2017, 01:44:11 PM »
Sorry no better idea on that.

Lisa Thomas

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Re: Advice on debt
« Reply #6 on: Aug 01, 2017, 10:11:04 AM »
What steps did you take - a Debt Relief Order or Bankruptcy?
www.Nevilleco.co.uk 01752 786800

Re: Advice on debt
« Reply #7 on: Aug 22, 2017, 10:43:55 AM »
Hi Zen,


If you're still struggling with any then feel free to [** sorry, no personal contact invitations allowed **]. We work with a large panel of FCA regulated advisors who can help point you in the right direction free of charge. Once we pass you on to one of the regulated advisors we work with you can then do your due diligence on them for your own piece of mind before going ahead and making the right decision.

00442036870358


Kind Regards,


The Credit Repair Group

ERF

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Re: Advice on debt
« Reply #8 on: Sep 22, 2017, 09:23:21 PM »
Hi, IVA or bankruptcy are not the way forward. You are not in debt and that is not how the credit system works, in fact in equity you are the beneficiary of these accounts where you are owed funds and are in fact the creditor not the debtor.

Lisa Thomas

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Re: Advice on debt
« Reply #9 on: Sep 25, 2017, 09:40:22 AM »
I disagree with you ERF - can you justify your comments please?
www.Nevilleco.co.uk 01752 786800

justindrew

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Re: Advice on debt
« Reply #10 on: Oct 14, 2019, 02:06:18 PM »

Assess your money state of affairs, check your profit title and provides you budgeting recommendation if required.


Help you to cope with any emergencies, like official action, the threat of eviction or disconnection, court hearings or the other problems needing urgent attention.


Advise you which ones payments to order and assist you to cope with priority debts like arrears of rent, mortgage, land tax or fuel.


Advise you on whether or not you're accountable for the debts and assist you to challenge your liability wherever acceptable.

AuroraHoing

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Advice on debt
« Reply #11 on: Oct 20, 2019, 07:10:46 PM »
Hi All

Im looking for direction on which beginners course to start with.

Im interested in Rock Guitar and can play open chords etc, but thats about it.

Any advice?

Thanks

Shaun

justindrew

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Re: Advice on debt
« Reply #12 on: Oct 21, 2019, 12:39:47 PM »




Shruti Gadige (shruti@boxfinity.com)




There are experts who give advice and help you deal with your debts and get the support you need. You can get advice online or can call them to clear the dobts. They will recommend a range of practical debt solutions based on your situation.

Mamiebraws

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Advice on debt
« Reply #13 on: Dec 15, 2019, 10:57:57 AM »
If Im reading this correctly you have about 25,000.00 in debt and 1,000.00/month above and beyond your expenses.  I would just take my time and grind out the payments on the two debts as fast as I could.  I would also use any scraps of money from things like tax refunds, gifts, sale of surplus items on Ebay or Craigslist to pay down the debt.  What I would absolutely not do is borrow against my retirement accounts in an effort to pay an unsecured debt.



Good luck

ShannaBlecy

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Advice on debt
« Reply #14 on: Dec 18, 2019, 03:47:51 AM »
Im just a lay person, but my first advice would be to immediately quit using those credit cards.  And get them paid off as quickly as you can, even if it hurts  The interest rate on most credit cards will choke a horse and if you get behind you will never catch up.  I was left by my husband with one huge credit card debt I was previously unaware of, and I was able to negotiate it down by offering the bank 70 of the balance in cash in full settlement of the debt; then I borrowed against my home equity line of credit at about 15 lower interest rate I think I paid about 3 and paid off the reduced credit card balance with that money.  It took me several years, and I paid more than I had to every month and I really struggled, but I got the equity line paid off.  The one dirty little secret in doing that is the forgiving bank will send you a 1099 or whatever form # it is that declares the amount forgiven as income to you, and you have to pay taxes on that.  But I saved a LOT of money by doing it that way.



I dont know anything about borrowing against retirement funds -- you need expert professional advice on that, I think.



But my personal opinion is that the best thing you can do for your financial health is NOT to use credit cards to pay for anything that you cant pay off right when the bill comes due, unless is it a true emergency and thats the only way you can save life or limb or the roof over your head.  Otherwise, do without a new TV or clothes, or whatever else.  I still use credit cards, but only as a convenience and pay them off every month.   I had to break that rule once, when a plumbing line broke under my house , but I paid that off in three months -- didnt do much of anything else that three months, but I got that sucker paid off.