Topic: Advice on debt

[Zen]

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]

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.

[sharon75]

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]

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

[michaelfinch1236]

 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]

Sorry no better idea on that.

[Lisa Thomas]

What steps did you take - a Debt Relief Order or Bankruptcy?

[The Credit Repair Group]

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]

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]

I disagree with you ERF - can you justify your comments please?