Author Topic: HELP  (Read 4523 times)

tokyo

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HELP
« on: Jul 09, 2009, 12:06:58 AM »
I owe £45000 on credit cards and have no idea how I can pay it off. My income has reduced during the past year by £8000, which is why I am in trouble. I have not missed any payments, but within the next 6 months I will not be able to make the payments. I am at my wits end with worry. I am 61 years old.

FinanceActionMan

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Re: HELP
« Reply #1 on: Jul 09, 2009, 04:07:46 PM »
When you are in that much debt it can e a worrying time for anyone. But try not to worry too much as you are not alone with the problems that you face. There are a multitude of companies that can help you here. An IVA is a fantastic tool to help you get out of debt and would mean your troubles could be over in as little as 5 years without declaring bankrupcy. With the level of debt you have got you would certainly fit into the IVA criteria there but there are also a number of other criteria you must fit into in order to be sure that it is the right option for you. I have had years of experience in dealing with people in your situation and although it can be a worrying time help can be just round the corner or a phone call away. Please post back on here your thoughts
Finance ActionMan
CHECK WEBSITE FOR ADVICE www.def

tokyo

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Re: HELP
« Reply #2 on: Jul 10, 2009, 07:32:23 AM »
Thanks for your reply. I have been in touch with pay plan and I am due to speak to them again on Saturday morning. My head is still spinning about this problem, but feel a little better now I have taken the 1st step of a long road in getting myself sorted out.

Pay plan suggested that re-mortgage is a way to go.  I will have more details on what this involves after I have spoken to them on Saturday.  Thanks again for replying.

Tokyo

tokyo

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Re: HELP
« Reply #3 on: Jul 10, 2009, 11:05:54 AM »
Having at last got my brain working on my problem. 1st the debts are 70000.  What is your experience with an IVA. While Pay Plan have suggested re-mortgage and I will be speaking with them again on Saturday, I just wonder if an IVA would be another option.

Tokyo

gibraltar

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Re: HELP
« Reply #4 on: Jul 11, 2009, 07:32:35 AM »
Speak to a debt charity for impartial advice, such as Citizens Advice Bureau (http://www.citizensadvice.org.uk/contact_us.htm) or the CCCCS on 0800 138 1111

tokyo

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Re: HELP
« Reply #5 on: Jul 11, 2009, 07:46:49 AM »
Thanks for the advice.
Which do you think is best Pay Plan or CCCS ?


Tokyo.

Re: HELP
« Reply #6 on: Jul 13, 2009, 12:56:30 PM »
I know someone who recently started an IVA and they said it was the best option for them. They did'nt like the thought of taking on more debt through a re-mortgage and preferred the payment arrangements made by the IVA company which were more manageable.
Sell House

FinanceActionMan

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Re: HELP
« Reply #7 on: Jul 14, 2009, 09:54:52 PM »
An IVA is a great option to help people get out of their debt in 60 months with a proportion of it being written off. However you will have to fit into a tight criteria and one of the criteria will look at how much equity you have in your property. You may be required to release some of that equity in the 4th year. Payplan and the CCCS don't really specialise in IVA's. They can help get token payments and go through your financial statement with you however they are actually funded by the creditors in part so they won't always suggest an IVA. Look into things. Look on some forums for IVA's and get some pro's and cons. But everything is theoretical at this stage I would be able to tell you whether you could have an IVA with a 20 minute chat.
Finance ActionMan
CHECK WEBSITE FOR ADVICE www.def

tokyo

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Re: HELP
« Reply #8 on: Jul 14, 2009, 10:18:30 PM »
Thanks, I will look into IVA's. I have no problem with selling mu house, if that's what I have to do.

FinanceActionMan

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Re: HELP
« Reply #9 on: Jul 14, 2009, 10:20:58 PM »
An IVA is designed to stop you having to sell the house. Its a form of insolvency to prevent bankrupcy.
Finance ActionMan
CHECK WEBSITE FOR ADVICE www.def

Debtwitch

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Re: HELP
« Reply #10 on: Jul 17, 2009, 11:47:58 AM »
Hi Tokyo

There are many, many people similarly struggling.  Please don't do anything without taking advice!  IVAs are a fantastic tool, but you need to speak to someone to establish whether this or something else is the best option for you.

Unfortunately, I've spoken to too many people who have - with the best intention - taken action, dramatically reduced options available to them well-and-truly backed themselves into a corner.
Angela Rosler
Insolvency Manager  e: [email protected]

tokyo

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Re: HELP
« Reply #11 on: Jul 18, 2009, 10:47:08 AM »
Thanks, I have an appontment with someone from the CCCS in 2 weeks time, they are going to explain to me about IVA's and other options I may have.

Regards     Tokyo

Debtwitch

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Re: HELP
« Reply #12 on: Jul 20, 2009, 07:10:47 AM »
Try the Debt Advice Network charity - www.debtadvicenetwork.org - they'll probably be able to see you alot sooner.
Angela Rosler
Insolvency Manager  e: [email protected]