Author Topic: Living with Parents  (Read 2014 times)

spices100

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Living with Parents
« on: Aug 13, 2009, 05:25:21 PM »
I am currently oweing approx £50,000 to 4 credit cards and a bank loan. i have no assets apart from a £2000 car and a 42" TV worth around £300.

I am 32yrs old and living with my eldery parents. Am currently unemployed on £62pw allowance but looking for work, i tend to earn around £900-£1000 after tax.

With doing some browsing on the net i have come to the conclusion that either an IVA or a bankruptcy would be my best option. So far i have written to my creditors with an income/outgoing expenditure plan and awaiting decision if i can contribute £5 per month for the next 3 months.

I know the effects a bankruptcy can have i.e name in press, credit history but if i can have £50,000 written off then am not too bothered.

Just wanted to know what effect it would have on my parents who are in their 70's i.e repossions of their belongings. i dont mind creditors taking all of my stuff once bankrupt but how would they know whats mine and whats my parents ?

If it effects my parents then i'd might be better off moving into a bedsit and creditors can chase me there and take whatever.

Other option is IVA, if i get any job paying £900pm i could probably contribute about £250-£300 a month for 5 years writing off approx 65% of the debt.


Your thoughts would be most appreciated.

weddings

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Re: Living with Parents
« Reply #1 on: Aug 21, 2009, 02:47:14 PM »
I'm pretty sure your parents belongings are safe, the only way they would be in danger is if they were guarantors on any loans or you share any bank accounts with them.

It does seem like bankruptcy is the best way out for you.
Weddings

gibraltar

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Re: Living with Parents
« Reply #2 on: Aug 21, 2009, 02:54:30 PM »
Hey Spices, go with the bankruptcy is my advice. If you earn 900 a month take home and you pay 300 on your IVA, you'll be broke for 5 years!

debthelper

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Re: Living with Parents
« Reply #3 on: Sep 03, 2009, 04:15:44 PM »
Hi Species,

Is there no way you can try to earn more money? Perhaps moving to where somewhere else or just make a huge effort to find a better paying job? Some jobs pay really well even though they might be a big tougher. Try to take on activities that pay you to do stuff - take surveys etc...

If you look very hard you can find amazing ways to make money that you didn't think were possible.
Debt relief order