Author Topic: BANKRUPTCY AND WORK  (Read 810 times)

conwyman

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BANKRUPTCY AND WORK
« on: Feb 13, 2011, 12:11:18 PM »
HI
I have been paying payplan £226.00 a month for two years now  my debt was £20.000 now it £14.000
I have a mortgage paying on intrest only at present and a secure loan balance is £11.000
total debt is £24.000 my mortgage outstanding is £82.000
I am  and was thinking of going bankrupt to clear the debt
I haven't missed any payments on all the debts i have also no missed payments on mortgage and bills
But i have an outstanding debt with my electric and gas supplier of £400
I find it a struggle every month but i do manage to keep payments going
I just need some advice into what the best solution is either to go bankrupt or carry on paying the payments also i am worried about assents i have like van, etc

solvent

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Re: BANKRUPTCY AND WORK
« Reply #1 on: Feb 13, 2011, 01:41:16 PM »
OK, before you start thinking about bankruptcy....you need to do a statement of affairs.

This is table with all your income, outgoings, loans, mortgage etc on it as well as wages, so everything can be looked at and the best situation decided.

Of course there are many government run debt helplines that can help, but this would be a good place to start. There are many options from writing to creditors, talking to your bank etc before bankruptcy will seem the only solution

James Falla

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Re: BANKRUPTCY AND WORK
« Reply #2 on: Feb 22, 2011, 03:36:36 PM »
Hi Conwyman
 
Based on what you have said, it seems that your debt management plan is going quite well. If you have been paying £226 a month for 2 years this is c£5400 you have paid. Given your outstanding balance has reduced to nearly £14000 interest and charges must have been stopped so it looks like Payplan are doing a good job for you. Have you spoken to them about your debt to the electricity company? Perhaps this can be added to the DMP?
 
Given your are a home owner, you should not consider bankrutpcy until you have spoken to a debt management expert. I am not sure from what you have said how much equity is in your property. However this needs to be clearly understood. If there is equity in the property you could stand to loose your house if you declare bankruptcy. Can you confirm how much equity you have?
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