Author Topic: In debt for +-30 K, need advice  (Read 3842 times)

mike001

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Re: In debt for +-30 K, need advice
« Reply #15 on: Jun 15, 2011, 06:25:14 PM »
and out of the blue is it even worth it before trouble starts to explain the situation and propose to pay 20%of the outstanding debts that my partner would be willing to pay ?

James Falla

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Re: In debt for +-30 K, need advice
« Reply #16 on: Jun 15, 2011, 06:25:38 PM »
Hi Mike
 
If you have decided that bankruptcy is right for you, there is no need to delay. You can go through the process right away. It does not matter that you are up to date with our payments. What matters is that you cannot afford to pay them going forward.
 
In terms of the joint bank account, because it is joint, your partner will ultimately be liable to pay this anyway. As such, she should pay it if she can and then either take your name off it and keep it or close it. It should not remein open with bother your names on....
 
Let us know if we can be of further help :)
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James Falla

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Re: In debt for +-30 K, need advice
« Reply #17 on: Jun 15, 2011, 06:35:41 PM »
and out of the blue is it even worth it before trouble starts to explain the situation and propose to pay 20%of the outstanding debts that my partner would be willing to pay ?

You will not be able to do any deals with your creditors youself until the accounts have fallen into arrears. You would need to stop paying and then make token payments for 2-3 months. I know it sounds crazy but unfortunately that is the way most creditors work. Once they know there is a problem, you could then offer a settlement based on the alternative of them getting nothing if you declare bankruptcy. It might work but there are no guarantees n you will have to negotiate with each creditor seperately.
 
However, if your partner is able to offer a lump sum, an alternative solution might well be a full and final IVA. This could well work and could be presented straight away. It would also mean that you avoid bankruptcy altogether.
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mike001

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Re: In debt for +-30 K, need advice
« Reply #18 on: Jun 15, 2011, 06:43:35 PM »
Thanks for that but as far as i understand it unless it came straight from me, an Iva would not work,  let me explain: I call and ask for an iva, what is your income they will ask ? nothing will i reply but familly and friends will help and may be i could aford this way to get let's say 300 £ a month towards all the debts, first thing they'll say is no. I know i'm stuck, would you recomend going bankrupt and that's it ? i don't really care, just want to get it sorted and get a second chance.

James Falla

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Re: In debt for +-30 K, need advice
« Reply #19 on: Jun 15, 2011, 06:49:39 PM »
Hi mike
 
your understanding of an IVA is not correct. An IVA can certainly be supported by payments from a third party. I have arranged this type of solution many times for clients. I just thought I would mention it given you mentioned your partner has a cash lump sum and is prepared to offer this to help you. As such it could be used to settle your debt using a full and final IVA thus avoiding bankrutpcy.
 
However, on the face of it, unless you feel you want to make an effort to repay your debt, doing an IVA in this way seems a bit like your wife throwing away good money after bad. Bankruptcy would cost her far less and achieve the same result.
 
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mike001

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Re: In debt for +-30 K, need advice
« Reply #20 on: Jun 15, 2011, 06:53:38 PM »
Thanks ever so much.
First i wish to thank you both for your help and will think about it very shortly and let u know for further people in trouble.
May i ask you, who should i contact to get further advice as mentioned ?
thanks.

James Falla

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Re: In debt for +-30 K, need advice
« Reply #21 on: Jun 16, 2011, 11:05:24 AM »
No problem at all Mike
 
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mike001

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Re: In debt for +-30 K, need advice
« Reply #22 on: Jul 31, 2011, 12:07:39 PM »
Well here comes the update :)
I have now been declared bankrupt for +-2 weeks.
I wish to thank James for helping me go threw the papers and continuing support and advice.
This is how it worked out for me:
filled in the forms with james and then made an appointment at the court ( within a week )
Went there, didn't see a judge, just saw the office clerk that took the money and quickly went through the forms and that was it.
Took less than 10 minutes !!!. I have to say that missing a payment for the first time, the banks started calling at all times just within a week !!! It seems it takes about 2 months until they get the info, unless you respond to the phone calls or letter and tell them to call the official receiver.
I then had 10 days later my telephone appointment with the OR. I was extremely nerveous as all this is a big shame for me.
The lady was very very nice and within 20 minutes it was done. I was concerned because i did do some gambling but she didn't care. I was worried that my bankruptcy was going to last for longer due to this but it didn't.
I still get alot of letters,...but i have been told this will go down in time.
Thanks again to James at beat my debt for everything.

James Falla

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Re: In debt for +-30 K, need advice
« Reply #23 on: Aug 03, 2011, 05:17:39 PM »
My pleasure mike001. I am really pleased I could be of help.
 
janina, in response to your comment, bankruptcy should never be seen as an easy step to take. It is true that it may well be a sensible solution to consider particularly if you have no property or other assets. However, there are many pros and cons to consider so before deciding to go down the bankruptcy route.
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