Money issues..

ste_bla · 18 Jun 2010 at 15:17

Right with me leaving Mrs last year and being unemployed for a short while I am well screwed just a little with regards to my debt. I do want to pay them off however I just cant afford the payments at moment, and was wondering who would I see to talk about options. A few people have suggested IVAs or Debt relief orders or such like and am a little confused what to do. Also there are so many companies doing IVA's etc not sure who would be trust worthy to deal with.

Cheers for any help

PhillyDee · 18 Jun 2010 at 15:21

CAB can advise on these sort of issues.

GinG · 18 Jun 2010 at 15:21

Or you could just go bankrupt? Guy here at work did, paid something like £250 and had all his debts wiped. 6 months later they have lifted the order and can start fixing up his credit score again.

Just as screwed going down IVA's than bankruptcy imo.

Malt_Vinegar · 18 Jun 2010 at 15:26

http://www.lovemoney.com/news/ivas-and-bankruptcy/is-bankruptcy-the-end-2082.aspx

Have a read

Dunks · 18 Jun 2010 at 15:31

GinG said:
Or you could just go bankrupt? Guy here at work did, paid something like £250 and had all his debts wiped. 6 months later they have lifted the order and can start fixing up his credit score again.

Just as screwed going down IVA's than bankruptcy imo.

Do people really see bankruptcy as an easy option these days? :confused:

dane3388 · 18 Jun 2010 at 15:34

Hope you resolve this soon.

Sp00n · 18 Jun 2010 at 15:35

Talk to the CAB, my brother is in a very similar situation to you.

DunK1 said:
Do people really see bankruptcy as an easy option these days?

Yes.

edscdk · 18 Jun 2010 at 15:35

DunK1 said:
Do people really see bankruptcy as an easy option these days?

if you have no assets it is an easy way out...

DailyGeek · 18 Jun 2010 at 15:36

Call the Consumer Credit Counselling Service first. www.cccs.co.uk

They are a charity backed by various financial institutions and can discuss various options with you. I've been with them for around 5 years with a Debt Management Plan which is slightly less destructive to your credit record than IVA/DRO etc.

All their services are free.

Wizzfizz · 18 Jun 2010 at 15:43

Bankruptcy should be the very last thing you do.

dannyjo22 · 18 Jun 2010 at 15:44

DunK1 said:
Do people really see bankruptcy as an easy option these days?

Too right, a friend of mine ran up 70k between him and his ex mrs. When they knew it was coming they went to 'town' literally with the spending. He lived in a council place and the only thing they took from him was a 4 year old vectra which he didn't own outright anyway.

The amount he had to pay back each month for 3 years was insignificant, it was beyond a joke tbh something like £50 per month. They made him have a bank account with no debit cards and after 3 years he was back in the game so to speak.

ste_bla · 18 Jun 2010 at 15:49

Bankruptcy isnt an option as would screw me more long term as a) loose current job b) waste of a 3yr AAT accountancy course

platypus · 18 Jun 2010 at 15:53

Didn't realise you'd split, bad luck.

aproctor · 18 Jun 2010 at 18:15

platypus said:
Didn't realise you'd split, bad luck.

Sad, but you know what they say.....

Too much, too young.

...You done too much much too young, You're married with a kid when you could be having fun.

4T5 · 18 Jun 2010 at 18:18

aproctor said:
Sad, but you know what they say.....

Too much, too young.

...You done too much much too young, You're married with a kid when you could be having fun.

That's quite Special

You need to earn more money Dude so what hobbys can you turn into a second income ?
Also go to the CAB office as they are Brilliant & there advice is accurate.
Good Luck.

Ironic Namesake · 18 Jun 2010 at 18:19

GinG said:
Or you could just go bankrupt? Guy here at work did, paid something like £250 and had all his debts wiped. 6 months later they have lifted the order and can start fixing up his credit score again.

Just as screwed going down IVA's than bankruptcy imo.

6 Months? I was under the impression if you go bankrupt it can take years till you can start building up your credit again, not just 6 months?

burtie · 18 Jun 2010 at 18:28

Ironic Namesake said:
6 Months? I was under the impression if you go bankrupt it can take years till you can start building up your credit again, not just 6 months?

My partner was made bankrupt in may 2007 and was discharged in December the same year. Your right It will take years for us to get any credit or repair the damage done.

bankruptcy is really not an easy option believe me, we can't have a mortgage and finding somewhere to live has been very hard.

If you can do It without then for god sake do It.

Chaos · 18 Jun 2010 at 18:36

Consumer Credit Counselling are very helpful.

Ironic Namesake · 18 Jun 2010 at 18:44

burtieb1 said:
My partner was made bankrupt in may 2007 and was discharged in December the same year. Your right It will take years for us to get any credit or repair the damage done.

bankruptcy is really not an easy option believe me, we can't have a mortgage and finding somewhere to live has been very hard.

If you can do It without then for god sake do It.

Yeah, I thought I read 6 years somewhere before, rather than 6 months.

DailyGeek · 18 Jun 2010 at 18:52

My post ^^ read it.