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£33,000 in debt IVA or bancruptcy HELP
murph524
Posts: 6 Forumite
Join Date: Sep 2006
Post Count: 2
Thanked 0 Times in 0 Posts £33,000 in debt IVA or bancruptcy HELP
I owe £33,000 on 6 credit cards it has got to the stage now when im late on a lot of them. I just cant keep up with the rising payments. I was wondering should i go and see cit advise bur about it or go to one of the iva places about a iva. Could anyone tell me the advantages or disadvantages of a iva.
Or does any one have any good ideas for me. Im self employed the household intake is about £12,000 offically after tax ( I currently pay about £900 a month on credit card payments.
Could i sell my house pay off the mortgage then go bancrupt thus getting rid of credit card debts
Post Count: 2
Thanked 0 Times in 0 Posts £33,000 in debt IVA or bancruptcy HELP
I owe £33,000 on 6 credit cards it has got to the stage now when im late on a lot of them. I just cant keep up with the rising payments. I was wondering should i go and see cit advise bur about it or go to one of the iva places about a iva. Could anyone tell me the advantages or disadvantages of a iva.
Or does any one have any good ideas for me. Im self employed the household intake is about £12,000 offically after tax ( I currently pay about £900 a month on credit card payments.
Could i sell my house pay off the mortgage then go bancrupt thus getting rid of credit card debts
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Comments
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Morning Murph.
I don't think anyone can advise on an IVA without seeing a statement of afairs,when we know your whole situation we would be able to help more.
Get yourself a cuppa and do an SOA,then we'll take a look and see the best course of action.
Good luck!
LIHDebt at highest £102k :eek:
Lightbulb moment march 2006
Debt free october2017 :j
Finally sleeping easy in my bed :A0 -
Hi murph, and welcome to DFW. I echo what has been said previously - post a full SOA.
One word of advice though - you say your income is 'officially' around £12k, but you do 'earn a little more' - this site is not about avoiding income tax and comments like that may not be well received.
Good luck
Rog2I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
I owe about 43.000
Was reommended to go for an IVA,but took out a DMP instead.....this was with CCCS.
IVA just seems to controlling,and going bankrupt,well that should only be considered as a last resort.0 -
i agree with part of this but there are hell of a lot of self-employed people out there who does this rather than it all going to the tax man. Think most of them do it too survive, just like my neighbour.:A Tomorrow's just another day - keep smiling0
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raq wrote:i agree with part of this but there are hell of a lot of self-employed people out there who does this rather than it all going to the tax man. Think most of them do it too survive, just like my neighbour.
I agree - it was HMRC - Inland Revenue that made me bankrupt and I wasn't even surviving :mad: :mad: Just so other people don't get the wrong idea it might be better to edit out that reference.:beer:I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Hi. Just popping in with some essential advice. We can't help outside of some advice here and there but grab the bull by the horns and speak to CCCS or Payplan. Both are charities who will give you great advice for free and will set up various plans for you for free as well. They're totally non-judgemental and just about everyone who gets an appointment with them feels much better afterwards. It helps so much to fully understand your rights and options.Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0 -
Just to second James23_uk comment - best course of action would be to contact CCCS or Payplan for some expert, independant and free advice. The links for both are at the top of the page.0
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