Don't know where to start

Jill_Kennedy · 23 October 2007 at 7:56PM

I was working as a lawyer but due to stress and family issues ceased doin so last year. I have since managed to start an alternative career whic is going well.

I had some debts from my previous partnerships and did not work for a couple of months due to the above problems. I had to purchase some business equipment but was coping. I then got a summons from my previous firms for £75,000. I have insturcted lawyers to act but have had to stop using them as they were too expensive. I used an IP from one of these country advertised debt agencies but this had conversations with the firm and they have refues to entertain a IVA

I do not know what to do now. I have 25K equity in my property rest owned by husband. I have £45,ooo unsecured debts and this new debt. If I don;t go bankrupt what will happen. I dont want to as my dad is elderly and shock would kill him. Drive up the M1 thinking of ending it. I have already taken one od

Contacted National debt helpline they wont give specific advice. All cos seem edgey cos i am self employed

Who sholud i go too

RAS · 23 October 2007 at 8:07PM

hiya

Welcome

There are people here who have started with bigger debts, so that is not the end of the world. How would Bk affect your abilty to work?

I would suggest that you go over to the Bk and living with it board and post there as well. And have a look at the little step by step guides above. Some of the other debt charities will work with the self employed, so read non-profit debt counselloers list.

then go to the first post on the forum, look up th thread for first time posters and put upyour SOA. you need it anyway but it will help people work out what can be done

RAS · 23 October 2007 at 8:12PM

two threads going. Can we all post here http://forums.moneysavingexpert.com/showthread.html?t=582811

Ta

MissKJ · 23 October 2007 at 8:46PM

Jill, I am bumping you up as there are more folk online now to support you. please take a look at the other posts and see that things seem bad right now, but can and will get better as long as you start now. You haven't really explained enough though, what do you mean the other half of your house is owned by your husband, you are in a partnership with him are you not? Is it all being kept a sectret, 'cos thats no good....

Come on, tell us more and we will help you.

cybus · 23 October 2007 at 9:40PM

http://www.iva.co.uk/

I would recommend a visit to this site. There are lots of pointers to be found from the posts. There are actual IP's on the site too. They offer what I consider to be unbiased advice and are not there to tout for your custom.

Larumbelle · 23 October 2007 at 9:53PM

Hi Jill

I can't comment on the summons because I'm not sure if I understand correctly, but I wanted to say hi anyway :wave:

Can you post a SOA and we can take a look at how we can help on the other fronts? I know I say it all the time but this is an anonymous, supporting threat from people who do or have had mutual problems. If you wanted you could get a new username and post it under that

Other random thoughts:

The NDH is not the be-all and end-all. There are other people to approach - check out the links at the top of this forum

Your finances are your business, and there is no need for your father to know

Having said that, you might well be surprised how well he took it if you asked. You should not feel ashamed. We make mistakes. That's what people do. We learn from our mistakes. That's what makes us great people.

There is always a way out that doesn't involve The End. Right now it doesn't feel that way, but trust us, there is. We are here to help and support you x x

Sending a :grouphug: your way

x x

chevalier · 23 October 2007 at 10:17PM

Rog couldn't get the other thread link to display so on here instead.

"I had some debts from my previous partnerships and did not work for a couple of months due to the above problems. I had to purchase some business equipment but was coping. I then got a summons from my previous firms for £75,000. I have insturcted lawyers to act but have had to stop using them as they were too expensive."

Hi there. Were you a partner in a law firm? At how many firms? Is this why they want 75k back from you to buy yourself out of the partnership? Bit confused by that

. Also don't understand why you need a lawyer to act for you if you are one? Or is it a different specialism?

"I used an IP from one of these country advertised debt agencies but this had conversations with the firm and they have refues to entertain a IVA"

Okay have a look at either CCCS or Payplan (links at the top of the page). They are free impartial and will tell you what is best for you not the IP's pockets! The firm must also know you well, because if they won't entertain an IVA they must know how much you hate the idea of BR. So they are using their knowledge of you against you if you see what I mean. Someone should point out to them that if you don't do an IVA or debt management plan (DMP), and you go bankrupt then they will get nothing or pennies in the £, so they will lose!

I hope that you can sort this out with your OH too. Does he know all the ins and outs? If you are financially linked (ie joint mortgage, joint bank account etc), if you do go down an IVA /DMP route, then it will affect him too I believe. Ie in terms of his credit score.

best of luck sorting this
chev

Jill_Kennedy · 8 November 2007 at 9:53PM

Hi I dealt with property matters so know nothing about debt or litigation.

I earn £3500 a month
have £1700 outgoings before debts.

Owe £45 to various credit cos and banks.

Balance to previous law firm.

Don't know where to start

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