Don't know what to do, help!

billybarry

Hi All

I hav total debt amounting to about 70k. None of this is fraudulent or through gambling. It is from a mixture of setting up a new company and my partner taking 5 years off work to bring up our son.

I was in an IVA for 1 year but I couldn't keep up payments when my company folded, that IVA failed last September, but that last time I had actually paid into it was November 2007.

So far no debtors have chased me, I suspect it is a matter of time. My partner owns the house, it's in her name but I suspect that might not make it safe as I earn more than her and contribute more to the houshold.

I was intending to go bankrupt, I even had my SOA sorted with the help of some kind members from this site but now I don't know what to do.

I am tempted to sit it out for another 4.5 years and hopefully it will then become statute barred. How hard can they make life for me? I have no assets, a reasonable income now but it is nowhere enough to make a dent in the debt. Nothing short of a lottery win could do that.

What do I do?

Thanks for reading.

DON79

Hi billybarry - what you decide to do depends on how strong a person you are really. Can you cope with four and a half years of creditors making your life a living hell? You would need to be prepared for the letters, phonecalls, possible court action like ccj's, bailiffs if you fail to pay the ccj's, charging orders over any property you own. This is only what your creditors can do, please also consider the physical and mental effect that this will have on you and your family and relationships - can they survive the stress?

If you can cope then well done to you. If you are undecided why don't you try talking things through with national debtline or cab if you have not already done so? Maybe just talking it through will help you come to a decision about the best thing to do?

Either way, all the best for your future.

Donna

So_Sad_Angel

Hi Billybarry,

Agree with Donna as the pressure will increase at some stage & can be very stressful.

Call one of the debt charities to get an informed assessment.

On the subject of your partners house...if you live, and have contributed towards it, then you will be deemed to hold an `equitable interest` therein. This may or may not be the case & I would strongly advise you get advice on this....whichever route you take.

If you do nothing & property prices recover over the next 4 / 5 years then this could work against you if your creditors step up the pressure in the future.

Hope that makes sense.

Angex