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Advice needed please
SashP
Posts: 13 Forumite
Hi everyone, this is my first post but I have been following these boards for a while now.
My boyfriend is currently in debt of around £20,000 and he is with a debt management company to help him clear this. However, he is only able to afford £90 a month towards this so it will take a very long time to clear. He looked into IVA's but was told he would not be able to take this route as more than 75% of his debt is a single creditor. He is now looking into applying for bankruptcy but is not sure if this is the best route to take.
Can anyone advise of any other options he may have or whether bankruptcy would be the best idea?
Any help would be much appreciated
My boyfriend is currently in debt of around £20,000 and he is with a debt management company to help him clear this. However, he is only able to afford £90 a month towards this so it will take a very long time to clear. He looked into IVA's but was told he would not be able to take this route as more than 75% of his debt is a single creditor. He is now looking into applying for bankruptcy but is not sure if this is the best route to take.
Can anyone advise of any other options he may have or whether bankruptcy would be the best idea?
Any help would be much appreciated
0
Comments
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Welcome to MSE, what's the name of his debt management company?he is with a debt management company
Re BR / IVA does your OH have any assetts?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
I had a feeling it might have been, take a look at the red text within my signature.Gregory Pennington
I doubt an IVA would be applicable to him, IVAs are only applicable to a very small % of people, one reason for an IVA is having an asset to protect like a property.In terms of assets, all he has is his car as he lives with his mum and has no savings.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
I had a feeling it might have been, take a look at the red text within my signature.
I doubt an IVA would be applicable to him, IVAs are only applicable to a very small % of people, one reason for an IVA is having an asset to protect like a property.
Thanks, I'll take a look now. So realistically the only options he has are either to file for bankruptcy or pay off the debt over the next 20 years, am I right?0 -
If he goes with a non-fee paying dmp company as in 10p6's signature, he may be able to reduce the term as he won't be paying a big chunk to GP every month.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Basically yes, this forum has countless threads re members who've been mis sold an IVA.So realistically the only options he has are either to file for bankruptcy or pay off the debt over the next 20 years, am I right?
A new member has just posted seeking advice about being mis sold an IVA.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Basically yes, this forum has countless threads re members who've been mis sold an IVA.
A new member has just posted seeking advice about being mis sold an IVA.
Ok thanks very much for your help I'll get him to look into the alternatives listed in your signature as we know that bankruptcy is a last resort and should not be entered into lightly. 0 -
You're welcome
If you have any debt questions, post in the forum you're in now
If you have any BR question, post in this forumClick here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0
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