bankruptcy and property

dipsy

right have asked him to fill in statement of affairs, and will post back once I have the info

the way I see it at the moment and want to know if this is a sensible option or viable, this is what I was going to suggest to him

Get the 7k that is coming your way and put it away

Write to your creditors

i.e. 3 in total and explain that you can’t pay, ask for the interest to be frozen, put forward a payment plan and ask for Full and Final Settlement figures so that you can work to clearing the debt, this could mean reducing the amount owed to each of them and any monies you pay to them would come off the capital.

Also was going to sugest this:

Look at doing online shopping with Asda so it is delivered - I do this and spend lots less as I don’t impulse buy and you can check prices easier so you buy things that are better value per unit. – you can get free delivery codes all the time HERE

this is due to his food/cleaning etc shopping being £100 a week which I thought was really high as it was him and partner and 2 kids for 4 days per month and now it will be just him and 2 kids for 4 days per month

am I making this too simple and not fully understanding how things work?

comments welcomed

thanks again to you all, most helpful

sieve

Sounds like a plan. But as others have said, it's fruitless you doing this for him - he needs to do it himself really as if you guide him through the process - as nice as the gesture is - he won't really learn what's going on and may not have had his lightbulb moment as you've had it for him.

Going out on a limb here, if your friend is you, then there is absolutely no need to feel like you have to hide it from us, I cocked up and am going bankrupt next month, and you'll find that we can be much more supportive as people are naturally going to be more sympathetic to the person concerned rather than to their friend who is doing okay, as nice as their friend might be.

I'm not for a minute saying that's the case here, but if it is, you really don't need to be worried at all. And if it isn't the case, then suggest your friend starts posting here too so he can see how supportive this group can be too.

All the best,

S

debt_doctor

The plan you desrcibe is a debt management plan (DMP) It is not legally binding and any creditor could take court action at any time. Some would stop interest and charges and others wouldny. Most would send the debt to a collection agency.

It is unlikely, especially initially, that they would accept full and final, this is sometimes considered later.

This should be considered as an option alongside others, but what is best is dependent upon individual circumstances, and he wil need to contact a debt charity for advice.

DD

dipsy

sieve wrote: »

Sounds like a plan. But as others have said, it's fruitless you doing this for him - he needs to do it himself really as if you guide him through the process - as nice as the gesture is - he won't really learn what's going on and may not have had his lightbulb moment as you've had it for him.

I hear what you are saying.... was just trying to help where I could

Going out on a limb here, if your friend is you, then there is absolutely no need to feel like you have to hide it from us, I cocked up and am going bankrupt next month, and you'll find that we can be much more supportive as people are naturally going to be more sympathetic to the person concerned rather than to their friend who is doing okay, as nice as their friend might be.

It is actually my ex husband, him and his girlfriend split up and he has been left in a bit of a pickle and so am trying to help him sort it out as we have two children so I have a vested interest in making sure his finances are in order and we do still get on and I don't want to see him suffer unnecessarily

I'm not for a minute saying that's the case here, but if it is, you really don't need to be worried at all. And if it isn't the case, then suggest your friend starts posting here too so he can see how supportive this group can be too.

I will suggest it, but I don't think he will, he is a very private person, but I will suggest it nonetheless...

thanks x