Diary of a Poor Person aged 46 1/2

kissjenn

Hi,

My understanding is that an IVA and DMP are two completely separate debt remedies. DMP can take years but an IVA is a softer form of bankrupcy ie not quite bankrupt but close - if it fails they can immediately apply to make you bankrupt.

Given OH's role as a director (and a financial director?) not sure if he can keep that while bankrupt. Plus the size of the equity in the houses will be an asset they almost definately go for.

Did they discuss the split of the debt? If it's heavily weighted to one party, that party can go bankrupt but any joint debts fall liable to the other person. In some cases that can be beneficial as the other oerson can buy the beneficial interest in the joint home at a nominal amount.

If Cyprus buys you out of a lot of the debt then a DMP based on selling Cyprus may be the best way to go.

Given the work you and OH have done in the past, do you have access to an accountant wh can advise you for a few hours. Your affairs are not run of the mill. You've large unsecured debt, a main and offshore houses with large amounts of equity, a business in wind up and OH potentially (sorry if I'm talking nonsense) in a position which may be untenable if he goes bankrupt. This isn't a collection of credit cards and easily self sorted from a legal standpoint. Personally I think the implications to you and your family are such that you must take professional (not debt company) advice. This is one area where spending money - use the shares cash maybe - will potentially save you tens of thousands.

KJ

Happytogetdebtfree

i have brain freeze i dont know what to suggest but im with kissjen she makes sense keep going strong xxx

mrscmr

kissjenn - i agree.. im bit all over shop currently
we will chat later if that s ok? my CAB is constantly on "we are busy " ring back"!

x

kissjenn

We've still got a date at eight!

I'll see what I can find about the English system, the SCottish system is different in just about every regard.

Off now to try the passport test again. May just kill myself if I've touch the side of a box again!!

Keep going...you're being very strong and there is a solution. Do your parents know how bad it is yet?

mrscmr

parents do not know full extent

Happytogetdebtfree

Why dont you be honest with your parents maybe they can offer some good advice maybe they have some money stashed away for you it lifts the weights a little x

mrscmr

ummmmm ahhh ummmm nooooooooooooooooooooooooooo
nooooooooooooooooooooooooooooo

ummm noooooooooooooooooooooooooooooooooooooooooo

nice idea but noooooooooooooooooooooooooooooooooooooooooooooo

Happytogetdebtfree

im sorry you feel like that, it must be hard on you hiding the true extent, when the time is right maybe.

beanielou

CAB cannot & will not advise on buisiness debts.Sorry.

mrscmr

soorrry should say here that the business debt thing has been dealt with. we just trying to sort personal debt.

on positive front got a days work for tomorrow! yay me!
ebay doing ok
im being hopeful
but then xmas is looming... oh boy... this will be tough but we will manage!

x