Debt=IVA-bankruptcy -DMP? which one?

paulpaulson

HI,


I am having a few (to say the least) problems and trying to sort out everyone properly. I am badly in debts, this has happened over the past 15 months where I have “lost the plot”, I have not blown the money on luxuries or anything but simply blown it, I was on an auto destruction course (I have now been diagnosed with depression which would explain my erratic behaviour, however it does not excuse all the wasted money).

I am now in a situation where I am unable to cope with the sums I owe to different creditors, and starting to struggle big time. I still somehow managed to keep up to date all payments however today my “payment” account was cleaned by one of my creditors to pay some of the debts I had with another account held within the same institution, which means that for the next 4 weeks I will not have any money to pay for all the DD which I have (with clear consequences).

I do not own a house and not own anything valuable, the only thing would be my car which is probably worth it about 1300 pounds. Originally I am not actually British but Italian; however I do not really have any ties with my family over there(and I would prefer I would keep it in this way anyhow). I am trying to avoid bankruptcy as I would try to pay at least some of my debts back (I would pay everything if I could……), I have seen IVA and that would allow me an affordable amount which in the long term would provide the creditors with at least some of the money I owe them…… I am not sure if my name or anything is linked to anything which is owned by my “natural family” abroad, and to be fully honest I would prefer to avoid having to have any contact with them as I literally closed all ties (the only person I was in touch with was my mum but she passed away about 16 months ago).

All together I owe around 45K and the interest alone takes most of my wage earnings away, I have been able to cope until now using the usual funds available from other cc or my savings but I am now in a situation where if I do not do anything in the next 2/3 months I will not have enough money even to pay for the council tax.

Would IVA advisable for myself or a DMP?

I owe

9k HSBC Loan
7K Egg loan
6K MBNA CC
3K Natwest CC
12K (long story on this one HSBC overdraft)
4K Egg credit card
1K (as form this month Barclays CC)

Until 2 years ago my credit rating was immaculate and I actually had about 30K in savings (but due to what has happened all has obviously gone).

I know people would be wondering what possessed me to literally do what I have done (and I ask myself the same question every single second of my life)but I know what has done is done…and as ashamed I can be there is nothing I can do to put the clock back. Could anyone advise on which one would be the best route for myself to take? (Apart from topping myself up, which has been already tackled by my counsellor)….thanks

I_luv_cats

Do a realistic budget a must!! THEN

CCCS do an online debt counselling so try that for a start.

Also ring 0808 808 4000 National Debt Line or visit CAB


you normally live in, or within the previous 3 years have had residential or
business connections with, England or Wales for Bankruptcy

Numpty_Monkey

The forum is just getting back online after a big computer type thing:o

You have lost the plot, welcome to the club:D:j:T

Bankruptcy, IVA DMP,DRO, they are all differnt, Sometimes it takes a change in budget and a few little tweeks that the good and clever people can suggest.

the best thing is to get in contact with a non fee charging company,

One of these
Free & impartial debt advice: National Debtline | Consumer Credit Counselling Service (CCCS) | Find your local CAB

paulpaulson

Lived here for over 16 years now.

lilybleadon

i just wanted to say that i am in the same situation and i just wanted to say hello. i have no idea what to do for the best and just need some help and advice and have been to see the citizens advice bureau. i just wanted to know if the others on here agreed with what they have said.

Numpty_Monkey

I can't see any reason that living here for 16 years will cause any problems

boo80

Hey Paul, don't panic, you can sort it all out. Call National Debtline in the morning, they are brilliant, they'll give you some great advice and we'll all give you great support. Can you get to the bank in the morning? Open a bank account that is not related to any of your debts, your bank is within it's rights to take whatever you owe them out of your account without your permission if you hold your current account with them, as has happened to you this month. Natwest will let you open an account without too much fuss or many questions. If you call your creditors and let them know you are having trouble making payment this month (I think) they'll go a lot easier on you than if you simply miss the payments.

I_luv_cats

I did the CCCS online debt remedy and then I phoned them with the ref number.

They were brilliant as they had all my figures to hand and they wrote a supporting letter to get £££ from a Trust Fund to pay my BR Deposit.

paulpaulson

thank you.... I am in the process of doing the debt remedy and hopefully I would at least know where I stand....as I know the longer I leave it the worst it would get ........I will finally be able (maybe) to take what is left and plan ahead .....as at the moment it is just a dark tunnel with no light

Numpty_Monkey

There is a light at the end of the tunnel
Which tunnel that will be worked out, and someone on here will have been down it, or going down a similar one