In Deep Doo-doo

Anders22

Hi all,

A while ago I became very ill with stress and depression (diagnosed) and left a highly-paid job. I had some debt at the time, but was able to pay for it. I took some time out, and basically lived off credit cards for a while. Very stupid, but I was in denial, wasn't well and didn't want to claim benefit and it was a case of 'I'll go back to work...soon...'

I am now 30k in debt, and owe money to 12 creditors. Accounts are in default and it won't be long before people come knocking. Although well enough to work, I am basically doing minimum wage work (best I could get) and do not have enough money to initiate a debt management plan with the CCCS. Basically, I have 24 pounds disposable a month. So, bankruptcy has been advised.

Problem is, I could return to my old job and do supply teaching - but I couldn't gurantee how many days I could do or if I could be well enough to do it for a long period of time. What if I had a relapse? And what if I had to go through all the stresses, just to live off bobbins while getting more and more unwell again?

I want to avoid this, and an IVA, if at all possible. Is there any other way? I'd love to say that this isn't making me worried.

Help!

catspaw

Morning, didn't want to read and run.
First thing to do is post you SOA on here and people will help you cut down- can't put the link on here as I am technologically incompetent!

2nd, there are template letters on here for you to manage your own debt- a lot of people send their SOA to their creditors ( I do as well) with token payments ie £1

Good luck

RAS

Welcome.

You need at least £150 per month for an IVA, so that really is not an option if you only have £24.

If you return to supply teaching and you income increases a DMP would be a safer option, as the amount you pay can be reduced if your income reduced again or you had to take time out from supply teaching. By comparison an IVA is inflexible as your creditors have to agree the reduction which they will not do for any length of time unless the amount is above the limit and if you stop paying the usual route out is bankruptcy.

Anders22

Thanks. What's a SOA?

BeautyandtheBeast_3

SOA - State of Affairs,

Why not return to teaching properly - i.e go for maternity contract??

Fire_Fox

http://www.makesenseofcards.com/soacalc.html