am i on the right track? and any further advice?

MsLouise_2

hi all.

im at the start of considering what to do about my £23,000 of debt.

Basic info - I have no assests and have been dealing with payplan ( at the point of letters have been sent to me to send onto creditors and i've just opened a new bank account).

Ive been reading on here that maybe my best option is Bankruptcy to get out of this mess as soon as possible.

ive just been reading through my employment contract - i work as a contractor so use a managemnet company and it states under TERMINATION - The bankruptcy of the employee.

my employment is a temporary thing for a couple of months bit of a long story but i can stay here until I find something else.

Ive just managed to speak to national debt line (lines were busy) the man i spoke to said payplan have really advised wrong as an IVA isnt really suitable for me. and my only options is to negoitate with my creditors myself or BR.

After speaking to him my head is a little clearer that my best option is to negoitate with my creditors for now whilst I see what happens with my employment. then reconsider BR is a couple of months if. ( do you think i'm on the right track)

National debt line are sending me letters out to send onto my creditors. Now i have a new bank account set up with Alliance and leicester. do i transfer all my cash into the new account and send the letters out? im so scared.

any advice much appreciated.

fermi

MsLouise wrote: »

After speaking to him my head is a little clearer that my best option is to negoitate with my creditors for now whilst I see what happens with my employment. then reconsider BR is a couple of months if. ( do you think i'm on the right track)

With no assets that does seem the right way to go.

There is only ever a point in an IVA if you are trying to protect assets or a job that you can't go bankrupt with.

PayPlan do sometimes seems to be too eager to push someone into an IVA.

Obviously, if in the long term you need a job where a current or past bankruptcy is impossible then that may not be an option.

But in the short term, making offers to creditors as advised by NDL is probably best.

jakjo

OR didn't speak to my employer, I work as a contractor under an umbrella company. He called my lanlord to ask if I was living there only. Why have the hassle of an IVA when you can clear it with bankruptcy? As long as you take responsibility for your debt and make ammends from your mistakes (i.e don't do it again) then BR is your only option I think.