Prison looming with high debts & mortgages outstanding

shopaholic2639

Apologies I probably should have used a different word to not a problem, I just meant it doesnt have to be the end of the world all be it should be the very last resort after seaking proffesional advice.
I have known someone who ran their own business for many years, went bankrupt and a couple of years later was able to set their own business up again which included financial help.
I didnt mean to advise it was a good idea but just one to be considered if all other options fail, its better than doing nothing!

emd1987

You need to write to your creditors and advise of your situation. They will then halt the interest as the only income you will be recieving is prison income. You could (but may not be sucessful) in asking them to write off the debt all together.

In regards to your home you need to ring the CAB.

You need to get a copy of the Prison Service Order (4465)


Good luck in your sentence keep your head down and keep a diary, it will help you to have something to look back on every now and then and watch your progression!

rugbymum

angelflower wrote: »

Hi Adam

This is quite a complex situation and I would recommend you take advice from one of the free debt charities such as www.capuk.org, cccs or your local citizens advice shop.

I would also ask your solicitor regarding options regarding the properties.

Not sure if having issues on your credit record will hamper you more than the prison sentence to be honest as I would suspect going back to work in a financial institution may be challenging (depending I am sure on what the sentance is for)

If the option is there to go bankrupt, it may be something to consider. Morally after your release if you get back on your feet quickly, there would be nothing to stop you saving up and repaying the debts at a future date if this is something that you feel so strongly about.

Sorry cant be much more help at the moment but there will be others along shortly.

This post is the one you should refer to.
CAP are a FREE debt management charity and they take a holistic veiw of debt. They have many experts who will be able to advise, and they look at the whole family not just the pounds and pence! The other thing they will also be able to do is support your family while you are "away";).
Best of luck & take advantage of any opportunites while you are serving at HM pleasure, courses, library etc.

davek1

HI M8 drop me a private message. I may be able to help as have some experience of where you are right now. Rather not discuss on open forum but feel free to message if you wish

Dave