Help and advice needed please

lostangel

Hi,

I am considering an IVA or bankruptcy and would appreciate some advice on what would be best. My situation is that I have about £45k worth of debts in loans and credit cards which my ex-partner totted up during an abusive relationship transactions under duress and fraudulent transactions. I am currently in contact with the police and the banks about the fraud, and am getting nowhere fast, am also waiting on the police to finish their investigating until my debt counsellor can progress the transactions under duress with the banks, but even that isnt that hopeful. Hence the position I am in now, I earn about £1100 a month and the debt minimum payments are about £950 a month, currently I am borrowing money off my mum but cant do that forever, a solution is needed. It is affecting me mentally and physically (Anxiety, depression and IBS) and it is affecting the relationship i have with my new partner. My thoughts are that I cant wait for all the banks and the police to make a decision about what they are going to do i need to do something.

Sorry for the rambling but if anyone has any advice, or experience on where i should go from here that would be great. Also any ideas on how IVAs or bankruptcy will affect my current partner as obviously the debt isnt his but we live together.

p.s im in the process of selling my house which i own with my mum in order to relocate, owe her the equity in the house for all the help she has been giving me. Going to rent, think that is also the best option, but would appreciate advice.

GEEGEE8

As long as your partner doesn't share any debts then he is in the clear (so to speak).

Your mum won't have a financial association with you once you sell the house, as far as I'm aware.

The bankruptcy is not linked to a house anymore, just to the person.

confused76

hi there and welcome
i'm sorry to hear you're having such a rough time

my first thought is if some of the debt is through fraud, why haven't the creditors suspended payments? have you spoken to them and explained the situation?

i think you should also speak to one of the debt charities, the national debtline, cccs or the cab. you need to find out what your options are. i spoke to the national debtline and they were very helpful

i'm just worried that you might go for an IVA or bankruptcy, when if the police sort it out it could be avoided. however, i can tell that it is really getting to you so understand you want it sorted asap...

please take some advice x

GEEGEE8

Seems quiet on the boards today, but I'm sure some of the regulars will be along to help at some point..

dojoman

Is the house in your name or your mums?

lostangel

Dojoman - my house is mine and my mums name

lostangel

confused76 - Thanks for your advice, i have gone to the banks with regards to the fraud, they are ignoring me at present saying that it is a civil matter, am pursuing it at present.

Geegee8 - thanks again for your advice

GEEGEE8

Bump !

Any more advice for the OP?

beentheredonethatstilhere

Have you spoken to any of the debt charities? This is very important as you need to take professional advice asap. If you click on the red link in my signature you will find the details of them in the first post of that thread.

I agree with GEEGEE that if you can prove fraud and avoid bankruptcy or an IVA it will be a lot better.