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Proceedures
studdmuffin2
Posts: 2 Newbie
My son and his wife have got thenselves into problems with money and currently have a debt of around £30K inclusive of everything, car, loans, Cards etc. They have a property which they have a mortage on and do not want to loose. My question is which way to go in order that they do not loose the roof over their heads.Borrowing more is out of the question, IVA and Bankruptcy may be the only solutions but where do you go for honest advice?
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Comments
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Heres a good place to start :cool:
Or national debtline if they are struggling.
Plenty of people on here are paying off more than 30k without IVAs or bankrupcy, in order to try and preserve thier credit ratings.
Who knows what the situation is with bankrupcy & mortgages? Someone on here will know more than I, its not something im that well up on at the moment.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Two years ago I had over £40k in unsecured debt, a smaller secured loan and a mortgage. Lightbulb finally came on and I realised that I had to do something and fast.
I contacted CCCS and they were fantastic. They helped me to draw up a realistic budget. They helped me to contact my creditors and offer them payments through a debt management plan.
Life wasn't easy for a while, got loads of calls/letters from the companies that I owed money to looking for me to pay more - but as CCCS reassured me - if I didn't have it they couldn't have it!
Two and a bit years further on and my debt is reducing steadily (go into each new year owing significantly less than I did the year before) and I've still got my house.
Credit rating is shot to pieces - but is that such a bad thing? Can't imagine myself getting into debt in the future. I've learnt my lesson.
Suggest to your son and daughter in law that they call CCCS and see if they can help. Your son and his wife have to be committed to reducing their debt though. It isn't an easy option but as you can see from this site - people are around to help.0 -
The main options for impartial advice are:
Citizens Advice Bureau - although some are very busy
Payplan - https://www.payplan.co.uk
CCCS - https://www.cccs.co.uk
National Debtline
Or you may have local money advice charities, contact your local council as they may have details of some.
HTH0
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