£37000 of debt what would you do?

Chigs362

@ hanna the trikes are Bonds worth a bout a grand each, bikes a grand in total as is , vans a grand each

dancingfairy

Hmmm well - a dmp may be an option but with 387 a month to split between your creditors and with your debt it's going to take a long time to pay off.
Bankruptcy - might not be the best idea as you have quite bit of equity in your house. I'm not sure whether you would loose the house or be expected to release the equity or what.
IVA - an IVA might be worth looking at - but check with a debt charity and then shop around - see the IVA board.
DRO - too much debt and you own your own home.
It might be worth investigating remortgaing and putting the debt against your home - obviously this is not ideal and you would have to crunch the numbers to see how much your mortgage would be and you would be at the mercy of rate rises and you would have to make sure that you do not build any more debt up and that you can afford the mortgage as I would hate to put your home at risk but it is worth considering.
Just a few thoughts - it might be worth reposting your SOA on the bankruptcy boards and IVA boards as they are likely to know most about those options although the cccs will go through everything with you.
df

Chigs362

petrol is part of bissness yes
@Redsam good luck to you too,
@demon thay just kicked me off ebay thay aer holding on to £1200 of my money for 6 months, opened a new account sellin stuff as we speek thankyou.
@baily my bill was 39 untill the girlfend moved in, hairdriyer ect. life inshurence is also my indowment policy, and have to have some fun I can cut back a little there but working in a pub im sort of expected to join in its part of my work.oh and all cards maxed out.

Chigs362

Thankyou dancing firy I have looked into remorgage but as I missed a payment or two thay dont want to do that, I will look into the other options thanks.

Hannah_10

James if I do the maths again you're still likely to end up paying twice what you need to. If that's fine by you it is however you should still be aware of the following...
The "service" you're paying for isn't even gauranteed to happen, if you wanna see them I can give you examples of people who've posted on this forum because they had a defaults registered against them (sometimes every month for years) where the DMC (debt management company) didn't pay the creditor on time. Or other posts where no creditors were paid at all. Others still where they didn't send statements like they promised, or the guy who was told his debts would be made unenforcible (made to go away basically) if he paid a fee, only to then be told the law changed. That last guy is jumping mad at them!

There are template letters on the forum and if you paid a private clerk they'd be charging you a fraction of what the DMC are charging... Provided what they are offerring is indeed what I first thought, because now the figures have changed I'm wondering if they don't mean an IVA after all? I had previously discounted it because an IVA takes 5 years (60 months) which was nothing like 3 years... It's still nothing like 43 months either mind you.

Yeah you have to do an F&F to each creditor in one payment, but what a lot of people whose credit rating is already shot do is save it, let the debt go unpaid in the mean time, then do the F&F. Letting the debt fester a short while only brings down the level they'll accept.

About the dyslexia, we've got template letters you just fill in the blanks on, so have the charities.

Chigs362

Thanks hanna will stop paying them, see what happends and go find those pree printed letters (link maby) and wait to see what the CCCS say

Hannah_10

First thing to do is see what the CCCS say, they should at least know if it's a DMP, an IVA or what's going on.

Also, all these £50 bikes you've got lying around, not got a VFR or a YZF750 in there have you?

TDQO

My little input...

The bikes are worth a damn sight more than £50 each!! To get the most out of them you need to strip them down to their individual parts. A radiator on its own can be worth £200, wheels £100 each, brake discs £50 each etc etc...

Chigs362

@Hanna I sold my vf last year not and the spears on ebay I had for it and no yzf's
@tdqo only one of my bikes has a radiator most are rm6's and most worth less than £50

Chigs362

but I will gladly sell you 5 bikes for £50 each if you like tdqo?