I'm in a mess

johnb80

I'm in a mess and I really don't know what to do.

Brief history, I was a network manager until 2 years ago when I was made redundant. I retrained as a driving instructor and currently operate a small driving school but it's hard to make a living because youngsters can't afford lessons.

I have a small IT business (established 12 years and is a LTD company), still can't support me fully.

I have retrained in an area of work that will take me offshore and provide realistic earnings in the first 6 months of £40k and after that circa £70 - 80k per annum. I have been for 2 interviews and a third one in Dubai shortly. I am awaiting the outcome but it looks promising. My CV for the work is excellent and very unusual to have my combination of skillsets, downside is I'm 58 years young.

I have been to my bank to explain the situation - I can't currently meet my debts and requested an extension of my overdraft and basically no one is listening about whats just around the corner.

Soooooo, I'm going to write to my creditors and offer a minimal amount, my driving tuition vehicle may get collected by the finance company so that will remove one of my revenue streams and then if a job doesn't appear shortly declare myself bankrupt.

I can't think of any other way out, I'm depressed, worried, can't sleep and feel my backs against the wall.

Any advantage with an IVA over going bankrupt?

Regards - J

PippaGirl_2

How much are your debts? What assets do you have?

Might be worth putting up your SOA here and people can advise you on the best action perhaps though you should get proper legal advice too.

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

To write your SOA use this MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

johnb80

PippaGirl wrote: »

How much are your debts? What assets do you have?

Might be worth putting up your SOA here and people can advise you on the best action perhaps though you should get proper legal advice too.

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

To write your SOA use this MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

Sorry, not thinking straight, feel like topping my self at the minute

Income is around £2600 per month


Outgoings
Mortgage 1100
Driving School Car £408
Insurance £65
Fuel £400
Leccy & GAs £100
Council Tax £140

Outsanding mortgage circa £130k
Overdraft £3k
Loans outstanding £8k

Creditcards £18k

I don't know how I managed to make such a mess of it all after all these years. Property value circa £300k but thats another story, it's not saleable at the moment.

J

IF

Hi johnb80, I would contact BDL.

Please ring the BDL freephone number, bear with them as the number is often very busy.

Business Debt line - Click here

Best wishes
If...x

johnb80

Made the call today to CCCS, they were really helpfull and very reassuring. Their advisor is going to call me back later this week when I've prepared some figures for him.

I'm so glad we made the call today.

John

DevCoder

Well done John and keep your chin up, come here for support if nothing else

PippaGirl_2

Well done for making that call, that was the first step in the journey up!

johnb80

Just a very quick update.

We are still working with CCCS (Now Step Change), the advice from them and you guys on here has been brilliant. Im now pleased to report that I do have a job offshore which will easily allow me to pay off my debts over the next 2 years.

I can't thank you all enough, if it hadn't have been for you guys I wouldn't have called CCCS and the outcome may have been so different - Thank you all.

John

TheGardener

:T Well done you!!! Thanks so much for coming back to post that news here - it means so much not only to us who are already BR and living with it and can just about see the light at the end of the tunnel - but also to those folk who watch and read but don't post and like you did - think there is no way out. ...Onwards and upwards :beer: