We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
I'm desperate. Will anyone help me?
Comments
-
Compensationitis wrote:Bankruptcy should be your last resort only, have you been to see an Insolvency Practitioner?
But this is someone with £70k unsecured debt, earning £26k and with no assets. I don't see they have anything to lose by going bankrupt. Under the Enterprise Act, they are likely to be discharged within 12 months (possibly sooner). Their credit record is already screwed.
For manageable debt, I agree that a payment plan is probably the best, but for unmanageable debt, bankruptcy can be the best option, for those with no assets.Warning ..... I'm a peri-menopausal axe-wielding maniac
0 -
Yes you are right 'Chick', if the debt takes more than 5 to 7 years to repay it's better to use the new regime, as long as she isn't found culpable that is!
We don't know the full story here so she needs to speak with someone who can take ALL the information into account before she is advised.If you don't know what you are talking about keep quiet0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards