Debt free wanna be

mollie12345

Hi
I am in debt for 60k and want to sort it all out so my future looks better I got into debt when I was married and have now been divorced for 5 yrs so all of it comes from then .

I do have 2 ccj and one other about to go on my report but the rest have not come for anything so now think its time to try sort some thing with them I want to right letters to them saying bankruptcy is my only option as I have no assets and don,t earn a lot .

TBH I don't want to go bankrupt although stepchange have said it,s best for me .I want to try an right to them all offering them say 10p or 15p in the pound and a family friend has said they can help me out with payments over the next year to pay the amounts back to them .He is only willing to help me out if all my creditors have said ok to the offer made to them .

If they don,t accept this way then I don't see any other way than bankruptcy for me then thay all get nothing

What do you all think ?

thanks

Tixy

I think its unlikely most will accept such a low repayment offer, particularly the CCJs.

Is friend willing to loan you a lump sum to make the settlement payments you are offering? or were you planning to pay off the settlement offers over a year? if the latter then it even less likely they will accept.

Even if one or 2 creditors agree I think you will have a very hard time co-ordinating them all to agree within a short time frame.

You say they will all get nothing if you went bankrupt, have you done a detailed budget with stepchange? did they not expect you to have an IPA if you went bankrupt? have you no disposable income at all? And if you do have no disposable income how will you pay your friend back?

All that said - I don't suppose you have a lot to lose by making the offers.

mollie12345

Hi Thanks for the reply

I have given a break down of income to step change and only have 50 a month left spare. My friend is going to help on the understanding that I can give it back over 10 yrs when I have it . I have talked to him and he has said what if we leave it as it is and he saves up the money and then make offers . I just need to confirm if the creditor will accept this or there wont be any point in him saving .. I know if it me I would rather some thing than nothing.

Do you think by me righting to them now will it cause problems for me as at the mo they all seem to just be waiting and not trying to get there money .

thanks