finances

tibtabtoe

Hi im just wondering if someone could give me some advice with regards to my finances. Im not currently in arrears with any of my payments but will be soon. I have spoken to my bank to see if I can extend my mortgage and I think they will be able to help me. However I am unable to pay my other payments which amount to £29,000. I have spoken to Step change charity and they have gave me a budget to work to, but im wondering which would be best to go for Bankruptcy or reduced payments and how long would the companies except reduced payments for and would they be able to ask your bank to see how much you are getting paid. Iv never been in this position before and im very concerned. I am in employment and will continue to work but do need some advice please

National_Debtline

Hello there.

When you completed your financial statement with Stepchange how much were you left with which could be used to pay towards your debts? This figure we call your 'surplus'. If you can clear the debts within a reasonable period of tiime you may wish to consider the informal route of reduce payments - perhaps via a Debt Management Plan. If it's likely that it would take many years to clear the debt you should investigate the formal routes such as bankruptcy. Some folks have posted up their statement of accounts here on the forum, if you could do that we all may be able to offer your further support and guidance.

Best wishes,

David @ NDL.

thelionel2000

Hi
10 years ago I was owing just a bit more in unsecured debt. I contacted SC and went into a debt management plan, thinking this would be a good move and felt happy knowing that I would pay my debt back.
After 6 years I had a slip back and ended up creating more debt and breaking my DMP and also with circumstances changing each year I was not paying this back as fast as I would like and each time their was a reveiw it seemed like the length off time did not change or even got longer.
This time last year I decided to go for BR and late last year I was declared BR.
Truthly if I think I should have done this years ago but things was differant back then, now I am happy, I am in an resonable job, I still have money at the EOM it may not be much but it is still a good feeling, I get more time to myself and even I notice that I am happier with life and with what is to come in the future.
Don't get me wrong it was not easy and may not be right for you. It took me near on a year of sorting and preparing everything for the day with calls to SC, sorting forms out and posting on here and help from a family member (not direct) so you do need to make sure this is a right.
Hope all goes well and if you have a question or just need a rant post it on here as you never know in that rant someone may have a answer to help you.