Best way to tackle my mountain?

chipnix82

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longtermplanner

I don't think I can consider going bankrupt now as my now wife owns the house we live in (the deeds are in her name as is the mortgage) 'we' bought it 5 years ago in the depths of the recession. her parents lent her the money for the deposit along with money she was due to get later in life but also lent her my share as it were and I think that rules out that option?

If none of the money came from you and your name is not on the deeds / mortgage, then you probably can go bankrupt. It's probably best to discuss this further on the bankruptcy board http://forums.moneysavingexpert.com/forumdisplay.php?f=136

It's going to be hard to say anything sensible about the rest of your questions without some figures and some dates. It might be useful to call National DebtLine and talk through which may be statute-barred with them. https://www.nationaldebtline.org/EW/Pages/default.aspx

chipnix82

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rockm87

have you looked into the snowball calculator?

chipnix82

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fatbelly

You're trying to clear 56k of debt?

At £140 per month for the next three years, then it goes up?

I think now is the time to get proper advice on bankruptcy. This could all be over after an IPA of 36 x £140

If it is not possible (because you have beneficial interest in a property) then an IVA may be the way forward but you do need proper advice from someone who is able to look at your whole circumstances.

chipnix82

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theoretica

chipnix82 wrote: »

I have been advised against Bankruptcy due to my wife's house and also an IVA may cause issues due to the amount of equity that is available.

Advised by whom? A professional who really knows their stuff or well meaning non expert?

fatbelly

chipnix82 wrote: »

Yes, I have £140 at the moment but in 3 years time I will have a lot more money to tackle it.


All of my debt is old and handled by DCA's and I constantly get offers of full and finals of around 30% of the original debt.


I have been advised against Bankruptcy due to my wife's house and also an IVA may cause issues due to the amount of equity that is available.


Chipnix.

Chipnix

Then if I were you I would investigate (you should talk to an Insolvency Practitioner) the strategies you mention in the following order, starting with (1) and only going to (2) if (1) is ruled out and so on:

(1) Bankruptcy
(2) IVA
(3) Saving lump sums for 30% full and finals
(4) debt management plan

What I'm getting from your posts is that you do not own property in the legal sense, i.e you are not recorded as the owner of anywhere at the Land Registry but you think you may have acquired beneficial interest on the house you now live in as you have contributed to the mortgage, and you do not want to endanger the house.

You are wise to be cautious and BI is a tricky subject. Non-specialist advisers are also wise to cover themselves by saying 'you may have a beneficial interest'.

However it would be a shame to lock yourself and your family into a long-term and expensive strategy if a shorter cheaper one is available to you so some time and maybe a little money spent now should pay off later.

chipnix82

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chipnix82

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