Best way to tackle my mountain?

KatyI

Hi, Just wondered why you haven't been and sought help from the countries first and foremost Debt advisors....The Citizens Advice Bureau?


They really are the best people to turn to, they will take you under their wing and arrange everything on your behalf with all your creditors. They will calculate your income and expenditure and work out what you can afford to pay to each and everyone of them. These payments have to be fair and one creditor cant have more than another as this is deemed unfair. You may find that you could pay as little as £1.00 per month to each creditor
They will advise you on Bankruptcy also.....remember it also costs money to go bankrupt...its by no way free and then it will hang around your neck like a noose for a minimum of 5 years and it may never leave your history? It may seem like an easy way out; we see so many famous people doing it these days....it's almost become fashionable. However it could well be the answer and good for you, being as you are not linked to the mortgage??
Its unlikely you'll ever get credit again though so be prepared for this, in fact living using cash alone isn't a bad thing, and coupled with the new mortgage criteria that's in place, your better off leaving the mortgage in just your wife's name, even people who have overpaid for years and have additional funds and no bad credit history cant get mortgages, re-mortgages or new deals these days, so if you've got a bad credit history you've got no chance!


Please, go to see them! I'm not sure how you've managed without them to be fair?
I'm surprised you haven't got bailiffs knocking at your door day in day out and CCJ's galore?
So well done for getting this far without a CAB payment arrangement/plan in place.
Once its done you will be able to relax and sleep properly at night, knowing everything is in hand and your family and loved ones are secure.

thegreenone

I agree with KatyI, the CAB would be a good place for help.


I may be stating the obvious and something you have already done but just a thought........ have you checked for any PPI paid on any debts? Worth a try to reclaim and use anything gained to pay off. Some companies may take the money immediately.


Good luck.

KatyI

Just a couple of other thing's......Don't be tempted to ever attach yourself to your wife's mortgage or the deeds; once your creditors realise you own a house they WILL file CCJ's on it and then they WILL then retrieve the full amount of debt that you owe them upon the sale of your house, you won't get to pay it off at a reduced settlement figure. So unless you've got mega amounts of equity left after the sale (and after paying all the CCJ's) you may not have enough left over to buy or put a deposit on another house after?
As for IVA's, I've only heard bad reports to be fair.....I've even heard that some companies don't pass on the payments to your creditors at all and have then got customers into even deeper debt or some have paid a very reduced amount to the creditor without the customer realising this, hence the customer still owes lots at the end of the 5 year term. They also often take a huge cut themselves from your monthly payments........So why pay an IVA company to do something that the Citizens Advice Bureau will do for you for free!


Good luck!

KatyI

Great Idea from "TheGreenOne"


If you had loans etc. it stands a chance you defaulted on them if your in debt now? You could try asking for the bank charges back and any credit card or loan default/late payment charges back too, stressing that these charges helped and ultimately caused/compounded your problems, making your situation spiral out of control. Which is usually what really happened to most people in this similar position.
Obviously use Martins reclaim letter templates.
They really do work, I'm testament to that; we successfully reclaimed a refund of £17,500 for miss-sold PPI.......Yipeeee

When_the_going_gets_tough

Just a point - an IVA is not the same as a debt management plan . CAB cannot set up an IVA which is a formal type of insolvency.

chipnix82

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