A long shot but hear me out

The_enquirer

So here is my situation

I am currently in a total debt of £42000

A bank won't touch me, this is all through my stupid spending and a very recent divorce.

I earn a good monthly income of roughly £1400, due to my job I cannot take an iva, dmp or bankruptcy as I will lose my job, thus increasing the problem.

As I say I have hit major realisation that I have to do something and quick.

If all my debts are paid I can afford to pay roughly £600 per month for 8 years giving someone a return on £42000 of roughly £15000.

So my question is this. Does anyone know of anyway that I can approach private investors where something legal and binding can be put into place so that I can pay this back over 8 years and someone makes a nice income from it?

Thank you for your time

Gaz83

Why would someone trust you to pay £600 a month for 8 years for a possible return of £15,000 when a nice, safe bank account paying 3% interest would give them £11,000 without any of the risk?

MataNui

Nope. You wont find anyone that stupid on here. what you are basically asking for is someone to stump up over 40k to pay off your debts leaving you debt free. You promise to pay them back £600 per month but there is nothing to hold you to this. Your history suggests you will simply get more debt in the 8 years thus making your £600 payments affordable.

You have no assets for this benefactor to put a charge on meaning they are down possibly 40k and you are off smiling and happy. They have no recourse or realistic chance of getting that money back as forcing a near bankrupt into bankruptcy if they have no assets anyway is futile.

You are not the first person to post similar on here and i have no doubt at some point your post will be removed.

DCFC79

Don't know of anything that your after OP. Maybe cutting back on your spending is what you need to do, have a look on the dfw board.

JJG

The_enquirer wrote: »

So here is my situation

I am currently in a total debt of £42000

A bank won't touch me, this is all through my stupid spending and a very recent divorce.

I earn a good monthly income of roughly £1400, due to my job I cannot take an iva, dmp or bankruptcy as I will lose my job, thus increasing the problem.

As I say I have hit major realisation that I have to do something and quick.

If all my debts are paid I can afford to pay roughly £600 per month for 8 years giving someone a return on £42000 of roughly £15000.

So my question is this. Does anyone know of anyway that I can approach private investors where something legal and binding can be put into place so that I can pay this back over 8 years and someone makes a nice income from it?

Thank you for your time

So you want a £42,000 unsecured loan at 6% over 8 years with a terrible ability to handle money? I'm sure investors will be all over that.

The_enquirer

Thanks to you all for your replies.

My spending has stopped and I am now trying to sort myself out.

I appreciate the concept of the idea may sound futile, hence I say all legal and binding.

It was merely a question to which you all provide valid points. Sarcasm isn't always needed at a time like this, especially when someone is trying anyway possible to get themselves debt free and pay for it over an allotted time.

But once again thank you all for your time

smithers1981

£42000 with monthly income of £1400! i would go for bankruptcy

Dobbibill

Head over to the DFW thread. There have been plenty of people in the same situation who can share their experiences.

It won't be quick and it won't be easy but if you take their advice you will be debt free if you cut back and throw every penny possible at the debt. It may be sooner than 8 yrs which would be a bonus to what your expecting. You may even find that it becomes quite addictive to be as frugal as possible

It's good that you have stopped the spending, make sure you understand why you were spending excessively in the first place. Was it keeping up with the Jones's, unable to resist the latest gadget etc etc. You have to cure the problem not just the symptoms.

I wish you all the best

honeybean

It took me 6 years to get debt free but that was contacting all my creditors and agreeing a payment plan, also I budgeted and to date I have replayed all my debts and not gone overdrawn you have to be brutal with yourself. I still have the hits on my credit file but I now have a good rating rather than poor. My advice is knuckle down instead of expecting help from others. I found all my debtors apart from 1 very helpful.get on the phone and do some contacting and start taking responsibility.

meer53

People default on legal and binding agreements all the time.

Jd2015

The attitude and responses you have received here are all too common i'm afraid The_enquirer.

As others have suggested, rudely in m opinion, there is little to no chance of getting what you suggest. DMP sounds like the only option here to me but I'm no expert. Other than that it's simply pay it off with the resources you do have or bankruptcy. You could try getting some of the debt moved to lower interest rates etc but with 42k of debt and only £1400 of income I think you'll find it difficult to get approved for anything credit related. 2nd job might be needed.

There's the debt advice charities (StepChange and Christians Against Poverty) who would probably give you good advice on your situation.

Hope you do something sorted though and figure your way out of it.

Good luck!