A long shot but hear me out

poppasmurf_bewdley

Since when has £1400 a month been a good income?

With debts of £42k, it's a pittance.

Your plan is a non-starter.

bearcat16

Your family might help, why not ask your parents?

Other than that, can't see it being possible.

£42k of debt on your income is going to hard to shift. Can you boost your income anyhow? Get a better/second job, sell any expensive assets like luxury cars etc?

MataNui

I wouldnt say the responses have been particularly rude. A bit sarcastic maybe but given the question posted thats hardly surprising.

OP. You keep mentioning 'legal and binding' as though that somehow makes your request for 42k more than just another person begging for someone to bail them out. It means absolutely NOTHING. You have 'legal and binding' agreements with the people you currently owe 42k to. It hasnt helped them get their money back and wouldnt help anyone who bailed you out.

AnotherJoe

I think one or two people have been overly rude to the OP here in that they aren't asking for anyone here to give them a loan, just how it can be done. Everyone else has been let's say, harsh but fair.

It can't be done. for reasons explained, eg it doesn't matter if it was a "legal and proper arrangement", that's what you had with the existing loans you aren't paying right now.

The thing people missed is OP, is, your job will end if you get a DMP or bankrupt? Correct? So, my very serious suggestion is,very first thing, get another job that won't end under these circumstances, and then go for either a DMP or bankruptcy.

I'm suggesting doing it that way because first of all given your poor financial state you don't want to make the situation worse by losing your job at a time not of your choosing, also because in general it can be easier to get a new job when you are already in one.

andyfromotley

How would your job know that you were in a DMP? I understood that these are informal agreements.

I would go for a DMP, you can clearly afford huge repayments so should be able to shift it reasonably quickly. Particularly given that your income isnt that high so there could well be scope to increase that substantially over the future.

It seems like a long haul but time flies.

National_Debtline

Hi The_enquirer


I would have to agree that there is no realistic prospect of a lender offering such a loan, as it would just not be commercially viable for them.


Are you quite certain that formal options such as bankruptcy, Individual Voluntary Arrangements etc. would definitely result in the loss of your job? This would normally only be the case in specific professions where insolvency would jeopardise any essential accreditation e.g. accountancy, law etc.


Dennis
@natdebtline

AndyPix

How on earth did you get into 42k debt only earning 14k ??


That's 3 times your annual income !!

eschaton

The_enquirer wrote: »

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

What account would you like me to pay the £42k into?

foxy-stoat

If IVA BR and DMP are out of the question then you will be in debt for I would image for then next 15-20 years as the interest you are paying is probably over double the rate that you are trying to offer someone. That is if nothing unexpected happens in the next 180-240 months.

It will be cheaper and quicker for you to leave your current job, find another one, go IVA/BR, let that finish and in 6 years you will be debt free and ready to start all over again. A nett wage of £1400 a month will not leave you £600 to pay the debt by the way, so forget about that, no one will lend you this amount of money. Living costs a month should be I would say around £1000 plus travel and other expenses. So you may be able to go down the IVA route and only pay back £15000 and be debt free.

If you have anything you can sell, down value your car that can help to reduce the debt then do that. If the debts are old then try PPI refund route. If are are able to transfer as much on 0% interest credit cards that will also help.

If you still have property after your diviorce which has equity then sell it and go into renting or buy a smaller property.

Good lucks

dazla

I wouldn't class 1400 a month as a good income tbh. I'm nearing the end of my dmp, at the start I owed £34000. It's taken me 5 long years of not going out drinking, buying stuff from ebay and charity shops to get by and that was on a salary of 2500 a month take home. You will be best served going into a dmp