Debt Free alternative?

JAB123_2

Hi,

I've been doing some research on possible ways to clear my debt since i managed to sort out a solution with my creditors just over a year ago.

Through reclaiming charges and making regular payments i've reduced my debt by 20% (just over £5k) which i'm immensly proud of.

So please tell me if this sounds just plain wacky or just possible;

I now know that going through with a Trust Deed would mean that my creditors would recive (based on my current income) no more than 10p in the pound, the insolvency practioner gets his bite at the cherry clearly and everyone gets there 10p in the pound - all happy, but three years down the line.

But what would happen if i presented an opportunity to my creditors for an immediate solution to my debt by offering directly and not through a Trust Deed say 25p in the pound, payment is made now, not in three years and they get 2 and a half times more than would get in three years...now tell me - is this a wacky notion or could it just work?. Please bear in mind the reason for thinking this way is that i'm in the process of breaking up with my wife and to be honest i really do need a complete fresh start on life which would give me the ability to start repairing my credit and enable me to hopefully getting a mortgage sooner rather than later.

Has anybody tried this?, if so what happened?

The money would come from a couple of sources - my small business and or divorce settlement (whatever there is of it...) and no borrowing, as i couldn't even get any!

dreamer999

Sorry can't help but bumping post for you.

CLAPTON

Can you list the debts and say how much you are paying per month on each

Have they stopped interest on the debts

Have they been passed to debt collection agencies