What are the chances of a loan or bankruptcy best option?

lindsaygalaxy

Hi All

Although I had decieded on BR, ( im currently with payplan paying £100 a month on a £25,000 debt), but was wondering if anyone has found it possible to get a loan ie with their bank to pay their creditors a "Settlement" amount - % of the debt, which would hopefully mean I wouldnt need BR or am i just living in dream land?

Unfortunatly I have no one I could ask who would be able to lend me the money to enable me to do this.

What worries me about BR is work and everyone knowing. Everyone at work reads the local paper and we even have one at work, its only a small ofice of 13 people but they are montly successful people and I would feel a failure. Why do they need to publish it!!!

straightandnarrow_2

Hi lindsaygalaxy,
I've been where you were-please believe me that taking out another loan if you're already in a payment plan, just won't help the situation. Also, the worry about what people will think, will be insignificant to the relief when you get yourself in control of your debt. I was stressed out about it appearing in the paper-even though I looked I never saw it and noone I know mentioned they had. And even if they do- it just means that you've taken a positive step to get yourself out of the situation and probably the people you think are most successful are really the ones drowning in debt themselves! Don't worry about what others think, do what is right for you! Hope it work outs well and good luck

debt_doctor

Hi, I think you are talking about obtaining full and final settlement fiquires from your creditors ( poss 30% - 70% ) and then borrowing that amount of money to pay them off ??

Its an option but you need to consider all the other options available too.

Straightandnarrow talks some sense. BR I feel can be sold as the ultimate in bravery really, 1) letting people know there has been a debt problem, but....
2) Having the bottle to take a real positive step, sorting your finances and getting on with the rest of your life !

Final caution tho, take full advice first because we do not know enough about your aituation

Best,

DD.