£100k debts and redundant

rv99

Advice please.

I have been made redundant from £100k+ job and had no success in finding new employment at any level.

I have used savings and redundancy insurance to keep afloat for the last few months but now out of funds. Have 5 more months insurance payments left which will cover the mortgage and utilities.

CCCS and Payplan cannot help as my income is much less than my outgoings. As I will be unable to pay my monthly unsecured loans in December (£2,754 per month to 7 assorted banks and CCs) they both suggest offering each £1.

House is joint owned (myself and wife) and there is around £150k equity in it. Mtge is £368k.

Is the £1 offer to my creditors the right thing or am I simply bankrupt? If I get a job then all will be well. Should we try to sell the house now? OR go down the £1 offer route for a while OR self bankrupt now?

Any advice would be appreciated.

4littleone

What line of work are you in and roughly where are you? I may be able to pass on some contacts for you employment wise.

shane5408

Hi RV,

I would think about sending CCA Requests to all your unsecured debts, ie loans, credit cards, catalogue accounts etc, at the very least you'll get some breathing space and you might find that some of the debts are unenforcable.

I would also stick with CCCS, regardless of your income, even if there isn't one they are registered debt charities and will help you come to an informal debt managment plan with your creditors.

kind regards,
shane

liz105

put up an SOA so we can have a look

peb

Hiya and sorry to hear your news.

If there is £150k equity in the house then technically you are not bankrupt. You are not going to be able to address the situation properly until you find work but in the meantime put up your SOA (as mentioned above) and we will see if we can assist. You can then try to make some sort of repayment plan to offer your creditors - a self made DMP.

Keep posting

tigerfeet2006

Also check out www.entitledto.co.uk to make sure you are recieving all the benefits you should be.

rv99

Thnaks for replies.

I have checked the FAQ and found out whta an SOA is. Will wotk on now and post up when done.

Thnaks again

rv99

And improve my keyboard spelling!!!!