Am I going to be arrested?

Tr@cker

Say nowt to anybody go bankrupt and stuff the cash under the mattress. Then sit tight for a while.

Broken_hearted

Tr@cker wrote: »

Say nowt to anybody go bankrupt and stuff the cash under the mattress. Then sit tight for a while.

:rotfl::rotfl::rotfl:DON'T say things like that

spinks

If anybody should be arrested it should be the companies who let you get in this financial situation in the first place.

Any company that lends money to somebody already struggling financially should be held responsible for ensuring that this situation doesn't escalate further. Not just sit there rubbing their hands at the money they are making out of them.

From experience of dealing in the sub-prime industry (which I hated every minute of) don't ever consider taking on more financial commitments until you are in a position to comfortably meet all the repayments. The extra burden will not help you reach your goal of clearing these debts.

I would suggest using one of the free debt advisory services like CAB or CCCS, never ever pay anybody for this service, these are the real conmen.

wherediditallgo

Hi Penny Racer,

I've read the other thread, & you're not going to be arrested. Firstly, I can understand why you got worried - when you have a load of debts to deal with, you start imaging all kinds of things & letters from creditors threatening all kinds don't help. Try not to take things to heart that you read on forums though. For everyone else offering genuine advice, there'll be at least one who begrudges what they see as good fortune. Sometimes you'll get people who post incorrect information deliberately - that's the risk we take when we post our business on the internet for strangers to read. Sometimes people post misinformation accidentally, because they've picked up snippets of information from loads of different sources over a period of time, & they've filled in the gaps in their knowledge with assumptions & opinions rather than hard facts.

Unless people know all of your circumstances, you're unlikely to get detailed financial advice you can rely on from general forums. You've made your creditors aware of your circumstances & you're paying them the agreed amounts, so that's fine. I wouldn't invest the money in buy-to-let property - I don't know much about property, but I know enough to realise that it costs money to keep the property, find decent tenants etc & you may not get the amount of rent you need to cover the mortgage, in which case the property is going to be costing you more money on top of the puchase price well before it starts to make you any.

If I had £26k to play with & your level of debts, I'd do what you've done so far - make offers to the creditors. Once I had their written confirmation that they're not going to accept my offer, I would look at settling the larger debts first. I know you're not paying any interest, but payment arrangements aren't always for the life of the debt, & I'd be thinking that if the arrangement comes to an end, the interest payments will be an unwelcome shock. It will be easier to deal with smaller debts in those circumstances than larger ones. I'd also ring some of the debt advisory services, such as the ones in my signature, for advice on how best to service the debts while also keeping a bit in savings as a safety blanket for the future. But that's me - after all the debt hassles I've had, I'm not up for risking anything more than the cost of a lottery ticket. On the other hand, I think more risk-takers become millionaires than those who hedge their bets, so good luck whatever you decide.

SortingIt_2

Evening.

You CAN NOT get arressted for coming into some money and using it however you wish! Ignore the other comments made and sit back, take some time and decide how to spend the money the best way you can.

Good luck xx

GeorgeUK

I'd suggest making F&FS, but also keeping some funds back as a safety net.

You said that you aren't paying interest right now, but some companies restart it aftera year or so. I'd try to get rid of the debts that might soon restart interest charges.

I would definately contact one of the charities for advice on this though. Payplan, CCCS or CAB.

tallyhoh

Wow,

I did have a relative chucked in nick for debt, it was 1821, dont happen now. It is not illegal to offer f&f even if you do have more money.
I think the someone with an attitude problem was a wee jealous over there.

I have had a quick look at the posts on the other forum & the bullying was dreadful, especially as one seemed to be poking fun at people with mental health problems. That poster really should be rebuked for that.:eek:

You should be staying over here with us now. I dont think the BTL is a good idea so you need to find other ways of paying the debts.

HeadInSand_2

BTL this late in the day is bankruptcy waiting to happen, use that £26k wisely! BTL has had it's day, it'll probably be worth getting into BTL again in 8 years time when the market is rock bottom and everyone says property is a waste of time, as the whole cycle repeats itself, ad infinitum.

reformedEffortMaker_2

Penny Racer-for future reference, the posters on that forum are some of the most critical and obnoxious on this whole site.
Mention the phrases 'buy-to-let', 'right-to-buy' or 'when house prices rise' and you will get shot down immediately. Please dont take any of it too personally.

pipkin71

wherediditallgo wrote: »

Hi Penny Racer,

I've read the other thread, & you're not going to be arrested. Firstly, I can understand why you got worried - when you have a load of debts to deal with, you start imaging all kinds of things & letters from creditors threatening all kinds don't help. Try not to take things to heart that you read on forums though. For everyone else offering genuine advice, there'll be at least one who begrudges what they see as good fortune. Sometimes you'll get people who post incorrect information deliberately - that's the risk we take when we post our business on the internet for strangers to read. Sometimes people post misinformation accidentally, because they've picked up snippets of information from loads of different sources over a period of time, & they've filled in the gaps in their knowledge with assumptions & opinions rather than hard facts.

Unless people know all of your circumstances, you're unlikely to get detailed financial advice you can rely on from general forums. You've made your creditors aware of your circumstances & you're paying them the agreed amounts, so that's fine. I wouldn't invest the money in buy-to-let property - I don't know much about property, but I know enough to realise that it costs money to keep the property, find decent tenants etc & you may not get the amount of rent you need to cover the mortgage, in which case the property is going to be costing you more money on top of the puchase price well before it starts to make you any.

If I had £26k to play with & your level of debts, I'd do what you've done so far - make offers to the creditors. Once I had their written confirmation that they're not going to accept my offer, I would look at settling the larger debts first. I know you're not paying any interest, but payment arrangements aren't always for the life of the debt, & I'd be thinking that if the arrangement comes to an end, the interest payments will be an unwelcome shock. It will be easier to deal with smaller debts in those circumstances than larger ones. I'd also ring some of the debt advisory services, such as the ones in my signature, for advice on how best to service the debts while also keeping a bit in savings as a safety blanket for the future. But that's me - after all the debt hassles I've had, I'm not up for risking anything more than the cost of a lottery ticket. On the other hand, I think more risk-takers become millionaires than those who hedge their bets, so good luck whatever you decide.

Some good advice there, wherediditallgo.

'Sometimes you'll get people who post incorrect information deliberately - that's the risk we take when we post our business on the internet for strangers to read' This is one very good reason why you should not believe all you read on open forums.

Try not to worry Penny Racer, people on here don't know your full circumstances. Whatever you decide to do with the money, you will know yourself whether it's right or wrong, and morally, it is only yourself you have to answer to.

Best wishes

Pipkin xxxx