45k help

45khelp

Right, I don’t quite know where to begin apart from I am in desperate need of help. 

I’m 40’s and all of my I adult life I’ve been in debt there is now got significantly worse and I never found myself in a right mess. 

Currently owe around 45k which is a combination of personal debt and a business debt that which I was guarantee for.. at the time of the guarantee I was more than able to cover if needed. 

I was made redundant about you and a half ago, declared all my debt off and then stupidly slowly started using it again at a point now where there is two already with debt collection agencies. 

I have spoke to Stepchange who were willing to work with me until they realised that I was Self-employed (taxi driver)

Pay plan are suggesting an IVA but I am wondering if there’s any other way around that and also avoid bankruptcy. 

I have struggled with mental health for years along with ADHD, and once again I found myself in a complete mess and really don’t know what to do. The two debt collection agencies have tried to contact me last week as of yet I haven’t made contact with them. I don’t know the best route to navigate that side of it either.

I’m not by any means trying to escape the money I owe but I really need it manageable to be able to repay. 

Any advice is greatly welcomed

jumire939

Talk to the debt collection agencies before they escalate it further. They're usually more willing to set up a payment plan if you engage early, and ignoring them only makes the situation worse. You can also ask them to pause action while you get advice.

sourcrates

Are the DCA`s simply acting on behalf on their client or have they bought the debts?

The letters should tell you this, do they refer to "their client" at all?.

Its best if you complete a statement of affairs, so we can see what you have coming in and going out, an IVA would only suite a homeowner who could afford the monthly payments for 60 months, you are probably looking at debt management, but the SOA will tell us more, the link is in my signature stoozing.com, complete it and post on here.

RAS

Payplan seem to be recommending a lot of IVAs at the moment?

You haven't said if you rent or have a mortgage?

The thing about IVAs are that they require a stable monthly income and as a self-employed taxi driver that's a challenge.