|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| Sick and Tired |
Posted - 11 July 2010 : 17:53:31
Hi
I am in debt to the figure of approx. £18000 and am unfortunately leaving my job in January for personal reasons,my new job will not be paying me as much and I will have larger outgoings because my current job in the military provides accommodation for £50 a month which I obviously will not be able to match in civvy street. I am currently
with a debt management company/charity (CCCS), this combined with other outgoings and a finance debt which I am unable to put on the CCCS plan means that 2/3 of my current wages go on debt, as my salary is going to decrease and my outgoings are going to increase from the beginning of next year I was wondering if bankruptcy might be my best
option as even at the moment with the amount I am paying I will not be clear of debt for another 8 or 9 years, and if I decrease my monthly payments to CCCS it is going to take me until I am middle aged until I am debt free (I'm 34 now) which is ridiculous, any advice would be greatly appreciated as I don't want a few stupid decisions to ruin my entire life, I have no car or house so little in the way of assets and the debts are : credit cards, a store card,
finance, overdraft repayment and a bank loan.
Thanks.
|
| 3 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 12 July 2010 : 12:49:41
Hi Sick and Tired
The ssafa and RBL are very supportive and offer good information to service personel
It is very hard to talk in cyber space about which option is best for you and which you should follow.
can i encourage you to speak to some of the experts listed to the left and if possible get them to have a cup of coffeee with you, they can then work through each of the debt solutions to find the most appropriate outcome to your circumstances.
I used Paul and his team at Reviva and thoroughly recomend them, i think that they do get referals from SSAFA
totally agree with getting out of debt, do not rush into making a decision do your research, find the solution that is right for you and then start looking to positively change your situation.
good luck regards Richard |
| Sick and Tired |
Posted - 11 July 2010 : 20:30:26
Thank you for your response, what are the qualifying criteria for an IVA apart from more than £200 DI, and if I went BR would I not be free from debt much sooner? |
| gettingoutofdebt |
Posted - 11 July 2010 : 18:20:42
I wouldn't rush into anything but if you have no assets then BR does look favourable as you would be debt free immediately rather than having to wait another 8 or 9 years.
I would say to carry on paying the DMP until you leave the military in January and then see what happens. Contact the CCCS and advise of the wage reduction and see what they come back with in regards to payments and how long it will take to clear the debt. If it's too long for you then you could try an IVA provided you have more than £200 DI (Disposable Income) after rent, food, etc. or you could declare BR.
I was in a fairly similar situation in that I could have gone for a DMP, which would have taken 9 years to pay off. I could also have tried for an IVA and paid 100% of my DI for 5 years and been on a very restrictive budget but as I didn't have any assets I decided to declare BR. It was definitely the right decision for me but that doesn't mean it is the right decision for every one.
You should also think about the type of work you are planning on doing once you leave the military. Certain jobs (finance for example) will not allow people who are BR. |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
