| T O P I C R E V I E W |
| Richard.76 |
Posted - 01 March 2012 : 13:56:15
Advice please on loan given to' my wife while she was claiming benefits |
| 7 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 02 March 2012 : 12:37:49
Just a bit curious here James - if they're not a home owner then there won't be any equity will there??????
Probably better to speak to an expert about DRO's - contact your local CAB or Payplan or CCCS for advice.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| James Falla |
Posted - 02 March 2012 : 12:25:50
Quite right to ask those questions Jan. Ultimately an individual is only eligable for a debt relief order if they are not a homeowner (whether there is equity or not), if their personal debt is less than £15000, their personal disposable income is less than £50 a month and their other assets are not worth more than £300 (other than a car which can be worth £1000). Unfortunately these are very strict criteria.
Debt solutions expert and author.
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| Niobe |
Posted - 01 March 2012 : 19:58:41
Agree with James.
Just to add, are you homeowners at all? Is your wifes DI less than £50 per month if her debts are under £15k per month?
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| James Falla |
Posted - 01 March 2012 : 19:53:53
Hi Richard
The fact that your wife was on benefits when she was given the loan and that HSBC knew that makes no difference to whether or not the money is now owed. Ultimately if your wife took the loan as offered and spent the money, she is now liable to repay it. If she is unable to do so then a debt management plan sounds a sensible way to resolve the situation. Alternatively if her total debt is less than £15,000 and she has a low income, then a debt relief order might be a better option as it would mean that she would be debt free in 12 months.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
| Richard.76 |
Posted - 01 March 2012 : 14:35:45
She told them she was on benefits.They also renewed the loan while she was on benefits.
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| Richard.76 |
Posted - 01 March 2012 : 14:27:41
It was a bank loan from HSBC,they also gave her a Visa,around 7years ago.The debt has now been passed on to a debt collection service.We are currently on a Debt Management Plan.
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| Viki.W |
Posted - 01 March 2012 : 14:10:31
Hi Ruchard,
Did she state that she was on benefits when she applied?
Was is a short term loan/payday loan?
Can you post a bit more information please.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
