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simon.cs
Starting Member
1 Posts |
 Posted - 13 August 2010 : 13:12:45
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| I earn £1700 a month from my job, however I pay out £1000 in loans and Credit cards (minimum payments) every month.. My bills are £620 a month. So as you can see even though I have a decent job I never have any money! Is there anything I can do to help this, someone said to me I should just stop paying then file for Bankruptcy? Any advice?? |
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Worried Woman
New Member
United Kingdom
60 Posts |
Posted - 13 August 2010 : 14:46:18
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I am no expert but if you are currently paying out and managing £1,000 per month to your debts I would personally look at whether an IVA may be suitable rather than BR. If you go BR and your disposable income is more than £100 then they will impose an IPA (Individual payment agreement) of between 50 and 70% of your disposable income for 3 years. I know an IVA is typically 5 years but once it is finished you do not have to declare and IVA for ever whereas BR must always be declared when asked. Your monthly outgoings of £620 seem very reasonable??? I would contact someone on the forum on the left, one of the experts and take advice. Basically if you continue paying your debts at £1,000 when will they all be paid off?? If it is a stupid amount of years I would get some advice and consider maybe and IVA or BR. Hope this helps.
Went Br 20th July 2010..countdown for 1 year. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 13 August 2010 : 14:54:35
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Hi and welcome to the forum.
I agree with Worried Woman, it would definitely be worth considering an IVA, or depending on the level of your debts, a DMP.
Have a look on www.iva.com for details and reviews of companies, and it would also be worth looking on the sister site www.iva.co.uk.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 August 2010 : 12:53:16
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Simon
ill put the other side
the level of your debts may direct that BR is more appropriate
A DMP may work but this is not really a long term solution as it may take many many years to clear but may be appropriate if you have other plans
an IVA although formalising your debt and methods of repayment deos not have the flexibility that life sometimes requires.
as well as doing the research for an IVA speak to paul at Reviva and see if you qualify for a reviva plan !
regards Richard
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 August 2010 : 14:03:16
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The reason I suggested a DMP was that with around £1k of disposable income per month it may be possible to clear the debts in full reasonably quickly without having BR or an IVA on the OP's credit rating. This is also the reason that I suggested speaking to an insolvency practitioner.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Andy Davie
Administrator
192 Posts |
Posted - 14 August 2010 : 22:06:30
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Hi
Hard to see that bankruptcy would be a suitable option with your level of disposable income.
What is your current unsecured debt level ?
Regards
Spokesperson and Site Manger IVA.co.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 14 August 2010 : 23:54:08
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Perhaps look at another angle
£620 per month to live in very modest. I assume that you are living with a pertner / shared house or living at home. If you are living at home then your parents are subsidising your credit repayments.
May I suggest that you calculate the real cost of living - full & appropriate rent / council tax / utility bills / travel etc etc etc etc. Contingencies such as hair cuts, clothes purchases etc
This will confirm what you really have available and this figire will then help you decide the true course of action.
You can then calculate the financials for IVA, Bankruptcy, DMP as solutions and then review how each affects your future position.
hope this helps
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 16 August 2010 : 12:55:44
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In your situation you would be well advised to look up www.iva.com and read a few reviews, select a couple of IP's to speak to (ensure you select someone that does not charge for advice!) and go fully through your particular situation with them.
Only then will you know what the best solution is for you, and you will be armed with the correct knowledge to make an informed choice as to the best solution for your personal circumstances.
Hope this helps
Melanie
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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integritydebthelp
Starting Member
United Kingdom
23 Posts |
Posted - 16 August 2010 : 15:10:18
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A good tip is to actaully see where your finances currently are for yourself.
Start by completing a simple household income and expenditure form [excluding unsecured debt repayments] and if the money left over each month is not enough to cover your minimum contractual payments on your unsecured debt repayments then you really need to take action sooner rather than later, and seek debt help.
There are different solutions out there for debt, not just one that will tie you down for a few years. You need to get the right advice and help. I suggest you also do some research online, but be wary of mis-guided websites and charities.
**Lin removed - advertising not allowed** |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 August 2010 : 15:26:58
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thanks integrity for the advert have you been authorised by the host forum
Richard |
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integritydebthelp
Starting Member
United Kingdom
23 Posts |
Posted - 16 August 2010 : 15:51:39
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i'm sorry i'm doing what others do and that is give advice, and in any case my signature is the same as many others who have replied here....
i'm here to give advice not to enter into a war of words with people.
thanks for the reply though.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 August 2010 : 16:03:05
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Hi and welcome to the forum
The forum has directed that only experts are allowed to provide links to company on each thread.
No war of words intended
any advice offered to help individuals is, as ever greatly appreciated.
regards Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 16 August 2010 : 16:03:28
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Hi integritydebthelp, the only posters who are allowed to post links are the experts who have been approved by Admin.
If you want to apply to be an expert the details are in the experts section at the side of the page.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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integritydebthelp
Starting Member
United Kingdom
23 Posts |
Posted - 16 August 2010 : 16:17:40
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thanks for that, we do want to help as we are seeing a huge increase in bankruptcies right now as well as other solutions.
i have spoken to the powers that be.
cheers. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 August 2010 : 17:22:57
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Suggest you do the income & expenditure to reflect your true position.
At that point you will see what your disposable income is.
rather than spend time reviewing possible IVA companies for advice - save time and go directly to Mel - expert status.
Her company is one of the most highly respected on the industry and her clients do not have a bad word to say about her.
Good luck
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Topic |
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Ithough I have a decent job I never have any money!
