Time To Deal With It!

Extracts From The Myvesta UK Forum:

Question......

Happy new year everyone,

I'm looking for advice my story is this-
I am self employed and had a house last year everything was okay until I had a bit of a breakdown, I am self employed, and basically did not work and ran up debts with - several credit card companies it was over 6months ago and then it stood at around £10,000, I didnt want to deal with it then and sold the house and have basically been hiding out of reach, I currently run a bank account with one bank, who keep asking for my address, and I keep comming up with exscuses as to why they cant, basically I feel up to dealing with it all now. However, before I do I want to know where I stand, I basically have nothing left as sold everything, to try and keep my self employed work going, I do have a car but need it for the work as its in london Im in the north, also I have a PC I need for work, can they take these off me, also I live in rented accomodation and if my landlord had debt collectors turning up, I'd soon be without a place to live, I've got about £50 a month free, if that, I guess Im also nervous as I have basically stayed under the radar on purpose can they prosecute me for that ???, and where do I stand as like I said if I loose this accomodation from debt collectors turning up, well then I'll be on the streets and no chance of getting through this ?

Also am I allowed to give them a PO box for contact to slow up the opportunity of the balifs catching up first ?

Any help appreciated!

PJ

Answer....

Hi PJ, and welcome to the Myvesta Forum!

First of all - you do have choices. Ultimately it depends on how you wish to deal with your situation going forward. For example do you wish to repay the money that you owe to your creditors (starting with the small surplus that you have at the moment) or are you more inclined to petition for your own bankruptcy? If you are unaware as to how much is now outsatnding a good starting point might be to obtain a copy of your credit report as this will go some way to ascertaining how much is owed and to which creditor. You can obtain a copy of your credit report via the link below to the Credit Report section of the Myvesta site:

http://myvesta.org.uk/creditreports/

Hope this is useful as a starting point!
_________________
Kind regards

Sean

http://www.myvesta.org.uk
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Myvesta UK - A Not-For-Profit Financial Assistance Organisation - "We Can Help!"
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Question continued....

I've checked on the amounts
£6126.46 creditcard 1
£600 creditcard 2
£600 Water board

also have

£4000 credit card - not in default
£4500 same bank different bank
£5150 loan same bank

So thats over £20,000, what am I best doing, I feel I wouldnt pay that lot off in under 5 years and if I petition for my own bankruptcy, I would be able to be starting from a 0.00 much quicker, I understand I would not get credit again easily, I dont have a good view that I would even if paying it all back, I sorta go for the bankruptcy I'd rather have that challenge than be paying this off for the rest of my life as thats what it would take, also Im concerned that as soon as I tell them my location I end up with the balifs at the door.

What over options are there open to me ? and what are their costs in your eyes as well as fincially ??

Answer Continued....

Hi PJ
,
So all-in-all it would seem that you have in the region of £20,000 of debt and a surplus income of circa £50 per month?

Bankruptcy is certainly an option for you but again it really boils down to how you feel about your situation and what you ideally want to achieve. You could still consider the option of making token payments to your creditors until such time as your financial circumstances change with a view to then changing strategy to an IVA for example.

See the Myvesta IVA page for more information about IVAs: Myvesta IVA

Making token payments is not a way out of debt though but rather this option should be considered a stepping stone onto something that will deliver resolution from your debts one way or another.

Have you viewed the Bankruptcy Question And Answer Video Clips on the Myvesta site yet pjmacca?

http://myvesta.org.uk/media/video/bankruptcy/index.html
Bankruptcy Questions & Answers Video Clips

If not it would be a good idea to do this so that you understand the implications of petitioning for your own bankruptcy should you decide that this is the right thing for you as an individual.
_________________
Kind regards

Sean

http://www.myvesta.org.uk
----------------------
Myvesta UK - A Not-For-Profit Financial Assistance Organisation - "We Can Help!"
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