Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By nodosh
#2074 3.30 am,
yet another sleepless night, never mind i have a plan.
got a letter from the iva guys today saying that my new proposal will fail,
Well suprise suprise they were offering 22p in the £and taking 35p for themselves.
I offered last year 100% please dont ask why, based on the sale of the fmh. This will now not happen ex wife lives there with her kids and the courts wont shift her.
My plan is, fail the iva before they do, family will lend £16000 use this to pay of tax + vat man this leaves me with £50.000 of unsecured debt with all sorts of different companies i have approx £650.00 a month spare cash i will jolly this up amongest them all untill debt paid.
how does this sound? Will i be able to avoid the bankrupcy route? i will do all to save my house i have about £50.000 equity unless the markets crash.
hope someone has a veiw
nodosh :? :? :?
User avatar
By Nicky
#2075 Have you thought about a Debt Management Plan with the likes of either Payplan or CCCS? With the available surplus you have, you should have no problems with offering reduced monthly payments even tho the debt will take around 7 years to pay off, at least you get to keep your house.

Debt management companies such as Payplan, will negotiate repayments on with your creds on your behalf and try to get the interest on your accounts frozen. Payplan and CCCS charge no fees for their service, so every penny you pay goes towards clearing your debt. It is an informal arrangement, and the equity in your property is not required.

Just another avenue for you to consider if your IVA fails or cant be re-negotiated.