my situation is gettin worse

[anfieldbabe]

well im not able to get an iva not enough disposable income same with a dmp so what do i do now and please dont say bankruptcy will my creditors accept offered lower payments i suppose there is some good that will come out of it i will lose weight cos i cant eat and sleep[:0]

[chris.g]

Morning anfieldbabe.
We were in the same situation, no income for IVA or DMP. Truth was we were struggling to pay the £1 token payment the CAB had managed to arrange with our creditors! Bankruptcy was our only way. We refused to accept it at first-telling ourselves we would find another way, the creditors would accept £1 a month for ever, etc,etc. After the reality sank in, I was a wreck. Now, only 5 months after bankruptcy was suggested, we have both filed, live in rented accomodation, are awaiting the OR meeting and hand the keys over for our 'house', that's all it is, a house, not a home, we live in our home.
We had a leak in the bathroom last week and the relief of not having to deal with or pay for it to be repaired, pure joy!!!
The kids and pets have settled and the relief of having sorted out our debts is enormous....no more waiting for letters or phone calls from our creditors, we no longer have to rob Peter to pay Paul. good luck with your decision. x

[pippa]

Hi anfieldbabe,
Sorry that an IVA or DMP is not the solution for you. However please dont think too negatively about Bankruptcy.
I was devastated when my IVA was rejected and had visions of ending up in the workhouse when Bankruptcy was my only option.
If that is your only option then consider it with an open mind. No it isnt easy, but it does get easier. There are lots of us here who have had to take this route and personally I can say that for the first time in a very long time I sleep at night even though I am still not discharged.
If you have any questions about the process there are plenty of people with first hand experience.

What other options have you been given?

Pippa

[MelanieGiles]

Hi Pippa

What is happening with your property?

[anfieldbabe]

i was advised to write to my creditors explainin my situation and offer a token payment but will they ecept or take me to court

[MelanieGiles]

There is no way of knowing anfieldbabe, but no harm in trying.

[chris.g]

I tried for nearly a year to get them to accept a token payment without any luck. I went to the CAB and they wrote to them and they accepted, even on an individual debt of £15k+!!!! I would maybe try CAB if that's the road you want to try.

[Lisa2009]

anfieldbabe, sorry if its been answered in another thread but is there any particular reason bankruptcy is not an option for you?
If its just the fact about it going in the local paper i have to say i have never ever seen a bankruptcy notice in our local paper.
I have looked after someone on this forum saying its a tiny notice but i never could find one

[size5]

They are there if you look hard enough, usually somewhere near the personal columns in my experience.

I've got to say, and bear in mind this is what I do for my living, that I have read The Evening News where I live (Manchester) thousands of times, and I can count on the fingers of one hand how many times I have looked at the bankruptcy notices.
Same with the Insolvency Register really, you would have to be VERY nosey (or sad) to trawl through there looking for people you know.

[anfieldbabe]

its about my house has well theres no where to rent round my area unless u got about 800 pound bond money and iv lived here for bout 10years

[MelanieGiles]

How much equity is there in the property?

[anfieldbabe]

my mortgage is 58500 and its worth 65000 so is this classed has equity or not

[MelanieGiles]

Is the property jointly owned? And if so are you both insolvent?

[chris.g]

anfieldbabe, what mortgage do you pay? If the mortgage payments weren't made for a few months would you have sufficient for your bond and first month's rent? As far as I'm led to believe, the OR wouldn't neccessarily frown on doing that providing it was to put a roof over your head. We'd lived in our house for nearly 8 years and thought it would be a huge wrench, but as I've already said a home is where family is........