Tricky one....???

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NeptuneMoon

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Post by NeptuneMoon » Mon Jun 23, 2008 11:04 am
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Hello all,

I am new to this site and my goodness what a relief to find it!!!!

I'd like to ask a very problomatic question that is worrying me sick, I am an estate agent who's pay has dropped more than half thanks to this 'credit crunch' [:(] and because of this I am now struggling along really scared of what the future may hold....

I have debts of course but whats bothering me the most is I have some on my mums credit cards due to good balance transfer rates which if i do need an IVA will they be able to include these?? if not what do i do???

I've been stupid to do it I know...

HELP - I'm stuck and have no idea where to turn now....

Many Many Thanks
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kallis3

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Post by kallis3 » Mon Jun 23, 2008 11:41 am
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Hello Neptune Moon and welcome to the forum.

Not sure about the answer to your question, but there are several experts who post on here and I am sure one will be along in a moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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NeptuneMoon

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Post by NeptuneMoon » Mon Jun 23, 2008 11:54 am
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Many thanks Kallis3
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abc

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Post by abc » Mon Jun 23, 2008 12:25 pm
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Your mother has effectively borrowed money from financial institutons and then loaned you the money. Therefore, whether you consider an IVA or bankruptcy your mother would be a creditor and not your mother's credit companies.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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Viki.W

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Post by Viki.W » Mon Jun 23, 2008 1:00 pm
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Hey neptunemoon, welcome to the forum, you're in a great place for support and advice. I'm kind of in the same position, my Dad remortgaged his house to loan me money. He will be a creditor and have voting rights at the IVA creditors meeting but unfortunately he will not receive a dividend. Why not give Melanie Giles a call, she is an Insolvency Practitioner who posts regularly on here and can go over all of your options. Good luck and keep posting. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Mon Jun 23, 2008 1:40 pm
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How much do you actually owe to your creditors? How much do you feel you would have available to offer to creditors on an ongoing basis (including your mother), and are you a property owner with equity?
Regards, Melanie Giles, Insolvency Practitioner
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