well im bk again

[anfieldbabe]

im still unsure what to do im thinkin about bankruptcy but would like to know what you do and what happens i have no equity in my house my mortgage is 58500 and its worth about 65000 my debts are 27000 please any advice would be helpful i dont qualify for a iva or a dmp and noone can help i have wrote to my creditors offering token payments the natwest bein the biggest i owe to 24000 but heard nothin back iv heard from capital one and skycard who i owe 1000 beetween them and my mums catalogue have said i can pay 63 pound a month instead of 135 i owe them 1500

[iva experts]

Hello Anfieldbabe,

Why do you not qualify for an IVA or DMP? Have you spoken to a few debt solution companies? We would advise that you speak to 2 or 3 companies to cancel out any ill advice etc.

What is your disposable income every month? Not including minimum payments, just income minus general living expenses.

[MelanieGiles]

Is the property jointly owned? If so, as you have equity of approximately £6,500 which would vest in the Trustee who would look to realise this over the next couple of years. Is there anyone who could help you to make an offer to the Trustee for this sum?

And why not approach the CCCS or Payplan to put forward a DMP if your disposable income is too low for a commercial company? How much disposable income are you actually left with?

[anfieldbabe]

apparently not a lot of disposable income we earn 1800 a month and have 3 girls 15 13 and 10and iv got 1 months mortgage arrears of 436 pound that they want bk at 123 month so i have no disposable income and i have got to give a list of expenditures to my creditors and havnt got a clue what to put i am just so fed up cant sleep cant eat and its my daughters prom soon and noone can help us not even family they are busy helpin other family members (oh anf there ya go again rantin )

[anfieldbabe]

i have spoke to 3 companies and we dont qualify and our family credit goes down by 40pound per week soon so dont even have enough for food and mortgage never mind any luxuries or bills we cant get a cheaper mortgage anywhere else because of our credit situation kids keep askin for money for things and we cant afford it but most of there friends families dont work and have never worked and get evrything paid for e.g rent dinners council tax oh im rantin again sorry it just makes me mad

[Reviva UK]

Hi

Surprised that the mortgage company are asking for the arrears to be paid off so quickly. I would have suggested a a repayment of £25pm. This makes the payments affordabe and you are unlikely to miss them.

When folks agree to payments that are completely unaffordable - due to high pressure from collectors - then the arrangement is guaranteed to fail!

Seems that what you need in the first instance is a carefully calculated budget to allow for all your costs. Then we should look at the disposable income available ( AFTER THE REDUCTION OF FTC ). this disposable income and the available equity in your home vs the amount of debt will identify what solution you need to explore.

When you say that the house is values at 65k how did you arrive at this figure?

Also the mortgage has uncreased by 436 to almost 59k because of the arrears, so currently the equity has reduced.

considering your position I would really recommend a conversation with an independent debt advisor ( I know you have already spoken to 3 IVA companies but some invariably only look at debt, disposable income and affordability and if it doesn't fit an IVA don't suggest / work through an alternative).

If an IVA is not right for you then you need carefully considered advice on a DMP and Bankruptcy so that you can understand all of the consequences and how they effect you and the family.

There are a few on the site that will give you free advice and spend an hour or so on the phone. You could of course see the CAB ( long waiting times depending upon gepgraphy) or the CCCS.

Hope this helps

[MelanieGiles]

Hi anfieldbabe

Paul is not allowed to tout for business on the site, but he is probably just the person to talk to about your options as he does deal with cases with very low disposable incomes.

I recommend that you give him a call today.

[anfieldbabe]

what number will i find paul on

[anfieldbabe]

we had our house valued last may at 65000 it is in need of some repairs e.g rewiring new windows and doors but we obviously cant find the money to do these things

[anfieldbabe]

mel i think it was tina i spoke to and basically she said you cannot help me

[Adam Davies]

Hi
You can contact Paul via his website
http://www.revivauk.com
Regards

[anfieldbabe]

paul i have been in touch with cccs they cant help i dont qualify for a dmp neither because no disposable income so im stuck with no help but to just plod on

[Reviva UK]

Hi Anfield Babe

Hope the conversation today was helpful - happy to discuss the situation with Mr Anfield Babe ( won't actualy call him that!!!) in the evening or weekend if it helps.

Take care and speak soon

kind regards

[MelanieGiles]

He must be Anfieldboy!

[anfieldbabe]

no best not call him that bein has he supports man utd but anyway it was very helpful chattin to you i feel a little better now thankyou very much paul for you takin time to chat to me and explain things once again i cant thank you enough and i hope to be in touch with you again soon when we have had a chat and made some decisions in the meantime what do i do about my creditors