What is his best option for dealing with the debts

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vikki_h

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Post by vikki_h » Wed Apr 16, 2008 5:51 pm
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My boyfriend has recently discovered that his previous partner has been hiding debt letters, and his debts are spiralling out of control. We currently believe the figure to be in the region of £20k but we're not sure. Some of the debts are not showing on experian/equifax checks. He has recently located to England after living in Ireland and has been trying to set up his plumbing business, but because he has no capital to invest in reestablishing the business he is getting very little work. Therefore, his current income is £0. What is his best option for dealing with the debts?
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emma_t

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Post by emma_t » Wed Apr 16, 2008 6:28 pm
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Hi vikki and welcome to the forum

I am just a person ib debt, but if you hang around I am sure an expert will be along to give some advice.

Might be worth a chat with the CAB.

Emmax
Be positive & look after yourself, there are more important things in life than debts....

Best Wishes

Emma x
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Adam Davies

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Post by Adam Davies » Wed Apr 16, 2008 8:25 pm
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Hi
With no income bankruptcy must be considered.
Regards
Andam Davies
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J-DOUBLEYA

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Post by J-DOUBLEYA » Wed Apr 16, 2008 8:34 pm
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Which part of Ireland ? North or South ?

where were the debts incurred ? are these debts in your partners sole name or are they joint debts ?

If the debts are not showing up on Experian or Equifax try Callcredit, they are based in Leeds.

Bankruptcy may well be the only realistic solution however its not ideal if you are trying to get a business up and running. Given that you have no real disposable income just now, hold fire. If you dont have anything they cant take it off you can they ?

sorry, its loads of Q's but it is needed to possibly help you further
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vikki_h

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Post by vikki_h » Wed Apr 16, 2008 10:09 pm
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CAB suggested that he offer the creditors £1 per month until he has secured a regular income?

I guess that bankruptcy would entail his business assets including van and tools to be taken away?

Would that have any impact on me and my credit/possessions?
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J-DOUBLEYA

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Post by J-DOUBLEYA » Thu Apr 17, 2008 7:57 pm
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Hi Vicki,

I doubt if the OR would remove any business tools for sale but the financial restrictions in Bankruptcy would not really help him get the business up and running. I suppose really speaking he can either make token offers and get the business up and running, or at least to a level that it is seen to be viable and then go Bankrupt or, just go bankrupt now and start afresh after discharge.

You should not be affected by this.
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