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Advice On My £34K Debt Please


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Firstly Hello to everyone on the forum I'm new to the site so please bare with me.

 

Well where do I start? Basically I'm £30K in debt and have come up against a brick wall & don't know which way to turn so I'm hoping someone out there can help me please?

 

After my divorce 4 years ago my ex wife basically left me with nothing and I decided to give up my full time job in technical sales & concentrate on my mobile disco business while I moved back into my parents house. I took out a personal loan of £13,500 so I could buy a van & new equipment & the usual suspects such as a NEXT online account & various other store/credit cards. I also have a £3K overdraft facility on my current account which I have now reached the limit on. These debts total to about £17K. While I was going through my divorce my ex wife contacted the CSA (as I have 3 young children) & started a claim (despite having an affair and moving in with her new boyfriend.) When we reached an agreement on the money we had made from the sale of our former marital home my ex wife & I signed an agreement that she would not seek the "back pay" asked for by the CSA. However once she had got her money the CSA took me to court over the "owed" money & after lengthy talks with the CSA & my solicitor I was informed that should I take her to court over the agreement it wouldn't stand up so I now owe them £7K. A sucker punch came 6 months ago when the Inland Revenue investigated my self assessment from back in 2003-2004. I did everything to help them including a personal meeting (which was more like an interigation!!) The conclusion is that they now say I owe £10K in unpaid tax. My bank have now put my account on hold for any further borrowing & my credit rating is as you can imagine very poor. Because half of my debts are with the inland revenue & CSA I really dont know whether or not to declare myself bankrupt? The other option would be to sell my van & disco equipment to help pay off some debt but would realistically only get about £7K for it all. I look forward to hearing from you with your thoughts on this matter.

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Hi Whizz Mids,

 

You are in a pickle aren't you...Firstly, you have taken a huge step forward by posting and there will be people here that can/ will help you just be patient...

 

Ok have you done a budget planner yet? If not get one sorted out and post it up here so we can have a look at what realistic options you have.

 

Also £10K in back taxes for 1 year seems very steep, were you earning a lot at that time? Or did you just not pay anything? I cannot help you with IR or CSA as I know nothing about those, but they would work on the same principle as other creditors whislt you have no house to force you to sell...

 

Get the budget up here and we can move from there, also break down the other debts by bank and where your current account is at the moment as that would help a little.

 

Deep breath and have a cup of coffee then get cracking,

 

Penfold

Penfold

(feel free to click the scales on the left if I said something that helps)

Due to recent issues I have had....

All posts written by me and involving my opinions and written without any legal knowledge are....

Without Prejudice

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Penfold

(feel free to click the scales on the left if I said something that helps)

Due to recent issues I have had....

All posts written by me and involving my opinions and written without any legal knowledge are....

Without Prejudice

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And this is an other great one for you to read:

 

http://www.consumeractiongroup.co.uk/forum/general-debt/73030-taking-back-control-your.html

 

Penfold

Penfold

(feel free to click the scales on the left if I said something that helps)

Due to recent issues I have had....

All posts written by me and involving my opinions and written without any legal knowledge are....

Without Prejudice

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