drowning in debt

[leviculus_puella]

im not sure if this is the correct forum to post in but here goes anyway, my husband and i have approx £65,000 of unsecured debt, there is no equity in our property thanks to us naively taking out a consolidation loan thinking it would help, we have taken a huge drop in income in the last year and now cant afford to pay our debts, we have no money left over and cant even meet the minimum payments this month, im in the middle of claiming back ppi which i had hoped would ease the stress a bit. we really are in the depths of hell at the moment i was just wondering what the general advice would be to either go via payplan for an iva or attempt to see if we can make a reduced offer via the unenforceable route, we really dont want dcas calling to our house as we live in a really small village and i just dont want to be next weeks headlines, we dont want to avoid the debt just a bit of help anyone? thanks in advance

[BankFodder]

Should be puella levicula, actually.

 

 

 

I think that you will have to make an assessment of the value of all the charges which are owed to you plus PPI plus interest etc.

 

If after you have taken all of that off, and if you think that your loans are enforceable then I'm afraid that bankruptcy might be the way forward.

 

You have no assets and so nothing to lose.

It may seem dramatic but we are hearing some very nice stories from people who have gone down this route - about the very sensitive and sympathetic treatement they have had at bankruptcy interviews - and of how peaceful and liveable life became once it was done.

[leviculus_puella]

thanks for the reply i think a fair few of the agreements may be unenforceable due to the reading ive done on this site quite a lot of the credit cards were taken out around 2000 - 2003 as were the loans its just the thought of challenging them its a really terrifying thought bit like bankruptcy, i thought the iva may be a good road for us to take becaue at least then id be paying something back.

[loobyloo85]

The IVA would be an option for you if you have enough disposable income to pay into the IVA. You would need a minimum of £200 surplus between you both for your IVAs.

You could look at your budget to see if this is affordable, and then look into this option. However, if you have no surplus, and no lump sums to offer the IVA would not be an option.

You could either make you own arrangement with your creditors or look closely into the bankruptcy route.

[leviculus_puella]

thanks for the advice looby we have decided to go with a dmp for the time being which will give us time to breath i think, we were then going to write off to see what happens in response to cca requests with the hope of a reduced f & f on some of the accounts, i feel a bit less stressed now anyway and im so glad i have the backup of this forum

[loobyloo85]

OK, the DMP with Payplan is also a good service, and if you do decide to try for an IVA, they can do so for you, when you feel ready x