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Reduced Debt Amount and Monthly Payment thereafter?

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Hi

 

Was wondering if anyone had any thoughts/experience on a way forward that my OH and I have come up with to try and get our lives back on track!

Little bit of background - we have approximately £70,000 of unsecured debt most of which we ran up when running our own business which subsequently failed (it was personal debt not a ltd co). We have tried DMP but some of the debts are going to take us 18 years to pay off at the rate we can afford. Bankruptcy is not an option as at least one of us is likely to lose our jobs if we go down that route just making the position worse.

We do not own our own home and the car is on hp (we also have 3 children) so we have no assets.

Our thought was that we kind of do our own IVA on the basis that we write to the creditors and get them to reduce the debt by say 50% which would mean we would then be able to pay everyone the other 50% over a 5 year period on a pro rata basis.

Has anyone any experience of this approach?

Thanks in anticipation.


Won £3800 from Lloyds!

Issued one letter

Issued court proceedings

Defence entered by Lloyds

Entered my Allocation Questionnaire

Unless Order from District Judge

Lloyds failed to comply

Entered Request for Judgment

Judgment Entered

2 days later money in bank!!!

:D

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