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Hi there,


I have got myself in a financial mess and am currently £40K + in debt I do not own a property I rent and am at the moment making token payments of £1.


Up until 3 weeks ago I was working but on the minimum wage but since then I have secured a better paid job which I start in March.


I am lucky that a close relative has offered to lend me half the money (20K) to help pay off some of the debts however, how is the best way to deal with this. I know it sounds crazy to even question their kind offer but I would have to pay them £250 a month which I could just about afford with my new job my main problem is I would still owe another 20K which I couldn't pay.


So my question is how can I make the best of the money - should I pay off my main creditor (20K) or pay 50% off all my debts. If I did either of these options then I still wouldn't be able to pay off the other 20k meaning I would still possibly be made to go bankrupt or apply for an IVA. Should I just accept the fact I may have to go bankrupt or have an IVA and do it for the full amount 40k and save my relatives money - I know it sounds mad but if I'm going to go bankrupt or have an IVA anyway and not be able to get any credit for years whats the point of possibly wasting my relatives money?


Any advice would be gratefully received.



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Hi Richard


Could you give a breakdown of your debts?, also have you thought of trying to see if they would except Full & Final settlements for reduced amounts?


Have a look at No. (6) in my signature. Please do quite a bit of research on F & F, they can bite back if not handled correctly.

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