living in france uk debt please help

[mark marsh]

Hi

I wonder if you can help. Three years ago I lost my job due to stress and have not been able to get a job since. At the time I had credit cards and loans and I contacted the creditors and asked them to freeze interest and to help me but they would not deal with me directly and said that I needed to go through a debt management agency. I went to one that a friend had recommended and they negotiated with the creditors who accepted a far less amount of money. The debt management agency told me that they would arrange for interest to be frozen and help me to negotiate settlement with the creditors - they are charging me for this on a monthly basis based on a total amount of my debt which was about £100,000.00 unsecured. I have sold all my assets and borrowed money to pay the monthly amounts but can see no end in sight to resolving this issue and will not be able to carry on borrowing for much longer. The debt management company told me to raise as much money as I could to make an offer to pay off the debt - they suggested £12,500 however the offer has been rejected out of hand. I want to make a new start for myself - I am 51 years old and I wish to go to Australia where I have family but I do not want to leave all this behind me unresolved. I am separated from my husband and we jointly own a house in France where he lives and pays the mortgage that is in my name and all expenses. The mortgage is greater than my share of the house - I have been advised by the debt management company to go bankrupt, creditors do not know about the house. The only way out that I can see is to transfer the mortgage to my husband and to go bankrupt. This would mean that I would stop paying the fees to the debt management company and can pay the creditors about 20% of what I originally owed them. Please can you advise me if there is anything else I can do - it is an awful situation. Thank you.

[rebel11]

Hi mark

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

[MrShed]

Way outside of my comfort zone, but I believe that there is some rule that means that assets transferred out of your name in a certain period of time before bankruptcy will still be taken into accoubnt. Something like that anyway.

[firstship]

Hi,the exact legalities I am not happy giving advice,however one area needs urgent attention the DMC you pay a fee to each month needs to be dropped this can be done for free,CCCS,Payplan are both free so the monthly fee can go towards your debt,check with them first as you live in France,also check that your current DMCs terms and conditions do not charge an extra months fee to terminate the contract,they usually do not however check

 

Regards FS