Anyone had serious money problems?

Izzy - posted on 02/02/2010 ( 13 moms have responded )

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I know its a taboo subject but anyone ever done : IVA's or Bankruptcy

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Debbie - posted on 02/05/2010

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We are just starting out in a Chapter 13. That is where you pay a court mandated amount for five years and it goes to your creditors. It was a little easier to swallow than Chapter 7. However, all of it just feels awful. Keep your chin up. If you have to do it then do it. You are not alone.

Sheryl - posted on 02/04/2010

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Yes, My husband and I filed bankruptcy in 2005 but I wish I could say that it wasnt the best choice. Him and I had to. We lived in California and we had to loose the house or file bankruptcy. Well long story short We filed chapter 7 and didnt owe anything we were wiped clean and got to start new other than our credit. But if you pay cash it wont matter. I recommend reading Dave Ramsey's Money Makeover. He has a lot of experience in getting back on track. hope that helps you.

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Izzy- i rung my banks i had two different banks, i had 2 explain my situation, had a baby and didnt return to work, and went on benifits. i then had to write out my income and outgoings everything bills, food, clothes, and anything i was left with i had to offer to the banks, i had 2 write a letter explaining my situation again! send my budget form and wait to hear frm them, to c if they accepted my offer.

Alison - posted on 02/03/2010

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We done it ourselves as didn't want an IVA to arrange for us as this affects credit for longer. Just be firm and stand your ground saying you can't pay anymore, we had 2 companies who wouldn't accept so they took us to court we got a CCJ for it but they suffer now as we only pay then £7.20 a month where our original offer was £50 a month. It's worth a try to do it yourself, but if unsure go to citizens advice they can help for free.

Alison - posted on 02/02/2010

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I was advised to go bankrupt be it really doesn't make sense for us. I was told that there are specialists who offer bankruptcy advice.

Blackwood - posted on 02/02/2010

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I had too do Credit Counciling. It's were you go through an agency and pay them, they pay your creditors. It took me 5 years too pay off and will have a not so good credit rating for the next 2 years. You should really look into it before making any decisions. Get facts, becuz I know bankrupancy has changed over the past few years. Google it all. Then talk to the people in the feilds. Best wishes and remember everyone goes through hard times, it what you do with those hard times that count, not the hard time itself.

Izzy - posted on 02/02/2010

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Thanks for your replies...



Lianne : Did you just go into your bank and explained your situation? Was it difficult to arrange a lower payment?



Alison : Did you arrange the payments yourself or did you go through a specalised company? Were some companies difficult in accepting a lower payment at first?

Janet - posted on 02/02/2010

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My brother did . He was driving truck all over the country and thought he would make big money. He went Independently and so when the truck broke down they had to pay for it with , what else credit cards. We all know what a hole we can get barried in that with. My father owned their house so they didn't lose that but his credit is bad for at least 7 years they both work and mybe they can climb back up alittle faster.

Sadie - posted on 02/02/2010

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me and my husband were in over 50 grands worth of debt then i found out i was pregnant so we had no option we had to go bankrupt. went bankrupt in oct 09 i am 22 yars old

Alison - posted on 02/02/2010

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Hi my family are in £30000 debt and considered both IVA and Bankruptcy but in end talk to lenders and arranged repayments we could afford with them, we calculated monthly spending required food bills etc got rid of anything we could and then worked out the percentage of out total debt that each debt was and then from what we had left to pay from debt we worked out the percentage for each company and wrote to each showing our income and expenditure and they all agreed to reduce the payments to what we could afford. Now as each debt is payed off we increase the amout to each of the others.
Hope this helps..

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hi im 23 and in £10,000 worth of debt, i was gona go bankrupt, but i offered the banks £50 a month for each loan, credit card, and they accepted,

have u tried tallking 2 ur bank??

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