Advice wanted!

[shaw26]

I am 23 and frankly in a mess, when I was 18 I had credit cards and then a loan and it sort of went down hill from there. My parents were never good with money both bankrupts this being the 3rd year from going under.

I helped them when I could borrowing them money but they did not know my suituation. I never told them because I just felt like a idiot getting myself in a huge hole.

I owe around £24000 and I am currently paying a DMP which is £237 a month, but on top of that I am paying £337 on my car finance. Now this is where it gets tricky, We have a business which my dad runs but it is in my name, and if I go bankrupt the business goes too.

Right now I am struggling I hardly sleep even tho my parents know my situation now and it just feels like I will never get on my feet and have little to no money each payday.

 

I am after advice on the best way to deal with this! If it wasn't for the business I think I would just go bankrupt to just start a fresh!

 

Thank you all in advance!

[dropit]

Hello & welcome,

You are now in a very good place and there will be lots of advice on offer.

Firstly what sort of debts do you have, is it loans, credit cards or others?

Knowing this will help people to point you in the right direction. There are alternatives to bankrupcy, so hang in there and read as many threads as you can regarding dealing with debt.

[shaw26]

credit cards and a loan and my car finanace which i'd like to get out of.

[lickthewallfatboy]

if you have any spare money and can walk away from the car finance owing little or nothing more-do do....

 

buy something cheaper.I hope never to resort to car finance again.Once you can free your mind from the "keep up with the jones" mentality,you have it licked.....

[shaw26]

If I had the money to do so I would, I regret it so much! What options do I have?

[lickthewallfatboy]

have you paid at least 50% under the HP agreement?You can walk away owing nothing more if you have.....

 

could family help you out short term to buy a cheapie?

[shaw26]

no I stupidly got it a few months back thinking I could manage. my parents can't borrow me it as they are having trouble thereself!

[dropit]

Hi Shaw,

Have you sent cca letters to all your creditors, if not do this straight away, they will need to be sent recorded. If they have not sent you an enforceable agreement after 12+2 days you can stop paying until they do. This should give you a little breathing space. If any of them send an agreement you need to come back here to check it out because many are not enforceable.

Unfortunately I do not know anything about HP agreements.

Hope this helps.

[chaos63]

Can you have your name removed fromthe business?If you can do this you could stop paying your creditors and go bankrupt.Alternatively if you have £100- 150 disposable income per month you could go for an IVA through Pay Plan Free Debt Management company | Debt Advice | Payplan which is free.The other option is to write to all your creditors with a financial statement and negotiate affordable repayment -plans.