dukeboy749r Posted November 3, 2007 Author Report Share Posted November 3, 2007 [ QUOTE ] set yourself free mate. Go bankrupt, F the debt. Your health is far more important. [/ QUOTE ] Thanks fastlad, I certainly agree about the health bit. Wouldn't wish the chest pains and sleepless nights on too many people I know... Link to comment Share on other sites More sharing options...
Wobby Posted November 4, 2007 Report Share Posted November 4, 2007 I think you have to look how much you can reduce your outgoings and how many assets you can sell to attempt to keep everyone happy. I would then try to speak to the people you owe seperately and in person if possible explaining the situation and that the IVA or bankrupcy options are being considered and how much they will flex to allow you to get yourself back "on track" If its impossible to sort then the IVA or i would thing bankrupcy are the better options. In a debt problem myself at the moment, but (reading between the lines) i think the light at the tunnel end is much nearer for me than than it is for you. Good luck with it, hope it works out Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 4, 2007 Author Report Share Posted November 4, 2007 Thanks Wobby I agree, and I htink a proactive approach might be my only 'hope' of avoiding complete meltdown. What a nightmare, I cannot believe that it is like this. Fair enough if I couldn't be bothered, or didn't want to work etc. But after another broken night's sleep, I am resigned to contacting them all with an update and see what they say. Trouble is they seem less inclined to want to differentiate between those of us trying and those just using an IVA etc as just a way to clear the decks. Oh well. My burden. But thanks again for all the support. It is really helpful. Kindest regards Link to comment Share on other sites More sharing options...
Omi Posted November 4, 2007 Report Share Posted November 4, 2007 Like I say, make sure you get someone who can make a decision like that. The helpdesk monkey on £11k will do what it says in the book... A senior figure may shuffle and bend policy. In the event bankruptcy is your only choice, it's worth considering offloading any assets you do have to friends and family before they are lost in the proceedings. Link to comment Share on other sites More sharing options...
Wobby Posted November 4, 2007 Report Share Posted November 4, 2007 Are the ventures that are looking to produce money in 6 months definate? Are they something that you can use to show these people things can turn around? Are these ventures something you can seperate from a bankruptcy or will it all go in together? Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 4, 2007 Author Report Share Posted November 4, 2007 Thanks Omi, will do Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 4, 2007 Author Report Share Posted November 4, 2007 [ QUOTE ] Are the ventures that are looking to produce money in 6 months definate? Are they something that you can use to show these people things can turn around? Are these ventures something you can seperate from a bankruptcy or will it all go in together? [/ QUOTE ] Hi Wobby I think they are more likely than not. But then I would say that! I am seeing some financiers for the not so start-up start-up on Wednesday. Plus have a few more irons in the fire. If any (or all!!!) come off - happy days. If not, poo sticks again. if I could sort my own crap out like I sort out VC money for others, sheesh I would be a millionaire already I would like the creditors to take a view - but what have they got really, apart from my word - I don't want to be airing my debt to those who may be looking to invest. Not because I don't think I can do what is required, but more that instead of taking (perhaps) an enlightened view of why I am in debt, they would probably do the British thing and just see a series of failures to date and a big hole in my personal bank balance. Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 8, 2007 Author Report Share Posted November 8, 2007 I just wanted to put in an update. Thanks to Booster who following a pm to me, we had a chat just by giving me one piece of advice has helped turn what seemed like a slip road to the cliff-side, has massively helped. Absolutely outstanding and I exceptionally grateful! Not totally out of the woods (if only) but back on the slope, facing the right way, at least! Thanks Andy. Very much appreciated. Link to comment Share on other sites More sharing options...
Booster Posted November 8, 2007 Report Share Posted November 8, 2007 Not a problem sir! Glad to be of help Link to comment Share on other sites More sharing options...
Nem Posted November 8, 2007 Report Share Posted November 8, 2007 Any chance of sharing the wisdom? I'm in a very similar situation, I am luck tho in the fact I still live with my mum, but I am now at the point where every peny I earn goes straight out on repayments. Nick Link to comment Share on other sites More sharing options...
Booster Posted November 8, 2007 Report Share Posted November 8, 2007 It was an individual thing to Dukeboy I'm afraid. There are no quick fixes I take it you have done a repayment plan and offered your creditors a percentage of their normal payment? Link to comment Share on other sites More sharing options...
M8CKN Posted November 8, 2007 Report Share Posted November 8, 2007 [ QUOTE ] Any chance of sharing the wisdom? I'm in a very similar situation, I am luck tho in the fact I still live with my mum, but I am now at the point where every peny I earn goes straight out on repayments. Nick [/ QUOTE ] Surely the car would have to be the first thing to be sacrificed? Link to comment Share on other sites More sharing options...
_Tone_ Posted November 10, 2007 Report Share Posted November 10, 2007 Hey Guys I have been up shitscreek without a paddle in a big way. I lost my marriage/son and income. I had a ridiculous amount of debt and it looked like bancruptcy was my only route but 7 years later I rode it out - I did get some defaults and these buggered my ability to get any credit (even a mobile phone) for 6 years. Now its all over and I breath a sigh of relief. I understand that Bancruptcy is an easy way out but for 6 years no one will touch you if you need any sort of credit line. My 2p's worth is really thoroughly research each option (as you no doubt are doing) and all I can say is good luck mate and your missus is a blinder - together sounds to me like you'll be ok. Good luck! Tone Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 12, 2007 Author Report Share Posted November 12, 2007 Thanks Tone Yep, my other half (better by miles half...!) is and has been really fantastic. Given that she is bearting half the brunt of it all. Anyway, thanks as I have said to Booster, his one suggestion about endowment poicies turned things around. The road may be long, but it sure seems a little less steep than it did. Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 12, 2007 Author Report Share Posted November 12, 2007 Nick if you have done as Booster mentioned, the contacting of your creditors etc, with an income and expenditure breakdown - as it says, what you get in, versus what you pay out, then you might be able to negotiate with them to allow you to pay a reduced amount for a period of time. Two things though: you MUST make payments to your secured creditors (if you have any) and if you get agreement from the majority of your creditors then you can almost make the remaining few accept that a reduced payment is what you are offering and stuff it if they don't like it. Then you offer a pro rata amount to each creditor. Now I am not qualified to offer advice, you'll have to follow up with others for that, but I have been through the mill - undoubtedly because I got myself in stchuck. But it wasn't a deliberate attempt to get credit for the purpose of defrauding anyone, it just got ahead of me in terms of repayments. However, the companies do want their money, so an attempt to agree a reapyment plan will be seen as a good thing. I am with you in spirit! Link to comment Share on other sites More sharing options...
Melchior Posted November 13, 2007 Report Share Posted November 13, 2007 I can't really offer any further advice over and above what's already been said. It's good to hear that the road ahead maybe not as steep as it might have been and I hope that it levels off soon for you. Best wishes to you and your family. To you and anyone else in debt there is lots of advice, and people in similar situations over on the Moneysaving expert forums. Link to comment Share on other sites More sharing options...
dukeboy749r Posted November 13, 2007 Author Report Share Posted November 13, 2007 [ QUOTE ] I can't really offer any further advice over and above what's already been said. It's good to hear that the road ahead maybe not as steep as it might have been and I hope that it levels off soon for you. Best wishes to you and your family. To you and anyone else in debt there is lots of advice, and people in similar situations over on the Moneysaving expert forums. [/ QUOTE ] what can I add to posts like this? Just humbled. Many thanks Link to comment Share on other sites More sharing options...
Nem Posted November 14, 2007 Report Share Posted November 14, 2007 [ QUOTE ] Nick I am with you in spirit! [/ QUOTE ] Thanks for the reply. I actually feel a little embarrased asking for help in the same thread where someone has gone though and done a lot more to fix their own problems than I am doing. As said above, selling my car would be the initial obvious choice but i'm really trying to avoid that if I can. The money I would get back for the car minus the cash to buy a much cheaper car, as I have to have one for work, wouldn't end up helping that much. Considering most of my social life revolves around the TT owners club it would be more than just selling the car. Maybe I just need to accept I'm in a mess and go from there. I am lucky tho that I still live at home and don't have any children yet, and i've just started seeing someone who knows about my money problems and is as understanding as your own partner is which is amazing. I hope things get better for you, seeing as you have gone a long way to help your situation I'm sure you'll get there. I just don't think I'm at the point where it's hit me yet as to how much of a mess I'm in. If my debt was a positive figure and not in the red I'd be able to go out and buy a brand new RS4 for a rough idea. I think spreading the repayments out if possible is sounding like a way forward. I'm not trying to get out of paying it back, I've spent it so I'm going to pay it off one way or another. Thanks. Nick Link to comment Share on other sites More sharing options...
randellp Posted November 14, 2007 Report Share Posted November 14, 2007 Nice to see you talking yourself back into trouble Nemesis. If, as you say, you owe up to £60k, and you still live at home, then you really need to get rid of that TT and take a long look at your lifestyle, expenditure and priorities. Resolving even a fraction of your debt takes committment and sacrifice, and a certain amount of humility. So if you insist on keeping your expensive toys and lifestyle, when perfectly practical cheaper alternatives are available you will never sort yourself out. Link to comment Share on other sites More sharing options...
Booster Posted November 14, 2007 Report Share Posted November 14, 2007 Do you own the TT outright or is there finance on it? If there is finance on it, and more than £1k of equity in it, get rid and get a £1000 runabout and there is a commitment less each month already. I'm sure your mates at the TTOC will understand and won't disown you if you turn up in a Fiesta or the like. Link to comment Share on other sites More sharing options...
Scotty Posted November 14, 2007 Report Share Posted November 14, 2007 The TT Owners club/forum doesn't discriminate. It's for enthusiasts and not just members. I'm still active despite not having a TT for nearly 4 years. If you're spending more than you can afford whilst you're still at home then you need to make some adjustments. When you get into the world of self sufficiency (otherwise known as "the real world") then you need to be able to manage your expenditure. Bite the bullet and sort yourself out. It really helps. Link to comment Share on other sites More sharing options...
Luke Posted November 14, 2007 Report Share Posted November 14, 2007 It still amazes me how anyone with debt problems can drive suh an expensive car. Insuance, tyres, services, mpg etc. While it may not be 'cool' to have a sh1t car, its certainly better than spending out loads of money driving and running it and getting further in debt. As far as your social life being geared around your TT is concerned, its time to look a bit deeper and think about £55-60k debt that you need to clear. For the record I sold my last car as I wasnt using it much and just drive my commpany van or the Mrs Golf tdi Link to comment Share on other sites More sharing options...
Dadstoys Posted November 14, 2007 Report Share Posted November 14, 2007 Sell the TT. Its a no-brainer. Get a cheap runabout and pay off whatever you can using whats left over. You will feel better, and you can always get another TT in a few years, as they made more than one. Link to comment Share on other sites More sharing options...
Ritey Posted November 14, 2007 Report Share Posted November 14, 2007 If it helps, I turn up to all TSN meets currently in the most bashed up car there is, that on its own deposits a small black cloud on startup and its french and I still have fun and haven't been pushed out yet Link to comment Share on other sites More sharing options...
manderson Posted November 15, 2007 Report Share Posted November 15, 2007 The car has to go. You dont need a flash car to be a car enthusiast. And as posted above if you are in this much trouble now how will you cope on your own feet? Iv been lucky enough to avoid serious debt. As hard as it is i have to live within my means. I got my first mortgage a few months back and went from a subaru and jetski to a old clio that the girlfriends sister was gona scrap. My street cred has gone and the car is the butt of my mates jokes, But its all just a small sacrafice iv taken to secure the future for me and set me up for starting a family in a few years Link to comment Share on other sites More sharing options...
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