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Thread: Recession! + Debts

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    Regular Member Silver V's Avatar
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    Default Recession! + Debts

    Well as above... Is it coming? whats your views?

    Im in a financial fu(k up, Halifax screwed me over, then I thought I'd get back at them and not pay them... That was not a good Idea, then went to my Local CAB and started a I V A. Individual Voluntary Arrangement.

    I did not want to pay Halifax at all after they refused to pay whilst I was off sick, but like I said I started an IVA to sort it out, now thou I think I am worse off with it. This is my personal info so kinda a lil stressful aswell as emotional. Not sure what to do now though. Credit crunch is getting worse, Petrol is Stupidly high and I have a 3.0 V6, I cant really sell it cos I have spent near on 2k getting it sorted since I purchased it in Jan for £2900.

    and would lose £3k! as no one wants to buy a 3.0 V6.


    So my predicament.... Do i carry on paying the IVA which by the way I am still paying Interest or do I call it quits and go "the dreaded" bank rupt?

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    Full Member Big Sig's Avatar
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    I thought an IVA froze the interest? Don't forget this will screw our credit rating mate
    Now I need a turbo to keep up!

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    yea its supposed to Freeze the Interest but currently isn't!

    someone told me the other day that her step mum went bankrupt THREE (yes THREE) times and on the 3rd time massive improvements were made to the system 8 months later she was debt free and credit worthy again.

    I want to buy a house by the time I am 30 and have all this crap hanging over my shoulder. Just dont know what to do

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    Full Member Big Sig's Avatar
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    I would avoid going bankrupt if you can. Find out why the Iva hasn't frozen the interest. If you default an IVA they could force you to go bankrupt anyway as you can't afford the IVA.

    I can't see after going bankrupt how you can be credit worthy after 8 months, it wipes your credit file completly, so when they check there is nothing there at all, this normally stops them in their tracks.
    Now I need a turbo to keep up!

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    yea I dont want to go Bankrupt, far from it. but I think I need some financial advise but I currently do not have a job as I have taken time out to look after my disabled bro.

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    Can you not get help as a carer for your bro? maybe a call to the benifits office could help. Typical banks after their pound of flesh
    Now I need a turbo to keep up!

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    just seeing about getting carers allowance top up, thats only £26.50 a week, then £48 a week job seekers.. not the best of situations but I have to make do.

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    really? i thought it was more, thats shocking
    Now I need a turbo to keep up!

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    Hi there,sorry to hear about your problem...when you say halifax woud'nt pay when you were off sick,?is this a payment protection policy your talking about.if it is they are getting some bad press at the moment ,due to over charging the F.S.A are on there case...there have been cases whereby this type of policy has been missold,in which case it is open to a claim...just a thought!

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    doubt I'll get anywhere as I just couldnt be asked to pay them and thats the main thing!!! I DONT WANNA PAY THEM as I was off with depression and axiety attacks and couldnt afford to pay it.

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