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debt v assets - peter 2010-07-28 11:17:23

i have accrued c/card debts of approx 70k.I have a property abroad which is up for sale which will allow me to repay in full but am having difficulty with repayments and of course the interest is crippling.Is there a route I can take which will allow me to freeze this interest until my property is sold?

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Re:debt v assets - simon wiggins 2010-07-28 11:59:17

Hello Peter. I'm sorry to hear about your situation and can understand why your so concerned. The answer is maybe if your resident in the UK.

You need to contact one of the better IVA providers in the UK such as Pay Plan who you can contact on 0800716239 who don’t make any up front fee for their services. In theory it may be possible to set up an IVA either just with a lump sum payment on the sale of the property or combined with some ongoing payments but you’ll need to speak to them to see if its a goer or not.

An Individual voluntary arrangement can take any form but its most usual format is monthly payments over 5 years at the end of which any sum not repaid is written off. However it can take the form of a single lump sum payment or a combination of the two and once agreed all interest charges and action stops. Threes usually a time limit specified with lump sums from property sales such as 12 or 18 months and each case is unique. There are a number of providers but PP are used by the services many unions many police forces and of course the free advice sector so come highly recommended. If an IVA is not possible they may be able to negotiate an informal arrangement for you as an alternative. I would normally send you fact sheets on these options but cant as you have not given an e-mail for me to use to do so (which cant be seen by any site users) so if you would like this you will have to post again.

The sooner you give them a call the sooner you will find out just what may be possible as you obviously can no longer afford to service these debts from your income. Good luck and best wishes

Re:debt v assets - peter 2010-07-28 12:30:13

thank you very much--i have entered e-mail so grateful for the factsheets

Re:debt v assets - simon wiggins 2010-07-28 12:47:00

No problem Info sent by e-mail to you. Best wishes

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