dept

[dawney123]

hi i have depts of �15,000 on loans and credit cards.due to loss of good job and now having to take less payed job i find myself not able to borrow one amount to pay these depts off.i am dealing with the CAB,to help me.i have �100 spare per month to split between 7 depts.will my depters have to accept this,or will they refuse and still take me to court for settlement, these are unsecured depts,is my house safe,any body got any exp of this situation thank you for your answers.

[themas]

As it appears you own a house bankruptcy is perhaps not a good idea, as you could lose the house. (This depends to some extent on the amount of equity in the house, whether you are the sole beneficial owner and whether there is any third party who could buy out your beneficial interest.)

If CAB negotiate with the creditors for you, it should hopefully be possible to get them - or most of them - to accept your offer and to freeze interest and charges. But the creditors do not have to accept the offer and can take you to Court to get a CCJ. However, if they do you will have the opportunity to give the Court details of your finances. If the Court then decides that you should pay �X per month on the debt concerned the creditor can do nothing more provided you always pay the �X on time without fail.

It is possible that the Court will decide something you can't afford in which case you can ask for a redetermination. If this goes against you and the Court order is not paid then the creditor can go back to Court and ask for a charging order on your house. This would secure the debt on the house and could ultimately lead to an order for sale (although this is unlikely to be accepted by the Court).

The CAB adviser should be able to give you more detail about all this, but it really is a matter of taking it a step at a time.

[yummymummy]

In the meantime and as well as what you are already doing, have a look at the forum on www.moneysavingexpert.com especially the Debt Free Wannabe one as there are lots of people in the same boat who may be able to offer advice and suggestions as well as support.

[hammerman]

I found this forum http://www.debtquestions.co.uk/debt_forum/ very helpful and i have since taken up a debt management plan with payplan.

Good luck