Significant credit card debt potential early liquidation of pension fund to settle or part settle

Quick update. My financial situation has not improved since previous update. I continue to apply for jobs and had one telephone interview a few weeks back, which did not lead to a second interview. I am minded to liquidate my pension in a year's time and make an offer as regards the debt. I engaged with MABS. I did not find the experience very pleasant. They sent me so many forms that I couldn't cope with completing them.
 
Should have clarified, the house is owned by my mum. Current value 750k approx, so between myself and two siblings, 250k each - well below the threshold. There would be no need for my creditors to seek a judgement mortgage as we could sell the house and out of my share I could make an offer to settle my debts.
 
Quick update. Essentially, not much has happened since the OP, except that I am no longer paying the €29 a month due to cost of living increases and the creditors have accepted this. I couldn't and still can't cope with applying for the DRN , as, due to my mental illness, I don't deal with stress very well. But I think that option is still potentially available. I hit 50 last year, so potentially can liquidate pensions, however, I think that is probably not a good idea, based on the advice earlier in the thread.
 
Is there anyone that can help you complete the forms/complete on your behalf?

Form filling and gathering of evidence is a chore and hard work at the best of times. I would have thought the likes of MABS could assist you through the process.

better to get it done with if possible rather than have it hanging over you long term.
 
Just one thought. Is the debt hanging over you affecting your debt levels? Maybe paying it off might help if it is. Others on AAM may know whether an offer to pay part of the debt could be accepted to write the debt off.
 
50andOut said:
Is there anyone that can help you complete the forms/complete on your behalf?

Form filling and gathering of evidence is a chore and hard work at the best of times. I would have thought the likes of MABS could assist you through the process.

better to get it done with if possible rather than have it hanging over you long term.
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I found MABS to be quite poor in my area. Possibly in other districts they are better. Additionally, even if I were to utilise MABS , I believe the DRN approach requires appearing in front of a judge which I would not be capable of doing.
 
time to plan said:
Just one thought. Is the debt hanging over you affecting your debt levels? Maybe paying it off might help if it is. Others on AAM may know whether an offer to pay part of the debt could be accepted to write the debt off.
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Don't quite understand you. I am on social welfare and living in a homeless hostel. The agency have accepted zero payment per month for the time being. An offer to pay part of the debt to write the debt off would only be available to me if I liquidated my pension, which I've been advised earlier in the thread not to do.
 
You are having a rough time of it :( You were staying with your mother, why did you move out?
 
jdwex said:
You are having a rough time of it :( You were staying with your mother, why did you move out?
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We weren't getting on, just constant rows and arguments which were impacting on both our mental health. I am now in a good hostel and on good terms with my mum. I went to an interview with the DLR council recently and the feedback was positive. If they offer me a place (fingers crossed) then once I get settled might be a good time to go for the Debt Relief Notice option, I am thinking?

Brendan's original advice on page 1 strikes me as the way to go.
 
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