Advice for Ox

[Hyperdrive]

Hi Ox.
The property market is cyclical and prices will rise. No doubt about it.
As far as the car is concerned I`ve seen posts on here in the past about some sort of leasing company that specialises in low credit ratings, I think it was called Barnyard or something.
Glad you managed to get some relaxation
Anyway you been to the GP yet?

[Ox1987]

I still fear that a disaster is heading our way even if we get through this bit of our life as rising costs and falling salary must be a recipe for disaster. Our budget cannot withstand much wiggle room as it stands and in current market we would have a shortfall they are building so many new houses round us and offering deals etc that ours will be old and not sell anyway
This could leave us with a shortfall even if we sell or get repossessed and only way to get rid of that would be to go BR and end up homeless and kids would suffer. I could not rent as would have no money as no job
This is when I get back to.extreme worry especially for the childrens future

Trying to gt GP appointment today
.

[Foggy]

Ox, if push came to shove your budget has PLENTY of wriggle room, once this bit is dealt with ( indeed, even now). Property prices fluctuate all the time and even crash -- but they always recover.

BR doesn't even come into the picture because it isn't going to happen anyway!

[Hyperdrive]

Let me know how you get on at the GP Ox. I`m sure things would be easier for you to tackle with a head free of all the debilitating worry.
I see no barriers to you having a successful IVA or F&F except your depression. Tackle that and everything will fall into place - especially with Mel on your side.

[Ox1987]

I have got ok with the IVA piece (as much as I can now still worried it will get rejected) I just worry about the long term sustainability, though I am not factoring in wife working and any pay increases

Foggy I know hopefully BR wont happen now but I am concerned that it still may happen in the future if we cant sustain it and things like interest rate rises affect us badly but I probably need to focus on the now and not worry too much about the future. I just worry about my little kids which I know I keep repeating

Also has it been known for secured lending to push up your rate deliberately due to the IVA as they may see you as higher risk

I am alone in all these worries

Also popped onto another forum site yesterday not to post but just look at noticed numerous posts about IVAs and how that means im bankrupt, it was very negative.

Waiting for GP to call back with on the day appt ran out of meds todays ... in at 535

[abbiesmum2003]

Ox are you worrying more about interest rates rising etc more now than you were a few months ago? Surely with the iva you are in a better place? What was your plan if no iva but interest rates /cost of living rose AND still had all your creditors to pay? How were you going to do that? Surely with a F&F or a standard iva you ate in a better place financially? If things change drastically you contact IP. As a previous poster said there are payment breaks/holidays to help along the way but theres also leeway in your budget too. If the F&F gets approved all your income will go on essentials only so you will be fine as no more debts to pay. I dont see why you are so worried. youve been making sll your payments up til now and the mortgage so surely logic tells you that finances will be better with the F&F or IVA! We dont know what future holds whether iva or not and life to short to stress about what may or maynot happen in 5,10, 15 years time! its not worth it! Your in financial difficulty you have a solution available so go with it and relax. Creditors cant touch you so you can chill about them. Job is safe in iva. Essential outgoings budgetted for. Its fine. Dont run out of your antidepressants Ox! Its essential they arent just stopped! It sounds like they have started to help but you have to stop thinking BR! Its ridiculous!

[Ox1987]

Remember a few months ago I was earning more and had the capacity to take a hit if they rose and I was paying creditors. Now I have my essentials paid but cannot pay the creditors.

I want to stop thinking BR but finding it so hard as the worry for my children keeps it fresh in my mind. Why do you think its ridiculous.

Seeing doctor later today to get more AD and also probably increase dosage a bit.

[josu]

The reason it is ridiculous Ox is because of your high wage, relatively low debt and the 10k you have to play with. How can you not see that BR is ridiculous in this circumstance? If you paid the 10k of your debts what would you still owe? I think you are feeling stifled by the mortgage more so than the debts and i think even when you get these debts delt with you will still feel the same. It is a very large mortgage and you have a secured debt also. Im not sure if anyone has any experience of handing back houses to the lender and if this can be done without BR. Also, i guess if you live in an expensive area you would have to weigh up whether rent would be just as high on a house for you and your family. I think that we see BR as ridiculous for you because we are only thinking about your debts but in actual fact i think it is the mortgage and the secured loan that is getting to you which is a whole other issue really. That size mortgage would frighten me to be honest Ox but then im not on your wage, its all relative, i still think your I&E is absolutely managable but i dont think that you do!

[Ox1987]

Thats I think it what is getting to me and as you note I dont know what to do and not go BR, the secured loan was stupid but the mortgage was a general one not over stretched and was sold to me Ok
So Josu now what should I do if I hand back the house its BR I think, but it is manageable as you say as I am on a good wage.
Dont forget I was on a higher salary also and the wife did work.
I can sign a form to extend by 4 years and it would fix rate for 5 years and reduce by £132.00
Thats why I feel doomed and now you have freaked me out. BR will destroy the family wont it now good job on way to dr need it now
I think I have got to manage and thats the fact not worth crying over it.

Mark

[Shining]

The forum shouldn't be freaking you out Ox, Josu wouldn't have replied with that intention.

None us replying are professionals in the insolvency world and you need to speak to the professional and take their advice and guidance.

We can support - not give advice, the professionals do that.

[Ox1987]

I know that but I feel like my world is imploding again and I need to consider the childrens future.
I am not sure that we can give them a decent future and maybe I should consider other options to ensure they are looked after properly as we may not be able to. This is what I was dreading I did not consider life would get this bad I thought if we could sort the debt we would be ok though I am starting again to doubt the success of the iva again. I am not a bad person why did I get in this situation I should not have had children. My world will end if we have to go BR I have wasted my life the wifes and the childrens poor kids

I feel so down though I have not had my meds today yet ran out

[Ox1987]

How do you mean they are looking at the F&F IVA still I think thats no change at the moment, but I am doubtibg everything

[Shining]

Ox, are you not supposed to be at the Dr's at 5.35pm or did I misread earlier?

[Ox1987]

I am in waiting room, thinking whether its time to give up and look at options for the kids I may discuss that with the doctor

[Hyperdrive]

Just make sure you keep that GP appointment!
What exactly have Mel`s team advised you to do?