Advice needed.

[cath79]

Hi all
I've just found this forum and am after some advice on whether an IVA would be best for us?

We are in approx £84000 in unsecured debt, we've just worked out how much debt we're actually in and it's very scary. We are able to pay all of our creditors on time, but we just can't afford to live - we've had to cut right back on what we spend on food etc and really can't live like this for at least another 10 years which is when all of our debt would be paid. We take home £1900 each month (that's mine and my husbands wage combined)and approx £850 of that goes out to pay our unsecured debt, and with all our priority expenses we have nothing left at the end of the month, and sometimes have to take money off a credit card to makesure the bills are paid on time. We're both in secure jobs we have our own home with approx £30,000 equity on it at the moment, and have an 18 month old daughter, so also need money to buy her clothes, nappies etc.
I filled in a report on the cccs website and that suggests a DMP which would take 9 years to pay everything off, but we're really not sure whether that of an IVA would be best suited to us.
We would be very grateful for any advice given

Regards

Cath

[facingittogether]

hi cath and welcome you have come to a great place for support and advice!

a few months ago i was standing where you are now! but after facing up to our problems and contacting melanie giles who is an expert on here we have had an iva approved and the burden has lifted!

hang on in there and a expert will be along to advise you!

keep your chin up and i wish you the very best!

barb x

[e.h]

Hi Cath

Welcome to the Forum. I am sure someone will be along to answer your questions shortly.

Good luck

Liz

[aguise]

Hi cath hello from me too.
I would speak to an insolvency practioner, a good practioner will give you all the possible solutions and advise accordingly. I too will echo that melanie or ian who post on this site are well worth contacting. Initial advice costs nothing. We too were the same struggling along and going without just to make minimum payments.
Well done for realising you need to deal with the debt. It will give you and your family a new start.
All the best
Ang

[facingittogether]

just bringing your post to the top so an expert will see it!

barb x

[MelanieGiles]

Hi Cath

From the information you have provided it certainly seems likely that an IVA might be a sensible option for you to restructure your finances and offer a reasonable settlement to creditors. But it is equally important that you consider other options as well, such as bankruptcy proceedigns and Dect Management, so that the right solution can tailored to suit your circumstances.

At the moment you will feel that you are the only ones in the world that are in this position, but in reality there are many people affected by debt and I can certainly promise you that there is a solution out there for you.

Take advice directly from an insolvency practitioner as to your options, and the advantages, disadvantages and implications of each one. You will not need to make a decision immediately, although with the level of debt you are carrying I would not leave things too long.

[Kazzy E]

Hi Cath

Well your story is my story to a 'T'. I came onto the forum last week with exactly the same amount of debt and am paying back in the same way, leaving hardly any money to live on. I contacted Melanie and have my initial telephone interview tomorrow which I am really looking forward to. I have found the support on this forum immense. I was at the end of my tether and didnt know which way to turn, but thanks to everyone who supported me, I am determined to crack this debt problem and hope that I am approved for an IVA eventually. Keep you chin up, there is help out there and you really are not alone, I promise. Best Regards Kazzy

[facingittogether]

good luck kazzy! you are in good hands with melanie and her team!

barb x

[Viki.W]

Good luck from me too kazzy. Cath, make that call to Melanie tomorrow, you too will feel better just getting all your options as soon as you can. Viki X

[Kazzy E]

Thanks Viki & Barb, thats really kind. I will know a bit more tomorrow and will update you tomorrow as to what my options are. Its amazing how a week can turn you around so much. These have been really dark times, but hopefully, soon we will see some light at the end of the tunnel. Fingers crossed! Pick up the phone Cath. Kazzy xx

[facingittogether]

you are right kazzy, we had our iva approved on 28th april and the relief is immense - you will get there, and the dark times will be behind you! good luck for tomorrow and let us know how you get on!

barb x

[scooby0]

Good luck from me to Kazzy..

Cath once you have your options explained to you that will be relief in itself - this forum is fantastic for advice and it makes you realise that you are not alone - you have started your journey by facing the fact that you cannot manage as you are - I to was robbing Peter to pay Paul-once you decide the best option for your situation then the light will seem so much brighter..

[angela18]

good luck to you both

We had ours approved on 28th April also, with Melanie and she is a star.. all her team are great!!

[cath79]

Thank you all for your very warm welcome, it's a relief to actually have started to get advice etc about sorting ourselves out and getting on the road to be debt free.

Kazzy, i hope your phone interview with Melanie goes well today.

I have spoken to someone from Payplan and i have a phone interview with one of the advisors there on thursday evening - i'll see what options they come up with for us and take it from there, i've also emailed Melanie through her site too.

I feel quite nervous about what the future holds, but relieved we're dealing with our debt problem

thanks again

Cath

[facingittogether]

thats brilliant! you have taken the first step to geting sorted!

make sure you feel comfartable with the company you are going with as 5 years is a long time to be with a company if you not comfartable with!

good luck

barb x