I've been lurking for a couple of weeks and I apologise if I've not done this correctly, but I haven't posted before.
To cut a long story short...my husband and I were all set to contact someone about setting up an IVA, as we are struggling to make ends meet...then suddenly on Tuesday the company he works for has gone into administration. My Hubby is the breadwinner and has been told that he will be paid by the administrators until further notice (but this may only be another week).
My question is what shall we do? Is it best to contact our creditors and explain the situation? As far as I am aware we cannot enter an IVA until we know he has a regular income for definite.
I have opened a new bank account with the co-op but haven't done anything else yet.
Hopefully he will find a new job soon and then we can proceed as planned.
Hi Fluffy
Welcome to the forum
It is a very difficult situation you and your partner find yourself in. Unfortunately, with the recession its becoming all too common.
My advice would be to firstly contact your creditors and explain your situation. Hopefully you will be able to negotiate a lower repayment plan until such time as your husband is back in employment.
Hi Fluffy. Sorry to hear about your husband but as Declan says this is becoming more and more common. The administrators may be able to sell the company and your husband will not necessarily lose his job which hopefully will be the case. However, in the event that he does you should check any credit agreements to see if there is payment protection policies which will pay out. You should also do a household budget to make sure that priority payments such as mortgage/rent, food, clothes heat and light etc are met.
If would do not harm to speak to an IP firm for some advice as the advice is free and the IP firm can give you a number of options depending on what the outcome is of the administration.Hopefully it will be positive and best of luck from me.
Hi, I am so sorry to hear this - if it helps at all, you are not alone. Do a budget, speak to your creditors, they have to be reasonable, in general, they will understand the situation and help where they can.
I agree with Michael, speaking to an IP may give you some ideas you hadn't thought about.
I think that you speak to an IP, there may well be a solution out there for you.
Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
