No wage gives me 3964 a month and they allocated all that out to stuff I could go into detail but basically main things above plus 150 council tax 150 gas/electric 50 water haircuts 35 kids stuff 50 etc etc etc
We get no child benefit or tax credits as 1 earner is over the threshold.
I obviously have higher outgoings that alot of people and I used to be on £100k which is why I keep coming back to my stress levels
Now the details are understood better what are peoples views on my options now ... has it changed.
Basically I feel like quitting my job today and throwing in the towel
Last edited by Ox1987 on Tue May 07, 2013 2:28 pm, edited 1 time in total.
This isn't meant to sound harsh but if you quit your job you will have no option but to go BR.
I obviously don't know your circumstances (other than what you've said on here) but would selling your house and renting be an option? I know you don't want to lose your house but if you are struggling wouldn't it be better to have a smaller house and be more comfortably off?
It would not sell enough they have dropped too much to cover the mortgages so negative equity and hence shortfall and then would have to go BR to get rid of that.
I agree you would think on a good salary you could make it work, but the drop I took was bad
See why I am stressed all sounds a bit doomed doesnt it. Then I probably would get a BRU also to top it off.
On my job I would lose it anyway if we are doomed
Now you know my full story and details be honest Guys doesnt look to good now does it.
All of this means I have not slept in weeks, lost 3 stone and am destroying my family. Hence wonder if I should not be here!!!
Last edited by Ox1987 on Tue May 07, 2013 2:44 pm, edited 1 time in total.
No i still dont think it sounds bad, you still have more than double my house hold income to live on and probably a beautiful house to live in!!! Sorry but it sounds like a case of diamond shoes being too tight!!! (that was a joke by the way) i do agree that we will all live beyond our means whatever they may be but if you have 3.5k per month coming in then you can do this. So when they worked it all out you would only have £50 per month to pay into the IVA? Im not sure how it works with an IVA but are the amounts worked out a little higher so that the F&F of 10k to the creditors sounds like the best option? I mean if they showed how much you could pay monthly then obviously the creditors would refuse the F&F knowing they would get more in a normal IVA. Have you talked this through with Mel? Im pretty sure there will be more money in the 3.5k for an IVA. £50 less on petrol, £50 less on food, you can see where i am going. You will have to cut down its not a good enough excuse that your outgoings are just higher, make them lower Ox, we all do. Come on you must see that 3.5k per month is alot and im guessing if your wife doesnt work you dont have child care fees, many people pay half their wage in childcare. Something is just not right, please talk this through with Mel, my theory is that to do an F&F it has to be made to look like that is the best return for the creditors (i dont mean anything dodgy) but i do believe there will be enough to pay a decent amount into an IVA unless you live in an 8 bedroom house and pay for maids and have you heating on 24 hours a day and run a big giant 5 litre car.
p.s Why would you feel like quitting your well paid job and throwijng in the towel, you just dont make sense to me. You have a good job, so many people are desperate for work. You have a loving family, may people are desperate for one of those too, i mean ???????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Sorry Josu the stress just gets to me and I panic I know what you are saying but I struggle with it all. having a very bad day today after such a good couple of days. Ying and Yang I suppose. I dont want to quit my job but if the IVA dont work I may have to. I have also not got tight diamond shoes, we are shopping at Aldi every day, kids have had activities cut, no clothes have been bought since Xmas apart from a few for the baby. everything has been cut right back, the only thing is the lease car that costs more but we got this before I lost my job.
i think this will be locked shortly I am trying to get help and on here does
Last edited by Ox1987 on Tue May 07, 2013 3:00 pm, edited 1 time in total.
It will only be locked if it's going around in circles and to me it is doing just that at the minute. Unfortunately, we don't have the answers you're looking for, we can't give specific and definitive answers. Until the IVA is accepted there will always be a level of uncertainty.
Last edited by Shining on Tue May 07, 2013 4:05 pm, edited 1 time in total.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I only wanted to give everyone the full facts and see what they thought as I believe that people misunderstood as I seem to have good income and still worrying this why I was frustrated and stressed and then seek advice on their opinion now they can see the facts of my situation.
I am stopping going round in circles if I can but its hard.
OK, Ox .. Worzel here with sensible head on ..... your salary level, compared to your debts and outgoings is not at all bad. Even in a full blown IVA you will survive. All of your essentials will be covered.
In short, your situation is NOT bad! It might seem so to you, but there are many of us on far worse budgets. We survive, so shall you.
Mel is confident and that is enough for me to be pretty sure you will succeed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think it is best to wrap this thread up as Ox is dealing directly with Mel and it would be better that any further advice comes directly from Mel and her team
Good luck Ox, you are in safe hands with Mel and her team
