I think what you have said is very good advice, I should speak to someone who can advise me of my options then when I break it to my husband at least I can follow up with some information that might help him accept it a little easier knowing that I have done research into getting us out of the mess.
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
Melanie is absolutely right and if you have spoken to an IP,most are happy to speak to your spouse and explain it all again. As the others have said he may be relived to know that any strange behaviour or sleepless nughts have only been caused by debt problems and not something that cannot be fixed. Best of luck.
Getting the appropriate financial advice first is a must. Most IP's will give you that free of charge. Then armed with that advice sit your husband down and tell him of the situation. I am sure that after the initial shock - he'll come round and be very supportive. He will also be able at that juncture to speak to the IP or other Advisor you chose. Fingers crossed.Go for it now.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Fingers crossed that everything goes ok. I know what you are going through.
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
Thanks for your empathy. Goes anyone out there know how Lloyds TSB are with IVA's, my main debt is with them at approx £31.5K (I have a loan £17K and a credit card £14.5K)? Do they agree them normally and if so at what ratio? I heard that HSBC liked 40p out of a pound are they somewhere like that? Thanks
They are very supportive of IVAs, so long as you have less than 75% of your overall debt with themselves - which is not the case in your case.
HSBC have currently allowed only four IP firms to put forward IVAs with dividends of less than 40p in the £. For the other firms, so far as I am aware, the hurdle rate still stands. So, depending on your circumstances, it might be worth trying to root one of them out.
Thanks for your reply Melanie, so does with what you've just posted mean that becasue my debt with LLoyds TSB is more than 75% that they won't normally agree an IVA?
Then I feel that a DMP would be a better option for you, but I will confirm today with my contact at Lloyds that the 75% criteria is still in place.
How much do you feel that you could afford to pay to creditors on a monthly basis, having made allowance for all of your household and essential expenditure?
Make sure that you are able to live comfortably during either an IVA or DMP. Cutting back is sometimes a false economy and you've got to live with a dMP/IVA for at least five years.
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
