can you help, new here

[bella]

I have approx 40,000 pound worth of unsecured debt, my husband and I are splitting up. There is 24,000 pounds of equity, we are planning to sell and split this. I would not be able to afford and IVA as I have to rent somewhere and have a two year old and a baby on the way. Am currently on maternity leave. Would this equity be enough to clear my debts. Have been reading for a while but have not asked before. What is the best thing for me to do? (Amount owed is slightly overestimated amount of equity is slightly underestimated). I have phoned a couple of IVA companies, but they seem a little pushy. Is there any other way for me to offer a settlement to my creditors?

bethanne

[MelanieGiles]

Hi bella and welcome to the forum. I am sorry to hear about your current difficulties.

Are you and your husband sharing the equity on a 50/50 basis? If so does he have any debts of his own? You would really need a figure of approximately £16,000 to offer a viable IVA to creditors - assuming you do not owe anything to HBSC or Northern Rock who have higher expectations.

If your husband would be prepared to take a lesser share, then an IVA on the above basis could be possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bella]

We have agreed to split 50/50 but I am sure that he would consider a little more for me to be debt free. I am currently living with my parents, (rent free) I have told them of my difficulties but they are not impressed, I owe northern rock 4000 pounds (joint loan)the others are credit cards, in my name only. My husband has agreed to pay this to NR out of both lots of equity before sorting out my own problems which would be (35/6 K). I am really stressed at the moment and really want to sort it out ASAP. My baby is due in May. I know this is all my fault but I just didnt know how out of hand it was getting. I really dont have anything to show for it either. I will have 12 months leave from work but as I have to find somewhere to live after baby is born I cannot commit to a 5 year plan.

I really hope there is an answer for me somewhere, terribly ashamed, I really am.

bethanne

[MelanieGiles]

Hi again bethanne

Do try not to worry about your problems. I regularly deal with cases like yours, and if you do have the ability to offer your creditors a full and final settlement (which I think you can) then this can be put together very quickly for you. Your creditors will also like this solution, as they get paid a lot earlier!

Once you have chosen the firm you wish to represent you, they will need to have full details of all of your creditors so that they can work out a figure which will be acceptable to your creditors. This can be done on-line if you choose a company with a web-based advisory service.

I really do think that you can offer an IVA here, and it is probably the best way forward for you as you are living back at home. This will enable you to get rid of the debts, and move forward before that very important new arrival!

The last thing you need is for more stress and pressure at the moment, so put your case in the hands of an expert and let them do some of the worrying.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bella]

Thank you very much Melanie for your advice. I really am grateful for this, I found this forum by accident and couldnt figure out how to post on the forum. I also contacted Synergi, but I have been reading bad things about them. I went to the CAB for advice and they passed me on to them. I am so glad I didnt go ahead, they wanted to do a 5 year thing. I am sorry about all the people on here who went with them, but grateful that you saved me!

This has made me feel a lot better melanie and I now have some hope, my parents are really not happy and I feel embarrassed to live here at the moment. They also think I am up to no good on the internet. I have cut all my cards up.

thanks again

bethanne

[MelanieGiles]

Try not to beat yourself up about this situation, and be proud that you are actually doing something responsible about it!

Good luck with everything and don't hesitate to post or e-mail if I can be of any further help.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lesley]

I also get grief when I am on the internet they think I am spending money, this is understandable and hopefully we can prove that we mean business this time I will never use credit again this has frightened me to death. Hope all goes well for you.