dont know if i am doing the right thing

[jd18]

Hi My meeting with my creditors is due tomorrow morning through debt free direct but i still dont know if i am doing the right thing. My situation is my husband and I separated in January. I moved out of the mortgaged family home into rented accomodation with our 3 children and a baby. The family home is on the market but has little if any equity in it. I owe £60k in debts run up mainly through supporting the family whilst my husband rebuilt his business which failed in 2002. Now i am on my own supporting my children i can obviously not afford that level of debt. I work part time as a nurse and am in receipt of child tax credit. The IVA has been calculated as £400 pcm, I am wondering if i should go ahead with the iva or go bankrupt as if my IVA payments are increased alot in the future i would not be able to sustain them. I have no assets to speak of.

[joh71262]

Can I ask what your hubby is contributing to all this ? It seems a little unfair if you are taking on the burden of the debt and he is doing nothing.

Personally, I would opt for BR in this situation, but I don't know what your other outgoings etc are to warrant the £400 PM.

[MelanieGiles]

Hi jd18 and welcome to the forum

You certainly ought to be having second thoughts about entering into an IVA when you are responsible for four growing children and are only working part-time.

Whilst your circumstances do not prevent you proposing an IVA, if you have no assets of material value which would be at risk under bankruptcy proceedings then this could be a better option for you to make a complete fresh start.

If I were advising you professionally, I would be reluctant to advise an IVA at this point in time, especially as you seem so uncertain about your future. I suggest you ask your IP to adjourn proceedings for 14 days to enable you to explore other options - and a chat to Paul Johns could be a sensible way forward as he can talk you through the practicalities of bankruptcy given your current situation.

[Reviva UK]

Hi JD18

It is always good to look at all the posibilities before finally making any decision. I would be more than happy to discuss the Br option just so you can fully understand the consequences to you, the family and your future.

take care