Have you been/are you in my situation

[karaokeprincess]

Hello All,

I am sick with worry and nearly at breaking point. Please read my story and let me know your thoughts, I need to know if I can really solve my problem.

My husband fell ill last year and is self employed. As a result I tried to pay for all the debts, which are all in my name.

I have £45k of debt, and after fighting to pay the minimum payments I'm now really scared.

I had to leave my job at the end of last year; I was bullied at work and as a result am currently investigating constructive dismissal. Sadly I don't have the money to go to court, so can't do anything about it at the moment.

I have now become self employed, and on average my business makes £2k a month. I have no secured debt.

I know that I can make a payment of approx £400/£500 a month, but I was wondering if anyone else has taken out an IVA who is self employed.

Thank you!
C

[aguise]

Hi there and welcome to the forum. There are lots who take out iva's that are self employed. I am in an iva but not self employed so cant really answer much more, but a payment of £4-5 hundred on a debt of 45,000 would be possible for an iva. Do you own your property and if so how much equity do you have in it.
Try no to worry there is always a solution, the m,ain thing is you realise and want to deal with it. You will get great advice and support on the forum. Ang

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

Hi Karaokeprincess and welcome to the forum. I'm sorry to hear that you have had such a rough time.

IVA's were originally created for self employed people, so if you can post some more details - who your creditors are, how much you owe them - one of the experts on the forum will be able to give you more advice.

A lot of us on here have been where you are at the moment, feeling desperate and alone, and there will be way forward for you x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[karaokeprincess]

Thank you for replying!

My debts are crazy, and all started when I went to uni 10 years ago. It all spiraled, madness.

I owe approx £20k to two loan companies, £15k to 4 credit card companies, £5k to store cards and the rest is an over draft.

What I've been surprised by is how my bank and most of my lenders don't want to help or listen to my story.

C

[karaokeprincess]

Hi Ange - sadly I don't own a property or a car

[aguise]

That is fine. I am sure you will get some advice from the technical experts soon. I found the banks and all were fine until I started to struggle, no worry. I think you have done well to be in such a horrible situation at work and to start your own business. We all know that struggle but believe me you will feel better dealing with it than trying to struggle on.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[emma_t]

Hi there

Just wanted to say hi and welcome to the forum.

Although I am not self employed, I was at breaking point last year before I entered into my iva so I know the feelings all to well.

It is a very scary time for you and particularly with the awful and unacceptable situation you recently suffered at work.

I have read on the forum that it is important to have a face to face meeting with you chosen IP (insolvency practitioner) if you are self employed.
I woul suggest you take some advice sooner rather than later as when you know exactly what position you are in and the options your worry will start to ease a bit as you can see a solution.

Have a look on www.iva.com for reviews of companies you could contact for advice, but if I may be a bit cheeky I used Melanie Giles who posts a lot on the forum and I have read a lot that she is an expert in self employed cases, I found her and her team to be brilliant and as I had so much confidence in them it lifted the worry for me a bit.

I wish you luck and take care of yourself, i have found this forum and absolute lifeline and great if you need advice/support or just having a bad day.
Emma x