Help, I'm in need of an IVA / rescue

[jules.k]

Help, I'm in need of an IVA / rescue - I'm drowning in debt (and stupidity), however, I'm self employed - What options do I have?

[MelanieGiles]

Hi jules and welcome to the forum.

IVA's were specifially designed over 20 years ago with the self-employed person in mind, so this is definately an option for you if you meet certain criteria.

I suggest that you seek specialist advice to resolve your financial difficulties from an insolvency practitioner or a debt management company. Any of the experts detailed on the forum will be delighted to give you free, impartial advice and options for the way out of debt.

Depending upon your actual circumstances, you may be eligible for either an IVA or a debt management plan, but I would need more information to advise you further. How much do you owe, and what disposable income would you have on a monthly basis? Are you a property owner?

Good luck in your search

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

[jules.k]

Hello Melanie, thanks for the reply...

I've just been to your site and looked at the contact form with all the expenditures and incomes, and it just fills me with fear and anxiety, but I know I need to do it.

Let me have a go at it tomorrow. Its terrifying to look at the truth.

I think I have about £30,000 in loads... £10,000 on the credit cards... My other half knows only £20K and I hate lying.

I am a home owner of a fixer upper that I havent got the money to fix up properly... (sigh), and my business is just starting... I maybe make in £1500 a month on average... Maybe a bit more? Which means I am slowly circling the drain... Disposable income? I dont think I know what that is. I don't drink or smoke, and I don't go out (but thats cos I know I cant afford to more than anything).

The business is half funded from the credit cards, and not always totally repaid when it comes in if I'm honest. So disposable incoming is more disposable credit card?

I'll send the form tomorrow.

I suppose for help, what do people need to know?

I confess, that I swear I am actually depressed as a result of this, and I'm going to see a doctor or a counsellor somehow... But the latter, costs more money I dont really have.

Jules

[scaredkez]

jules we are all here because we need a life line my advice is don't always go with the 0ne that is throwing it, they may not always be what they seem, look into what you want to do iva's are not for everyone and a 5 yr commitment is a long time , however take all the professional advice you can be it here on the boards or elsewhere, don't pay up front fees for anything discuss and look hard at all avenues only you can decide what you want to do
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[freelili]

Hello Jules

This is my opinion and I am not an exper just another person in debt.

Firstly, I think you need to be honest with your other half, does she work or do you have any joint loans? An IVA may be the answer since you have assets (house) to loose in BR, however I dont have the full facts and if its a do upper, I doubt if you'll have do upable expenses in the five years an IVA might take. This and an IVA will need to be discussed with your other half, its her house too, right? Plus there is usually an equity release clause in year 4/5 I think. Furthermore whatever you decide will not be stress free and you may need her/his support.

Second, do not panic, there will be a better life than what you have now, you are not alone in that grey black world of worry, we have all been there, its not nice. However, beating yourself up about it is not going to help. whats done is done, time to admit it and move on.There will be a way forward.(Anyone that cannot make a mistake cannot do anything)

Your disposable income is what is left when you pay your secured loans (mortgage/ HP) bills (electric etc c/tas) and living expenses (food, road tax, petrol etc). If you can post details of this it might help one of the experts advise you further.
A DMP might take years to pay off and you are not protected from added interest or creditor harrassment.

Speak to a few debt/ IVA companies (avoid synergi) when you do this, do not be ashamed, the company will earn from it and you should feel comfortable talking with them. Just to get a feel for it, also make sure you are told about all of your options.

You are already on the road to a better life in just admitting the problem and trying to address it. I know its hard to face it all.

Finally, you are suffering from stress and its OK to go and see your GP, you are under a huge amount of pressure and it will affect your health, I have been signed off work due to it all. You could also contact MIND who offer a free councilling service, or if you feel really desperate contact samaritans.

You are not alone Jules, if you have further questions or just need to rant, cry or scream, we will be here for you.

I hope this helps, good luck and keep posting



LILY

[MelanieGiles]

Hi again Jules

Good advice from the girls - do take your time to consider all options - but first of all we need to find out what options you have. This can only be done by looking at more detailed information abou your financial affairs.

And do remember, an IVA is 10% about dealing with your immediate problems and 90% about addressing the future. You need to clearly think through your business plan to see whether it is viable enought to make any form of contribution to creditors either via an IVA or DMP. What business are you actually in?

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