Although this is really hard to do there's no other option now but to own up to how things really are. We're massively in debt - around £90k without mortgage and have been struggling for some time now. We've managed to keep up payments so far but have come to the end of our ability to do this. Husband's rota'd overtime has been stopped (around £1k per month) and there is no way we can carry on.
Really really don't want to lose our house, we had some work done 3years ago and our son laboured for the builder working on it but we lost our son just over 2 years ago and the house is the only thing we feel we still have of him. I know that we've spent the money and we really want to pay back as much as we can so it's not like we're just trying to opt out. If we approach an IP for advice is this recorded anywhere, would banks etc get to know that we'd asked for advice and pull the plug before we could make any decisions? Feel really ashamed that we're in this state but are trying to make things as safe as possible for our surviving teenager. Please please help.
Hi and a warm welcome
Listen, it is the hardest thing to do, admit that you need help and are in a mess.
That's one very big step.
Your next step is to speak with several people/companies and listen to their advice.
Then decide on the solution that is best for you and go for it
Regards
I am so sorry that you have suffered such a tragedy with the loss of your son. I so understand how horrible it is to reach this point of seemingly no return.
The very best advice I can give is to speak to an IP as soon as possible, your creditors will have no way of knowing that you have done this and I am sure there will be a way forward for you. One of the experts on the site would be happy to listen and advise without judgement.
Its so easy to go on and on blaming yourself for everything but its all too easy to get to this dark place and find yourself in too deep. Please dont punish yourself anymore, you have suffered enough.
Hey pap, welcome to the forum. I'm so sorry for your loss. Please talk to someone, have a look at the experts page on here and speak to a few. The advice will be free and confidential and your banks will not know.
Don't blame youselves and you have come to the right place. Speak to an IP as soon as possible give him/her all information.
Go to www.iva.com for a list of highly recommended practitioners where reviews are posted. Select one or two.
No calls are recorded and your creditors would not get wind of anything - you will get the most appropriate advice to your circumstances. Good luck and let us know how you get on.
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.
I am so sorry to hear of the loss of your son, and can perfectly understand how you have a special need to retain your property.
A sympathetic IP, who is prepared to spend time with you initially to find the right solution, and if that is an IVA to ensure that the proposal provides not just factual, historic data, but also explains how the property is so important to you and the reasons why, is a criteria you ought to look for when shopping around for a professional to assist you.
Properties are rarely lost in IVAs these days, but there may be a requirement to raise some finance at the end of the arrangement, but this will be based on value and affordability.
Do take time to make the right decision, and continue to post on the forum where you will find friendship and support, as well as technical advice from all of the regular posters.
Pap, I've just caught up with this thread and would also like to offer my condolences.
We are all here for you at anytime for advice and support. No one else need know that you are struggling, but you can offload any concerns on here.
You need to speak to an IP as soon as possible. I recommend a small firm as the larger ones can be a little impersonal.
Melanie, who has posted on here, comes highly recommended. Give her a ring. The advice is free and you will be told all of the options available for you and you can decided the right way forward.
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
