HELP

[losing our heads]

help run out of options and time owe 50k to family but manage to get morgage with help from a bank that owns 30% of our property. thats not our problem we have got 46k still and are sinking fast we want to do iva but scared we lose house and how we pay family back as they remorgaged theres to help us .beside that were thinking of going with debt free direct cos we cant afford any thing upfront figurd they might put it on monthly bills has any one gone with these hubby employed but iself employed only started in augest after losing other job but dont know how i supposed to prove my earning as i only making 135 a week and thats going on school fees nursary shoppind ect none of it has actuly made it to the bank does this make any sense to any one. SO MANY things to be asked and have no answers[?][?][?]we had low christmas and our new year of with a bang already we need help is any one not celebrating new year that can talk to us asap please

[Adam Davies]

Hi
Do you have any other unsecured debts apart from the family debts ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[aguise]

Hi there and welcome.
I am not going to try to answer as I am like you someone in debt. I just wanted to say be patient and someone with the tech knowledge will be along to answer. Try not to feel down though difficult I know. The forum can be a great support to you, feel free to ask anything .

Ang

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

[Soulgrowth]

And I want to reiterate what Ang has said. You have come to the right place here as you are amongst people who know where you are 'at'. It can, and should be, a slow process to get things sorted, after all you have now made the steps to financial recovery, but do keep in touch with the Forum as we are all here to help. The most important thing is that you are acknowledging the situation [:)]

With all good wishes

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[losing our heads]

hi what do you mean unsecured we owe family 50k which we borrowed to pay other debts and pay them monthly all other debt the 46k is credit cards and two loans we eihter bouncing them or trying to pay what we can but sinkin fast starting to get charges left rifght and centre have not told family they will kill us.

[MelanieGiles]

Most insolvency practitioners will not charge you anything upfront to set up an IVA - this is not unique to Debt Free Direct. Can you work out how much disposable income you would have to offer each month in the event that you were to put forward an IVA? And how would your family creditors feel if the other creditors asked them to step aside for dividend purposes? Also could you confirm that amount of equity that you currently have in your property, and we can probably advise you further.


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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ellie 553]

If they secured the debt on their own property it would be best to give them some fair warning - I am sure there is a solution. I borrowed £20,000 from my mum to buy our business and I still owe her a lot of it. She has got it on an unsecured loan now but it was secured originally. It is the one debt that I am really worried about repaying but as she said she lent it me knowing there was a risk attatched as there always is. I am sure there is a way of working it out - there are lots of us in the same situation

[catullus]

Hi

Can you say what your monthly family disposable income is, if you didn't have to pay off your credit cards?

That would be useful information to give you some advice.By the way the word insecured means creditors who don't have seurity over assets, such as mortgage lenders.

[losing our heads]

hi if you mean not pay farther inlaw back its not a option the situation was that we got this current house and remorged it in 3 years to pay them back but if we carry on we wont have a house at the min we have not worked ou our moneys all we know is were paying or bouncing lets say over 1400 a month to pay cards hubby brings 1200 in a month and mine about 550 month which is just covering morgage insurences ect we been buying food and fuel on one credit card which is nearly full we are going to tell family but it took us nearly 8 months to get through to them last time as we were told under no circumstance not to do iva at the time which me and the husband new at the time and now we know it was the wrong thing to do now we gain to lose everything what do you mean by stepping asside for dividend purposes thanks to all who have replied.

[MelanieGiles]

You cannot prefer your family members under either IVA or bankruptcy proceedings, and should not either if you were to offer a DMP to your creditors. It sounds as if you now need to take a bit of a reality check about your financial situation generally, and I do wonder if you are actually living beyond your means in that property.

Stepping aside for dividend purposes means that your family would waive their right to repayment, in order to offer your other creditors a better return. This is quite often requested by commercial creditors in relation to associated debts.

Who told you not to do an IVA?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Soulgrowth]

The advice not to have pursued an IVA seems to not have been good advice ... but I can understand that perhaps at the time it might have had some stigma associated with it?

Your commercial creditors will have to take precendence over and above family which is why it is probably not such a wise idea to borrow from family, but perhaps this is the time to seperate the problems and deal with them one at a time. It may mean that your father-in-laws return comes later rather than sooner but I am sure that your family would be impressed by you taking steps to a responsible solution for your debt situation.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[MelanieGiles]

Sorry - but you are using this site to seek advice and that is what we are providing. It may not be the sort of advice which is welcome, but there is no other way of dressing up your difficulties.

Of course it is hard for you to face up to reality, but none of this is going to go away, and I suggest that you take independent advice from an insolvency practitioner as soon as possible, rather than relying further upon family members who may not be so well-informed.

Most practitioners will be happy to provide this to you completely free of charge, and there may be other options available to you as a result.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
You have found a site that will not judge you so you do not have to justify why you are in trouble.
Can you start by telling us how much your house is worth and what is your outstanding mortgage ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[losing our heads]

we are faceing up to reality thats why we are here just wanted to get heads up on what we needed to do and find out what to expect we are telling family after new year and we will take advise from our finacial adviser who is coming on the 16th but he again was reluctant to do iva but i think there is no other option im sure we will sort this out just wanted to get ball rolling and find more information out before taking the plunge.thanks for all your advise

[losing our heads]

Hi Andy
House worth approx £130k outstanding on morgage £104k.