Help with my debts

[ineedhelp]

Hi guys, finally found a friendly place after a lot of trawling.
Where do I start?
Finally had to face facts this month over my debts. Been robbing Peter to pay Paul for years, but now outgoings are more than incomings.
Cutting a very long story short - present incomings are £2650 pcm (wife + me) unsecured debt = £38k or £740 pcm

Presently monthly outgoings - £2800.
So, you can see my dilemma.
I have beeng rung by several debt management companies, telling me we can't go the IVA route, due to my profession (law enforcement) and my wife (financial advisor - I see the irony) and they are all recommending a DMP - which I don't like the sound of.
Realistically, I would be looking to pay £300 into an IVA

House is worth £175k ish - balance is £166k ish - but with no chance of a remortgage due to income v debt!!

2 very modest cars (6 and 8 years old) and two secure jobs and no missed payments or defaults to our names ever!

Is an IVA right for me?

I thank you and good luck

[Viki.W]

Ineedhelp, welcome to the forum. This IS a friendly place so please keep posting and asking questions. An insolvency practitioner will be able to go over ALL of your options with you. I'm with Melanie Giles who posts on here and can highly recommend her. If anything, she could give you another opinion before you make your mind up. Good luck. X

[ineedhelp]

i have just sent her all the information via the form she has a link to. Seems like a really nice person - hopefully she can help dig me out of this debt hole we are in. A full night's sleep would be lovely.

[Viki.W]

You'll get there ineedhelp, keep posting on here, we're all here for you.[:)] X

[ineedhelp]

ah bless. Can I borrow a tenner? Joking

[MelanieGiles]

Why are you being told that you can't do an IVA? That does not make sense, and perhaps you ought to have a chat with an insolvency practitioner who is licensed to give you rounded advice on all debt solutions.

[ineedhelp]

Melanie, i have filled in an enquiry for via your link above. I hope you can help my wife and I.
I think I have given you all my relevant contact details - if not, come back to me as I have read your other (very helpful) posts and talking specifics is probably best done outside of the forum.
I have been doing a fair bit of research into this, and I don't particularly like the reality of an IVA, but it seems to me to be the best way forward, albeit with some home truths!

[MelanieGiles]

Look forward to having a chat soon.

[size5]

You say that you have been rung by several DMP companies?

Assumedly, you registered with these companies and then didn't like the advice you were given? If so, then you are in no position to criticise.

It largely depends on what you have also described above.

Does the £2800 include debt or not? If not, then your outgoings are £2060 which leaves £590 to pay into an IVA.

You think you have £300? Please be prepared for a shock.

Regards.

[ineedhelp]

i registered with one of these debt advice companies on the tinternet and all of a sudden i got 5 unsolicted phone calls.
All the companies solely dealt with DMP's and had no interest in going down any other route and the information they gave me has been contradicted by everything else I have read on here and elsewhere.
Having used the calculator that is on this site - my outgoings including debts are actually £3140.
Incomes fluctuate slightly - £2650 is a good month, £2450 is a bad month.

[Viki.W]

Hey ineedhelp, don't pay too much attention to the calculator, Melanie will go through all your outgoings, you may have missed something off, I forgot about my cat! Good luck. X

[size5]

Apologies if I misunderstood your original post. Without debt, your outgoings are £2400, your income, as an average, seems to be £2550 leaving £150 for the debts.

That, in itself, would not be enough to fund an IVA but if you are able to, maybe, trim a few costs I wouldn't rule it out. You have taken the first steps however and that is very important, you are also in very safe hands as well.

Regards.

[ineedhelp]

got a call from Tina this morning - having my telephone interview next Tuesday. I think from my end it would not be unreasonable to trim £150 off (Sky trimmed down the basic package for example). Irony of it all is my credit rating is superb - which is part of the problem.
Thanks size5 - appreciate your comments. I will be honest, I never thought I would see the day where I would consider something like this - but thats the stage we are at - head out of the sand time.

[Viki.W]

Good luck for Tuesday ineedhelp, you'll feel so much better after that meeting, you will be able to see a way forward. Keep posting. X

[kallis3]

Good luck from me too. Hope your phone call has a positive outcome.