Hi everyone I need some help

[rach2306]

Well I am writing this with tears running down my face. Feel an emotional wreck at the moment. I have got myself in a mess. It is all my fault but I need to face up to it. Hope someone can offer some advice

I owe the following
halifax 7700
egg 7000
mint 10000
mint 7000
mbna 8000
mbna 3000
northern rock 10000
first direct 2500

all unsecured

incomings

1900 salery
rent from house 450
don't often get any money from ex husband tried csa
70 child support

essential out goings 1400

Can anyone help as to what my options are?

Thanks in advance

Rachel Harding
http://www.yourkidsshop.com

[bagpuss]

do you own a home and if so how much equity do you have,,,?

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[mikebdomain]

Hi rach2306 and welcome to the forum I can not offer advice on your question, I just wanted to say hello and rest assured you will find help in this forum. I'm sure one of the IVA experts will be along shortly

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[rach2306]

Hi Yes I own a home but rent it out as we have had to move into my partners work premises as that is a condition of his employment so I can't release any equity already tried that. To be honest dont think there really is any equity at moment

Rachel Harding
http://www.yourkidsshop.com

[louisa.s]

Hi Rach2306,

No qualified to get advice but have been there and you're not the only one nor will you be the last. I'm sure one or two of the experts will be able to give you the advice that you need to help you but in the meantime you will get a lot of support from everyone in the forum and that is invaluable beyond belief!

Lou

[douglass]

Hi Rach2306 - can't offer much advice, except for please don't beat yourself up too much about what you have done. Everyone here is non judgemental and supportive - you have come to the right place. I am sure a forum expert will be able to help and advise you. D.

[rach2306]

Thank you all so much for the support you are already giving. I go in for major surgery in 2 weeks and just want to get a bit organised before I go in

Rachel Harding
http://www.yourkidsshop.com

[sonyse2t5]

Speak to an IVA firm....you have a very good salary and looks like you have £500 spare after all outgoings?

Have you tried ClearStart, my IVA firm or Debt Free Direct.

I really wouldn't worry as your income sounds good and you can pay!

[iva.com]

Hi Rachel,

Welcome to the forum. You have come to the right place for support and advice.

If you would like to find an IVA firm to speak to take a look at www.IVA.com. We list IVA firms and Insolvency Practitioners and publish client feedback on their services. We recommend checking several firms before deciding which one to work with.

Good luck and please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[Skippy]

I would speak to a couple of companies who post on this site. Melanie Giles is highly recommended. I would advise speaking to a smalled firm rather than going to one of the IVA 'factories' as you will most likely get a higher level of service.

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/

[emma_t]

Hi There

You have done the hardest part by facing up to and admtting you are in trouble.
I have just proposed and iva myself and have my creditors meeting soon, I used Melanie Giles who I have found to be briliant. You can contact her through this site and have a chat with one of her team who will discuss your options and give advice.
Sounds like you have a lot on at the moment with your surgery looming aswell, have you anyone you can talk to about this?
Good luck with everything and this forum is always a good place for any advice, support you may need along the way.
Emma x

[MelanieGiles]

Hi Rachel

You have debts of approximately £55,000 and dispoable income of £1,020 per month - I have to say that you outgoings look very low at £1,400 - are you sure that this is correct?

If the figures are correct, then an IVA is unlikely to be a sensible option for you as you will pay in more over the five year period than you actually owe - not taking account of ongoing interest of course.

It sounds to me as if some debt restructuring rather than formal insolvency is a more sensible option. If you have equity in your investment property, it may be sensible to remortgage that or even sell it to reduce your unsecured borrowings to a more manageable level.

In any case seek proper financial advice from an insolvency practitioner.

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

[rach2306]

Hi Melanie thanks for the advice. Thats really what I wanted to do. The property I own is rented out so can't release any equity on it as its a buy to let mortgage. Out goings low as we don't pay gas electricity etc as its a business premises we live in. How do I go about restructuring? Tried to get a
debt consolidation loan but that either moves it into a secured loan which they wont do and I don't want anyway as its a buy to let or I can't get a large loan over a longer period as may credit rating isnt great. What do I do/ Thanks again

Rachel Harding
http://www.yourkidsshop.com

[MelanieGiles]

I would personally seek the advice of a reputable debt management company. Andrew Graveson is a regular poster on the forum and runs a debt management company as well as being a mortgage broker. I am sure that if you give him a ring he can steer you in the right direction, as he will be able look at both sides of the coin with regard to the property as well.

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

[rach2306]

Thanks Melanie


Rachel Harding
http://www.yourkidsshop.com