hi me and my husband are in financial difficulty and its to the point now where we are struggling to pay the debt each month and therefore borrowing more to help. as a result we have £52000 of unsecured debt! this is really worrying us as we have 2 small children to care for. we were thinking that an iva would be the right route to take.
we both work full time jobs and bring in a decent income but our debt has mounted and we are really struggling with our monthly outgoings.
can anyone please give us some advice
You have taken that first important step by admitting that you have a problem.
First thing now is to take some professional advice. If you visit www.iva.com, there is a list of Insolvency Practitioners whom you can contact for free advice. They will give you all of your options, DMP, IVA or bankruptcy. They'll then talk over with you which is the right one for you.
You will find all the support and help you need on here, so ask away with any questions. There is always someone who can answer.
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
From the limited information you have given, it would seem an IVA may well be a sollution but not the only sollution.
As Jan has already said, speak to an Insolvency Practitioner to discuss all options open to you and the pros and cons of each.
If you are a homeowner, you will be required at some point durning the term to release some of the home equity for the benefit of your creditors.
Hi there. As Kallis says, facing up to it is the first significant step, and you have already got over that hurdle. I was in a similar position to yourself, but with more debt (c. £95,000) when I first started posting on here. All the regular posters on the forum, as well as the experts have been invaluable in keeping me sane over the last few weeks. I am now at the final stage of "information gathering" and ready for Melanie Giles and her team to propose an IVA for me, I just need written confirmation from one creditor of my outstanding debt with them. I feel so much better than I am doing something positive about my situation rather than sticking my head in the sand and continuing to borrow from one creditor to pay another and hoping that one day I would win the lottery and it would all go away. Based on your debt levels, an IVA seems like a fair bet, so have a look around the iva.co.uk site and pick up the phone and speak to an IP - it took a lot of pride swallowing to spill the beans on the mess I had got into, but I felt so much better for having done it. Good luck, and keep on coming back to the site and let everyone know how you are getting on, you will find you are not alone. [;)]
Hi Kelly and welcome. It is good that you have found this site and there is help available. As the others say speak to at least one IP and all your options will be explianed. The IPs on this site give free consultations and there is no obligation. An IVA may be an option for you but the most important thing at this time is what is best for you and your family.
