I am struggling to pay my bills and mortgage

[christian]

I am struggling to pay my bills and mortgage etc now I am separated. I have a loan that is secured on my property but the repayments just eat into my finances, is it possible or worth looking at an IVA?

[james.c]

you basically sound like my postion, you will need to post more details such as your monthly outgoings and what your debts are

[moretolife]

welcome to forum christian...as james says...more info will help for experts to give advice

keep reading

[Soulgrowth]

Hi Christian ... welcome to the Forum.

You wont be able to include the secured loan in an IVA but an IVA might give you the opportunity to rein in your other outgoings to make life a little easier for you.

If you could post a list of your creditors and amounts owing, along with some indication of your monthly income it would help the experts to give you some fuller advice [:)]

All the best

Debbie

[Viki.W]

Hey Christian, welcome from me too.[:)] You'll find lots of good advice and support on here so please keep posting. X

[christian]

i have £1500 on 1 card and £1000 on another

I earn about £1900-£2000 a month after tax

but mortgage is £850, bills £400, ex wife £300, and loan is £200, the rest is food and fuel for work

so i t leaves me very little for any unexpected bills

its getting me down tbh

[Viki.W]

Hey Christian, If you only have £2500 unsecured debt then you couldn't do an IVA but you may want to negotiate directly with your creditors for repayment plan. The secured loan would still need to be paid. How much equity do you have in your home?

[Lisa2009]

Hi christian and welcome to the forum.

You need to have at least £15000 of unsecured debt to enter an IVA.

Perhaps you could negotiate lower payments to your cards?

[christian]

I have about £10,000-£15,000

but

in the current climate that isnt always concrete.....it may be nothing

I am looking into all avenues, so all help is appreciated

[Viki.W]

That's right, you may not have that much. I was just thinking whether you might want to sell up and maybe rent somewhere cheaper, it could be a fresh start and you'll have more money at the end of the month. Obviously I don't know you're situation so sorry if that's not a possibility. X

[christian]

no that is fine, I am glad of the help

I am trying to sell actually but because of how things are at the minute it seems slow...I have had a lot of interest in recent weeks though.

My one worry is if I sell and then rent, it may be tricky to get a mortgage when I want one, as we all know the mortgage market has shrunk massively and is turning down approx 60% of applicants

i just feel i am going in circles and basically working to stay afloat.....just

its very depressing and I can only sympathise with anyone ina worse position than myself because to me it seems tough, so I cant imagine what otehrs have

[Viki.W]

Ah Christian, it does sound as though you are struggling. Good news that you've had some interest though. Fingers crossed that you can sell, move on and be able to live a little! Personally, I think you are doing the right thing, who knows how it is all going to be in a few years. It really depends on what you want right now. X

[christian]

I just want to be able to enjoy my life a little without constantly worrying how much things are or how much I dont have

it just seems a permanent state of mind

and one that i dont much like

Thank you for the support

CJ

[james.c]

if i was you i would speak to a financial adviser for the small amount of debt of only £2500 i would get it added on to you mortgage which a good adviser should be able to arrange, if then money is still a but tight, go on interest only mortgage for 2 years

[christian]

thanks for the advice, i will see if i can get it on my mortgage, good shout

and i am sorry if it seems a silly amount, but its causing me lots of headaches with all the juggling

TY for help tho much appreciated

CJ