I am stuck in a rut at the moment (my own fault I

[smmc]

I am stuck in a rut at the moment (my own fault I know!) and need help, me and my partner earn about £28000 a year between the two of us and we have a 1 year old child, we live in a house (mortaged by us) and we have no central heating or effective hot water. We also have quite large loans from the past and have virtually no disposable income (less than £50 each) so cannot afford to live basically. Ive looked around and have found that we dont qualify for any help whatsoever from anyone and an IVA is not going to be any good for us according to a website I visited, any ideas?

[kallis3]

Hi and welcome to the forum.

Don't despair, there will be a solution somewhere for you!

Do you have any equity in your house? If not, then you could declare bankruptcy as your house won't be taken if it is negative equity.

It would be a clean start for both of you, you may have to make payments for three years, but it depends on how much disposable income you would have after priority payments (bearing in mind that you would not be paying creditors).

I would visit www.iva.com for a list of reputable companies. Ring one or two, and they will advise you of all the options available to you and the best way forward for your circumstances.

We are here for any support and questions you may have, so don't be afraid to ask whatever you want.

Good luck.

[size5]

Hello and welcome.

A lot depends on your overall set of circumstances including level of equity etc. Website analysers are a useful tool but of course cannot be as thorough as a human being in looking at all the relevant information.

Accordingly, you need to visit www.iva.com have a look around and speak to 2 or 3 professionals who will happily give you an idea of what the way forward is, with no obligation and no charge for their advice.

Rest assured that there will be a way forward, it just depends what it is.

Regards.

[size5]

30 seconds difference Jan, you are just too fast for me!!

Regards.

[MelanieGiles]

Don't take advice from a website - speak to an insolvency practitioner directly to enable all of the options available to you to be properly explained.

Heating your home, and putting food on the table for the family is far more important than paying debts right now, and if you have no or little equity in your property, then perhaps bankruptcy proceedings are the best solution for you.

Either way please take advice - it will not cost anything and will bring peace of mind.

[David Mond]

The website indicative advice is just that indicative - best to speak to a professional and give him/her all of your facts and circumstances. There are good professionals out there so visit www.iva.com and select one or two to speak to. Good luck - rest assured there is a solution for you.

[kallis3]

Size5 - you'll have to hit those keys faster![:D]