I fear our children will be taken from us. Life does not seem worth it anymore.

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Mark.bt

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Post by Mark.bt » Fri Apr 12, 2013 6:10 pm
After losing my job in 2010 I have struggled to find full time work taking contracts and other work and a business i worked for failing and I having to work for free. I have now circa 35,000 in unsecured debt built up before and after and am at my wits end on what to do.

Until now I have been able to maintain all payments and have no defaults etc

I have now been offered a role at a salary I was on in 2008 (£70k) and hence it will not cover all my bills a DMP has been suggested but I am fearful that it will not work and also my work won't last (12m fixed term contract)
I am the only earner in the house as we have 3 children which is making it worse as the wife used to work and childcare is too expensive and I am so scared that we have destroyed their lives as we will lose the house and everything if we go bankruptcy as I would not be able to work as I am a senior CIMA professional, though agents have told me as i am not chartered I might. What would life after be like. will i struggle to clothe/feed them etc the guilt is now killing me .
I fear the children will be taken from us and we will not have anywhere to live .......life does not seem worth it anymore.

However I have been given 10k from a relative and might be able to get a bit more possibly. I have been told that I may be able to get an F&F settlement or F&F IVA i am worried that the impact on my career of those also and would they work. Does not solve the problem that I may be out of work next year anyway and then could lose house. The DMP will take a while as at present I can only manage 250k disposable with a reasonable living budget. I am very worried as you can tell. Any Advice have families been through this before
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:14 pm
Hi Mark,

3 kids here, mortgage, 60k debt and went into the IVA. my youngest was born during this process.

My first suggestion is get some help, some expert help on managing the problem, there phone lines and companies to help you. On here there seem a lot of clued up people.
Thanks,


Paul
 
 

Ox1987

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Post by Ox1987 » Fri Apr 12, 2013 6:16 pm
The issue is I dont have a normal stable income
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:17 pm
I should probably add - I also work in the financial sector, only earner and also I got through this without losing my house. It was tough, there was no easy ride but I think you have options!
Thanks,


Paul
 
 

Foggy

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Post by Foggy » Fri Apr 12, 2013 6:20 pm
Hi Mark. First of all, don't panic. Pop over to www.iva.com and have a chat with a few of the companies listed there. The advice is free and without obligation at this stage. All options will be discussed.

Also have a wander around the forum here and get a feel for life in an IVA -- it is certainly no bed of roses, but at least all essentials are catered for and creditors are not hounding you for payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:24 pm
This is how an expert can help you!

I can give you support in terms of I had a larger debt, same size family, mortgage and have got through this. Get focused, speak to some people who know how it all works and you can do it.

As hard as it is pushing the panic button ultimately achieves nothing other than worrying yourself and others around you. I;m sure an expert will step forward, I'd like to think through the power of human nature somone could do this pretty sharp.
Thanks,


Paul
 
 

Ox1987

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Post by Ox1987 » Fri Apr 12, 2013 6:25 pm
But it matters that I have only a 12month contract so could go BR after that. I have the 10k+ but was told I may be able to do a F&F IVA
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:27 pm
Thats why you need some expert advice to run through all the options, you can then run through the pros and cons and see what suits you and your family best in the short and long term.
Thanks,


Paul
 
 

Ox1987

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Post by Ox1987 » Fri Apr 12, 2013 6:29 pm
How old are your kids CS
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:30 pm
4, 9 and 13....right now.
Thanks,


Paul
 
 

Ox1987

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Post by Ox1987 » Fri Apr 12, 2013 6:31 pm
Was the IVA harsh on the kids
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:34 pm
In what way are you worried? We had to budget, we had to watch what we spent and adapt our lifestyle but I don't think if you asked them my kids even noticed.

I never had a 10k start or anything like that, that you have availability to that could give you lots of good options I suspect.
Thanks,


Paul
 
 

pavel33

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Post by pavel33 » Fri Apr 12, 2013 6:38 pm
I appreciate you're worried, but let's get things into perspective.

You've been given 10k, so you could immediately reduce your debt to 25k. Maximum monthly IVA payment on 25k debt wouldn't be more than £600 a month, perhaps £500 a month.

70k salary = take home pay of around £3,950 subject to other deductions. Leaves you over £3k a month for mortgage and everything else. I appreciate you're the only earner and you've got a wife and 3 kids, but £3k a month still seems manageable (which sadly is what life in an IVA is all about).

Regardless of the fact the 70k job is at this stage only a fixed 12 month contract, if you've managed to cope until now I'd have thought this job offer would give you an opportunity to start getting on top of your problems.

Sorry if this post comes across as being 'hard'.
 
 

cunningstunt

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Post by cunningstunt » Fri Apr 12, 2013 6:41 pm
I'm thinking there maybe options of consolidating your debt, utilise the 10k and just have one big debt/loan/remortgage.

With some cutting back you could potentially then avoid any debt plans or IVA's with just a change in lifestyle.

When you say reasonable living budget, what is the value on that?
Thanks,


Paul
 
 

Ox1987

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Post by Ox1987 » Fri Apr 12, 2013 6:44 pm
The issue is my mortgage is high I can only get a SOA to leave 250-400 though maybe it would be harsher on a IVA than a DMP I wass told that maybe the 10k at 29p in the pound might be an option as a F&F IVA as i have no stable income.
Ironically I also have 18.5k sitting in a business (that i used for contracting), but it is as equity cash so i dont know how to get any of it out) if I cant it will just sit there doing nothing.
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