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 (Â£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
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
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.
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.
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.