I basically want to sort it out and not lose my career and house needed a second opinion as I have some advice that suggested a Long term DMP as I could only offer 250 pound a month however it would last 12 years if they froze interest. I have this 10k but don't know what to do with it as also advised to pay off some high interest debts first with it before doing the DMP would bring it down to 10 years.
Also our car is on lease, got it when times were better wish stuck with banger will it likely mean they will take it back
As mentioned I also have 18.5k tied up in a business doing nothing if I could get that out it would be an even better return
Just confused what is best to do for my family
Last edited by Ox1987 on Fri Apr 12, 2013 9:19 pm, edited 1 time in total.
OK -- in an IVA or DMP the house should be alright. DMP might be the way to go, if managed properly -- but, as you have seen, could last decades. An IVA shouldn't impact too badly on the career -- see Kelly's link above.
A lease car can be catered for in an IVA -- but you DO need to discuss all of this with a professional or two. We always advise you speak to more than one company, to compare advice and to find someone you are comfortable working with.
An initial chat WILL help you start to get things ordered in your mind -- we have all been there
What is best at this point in time is to pick up the phone and speak to someone --- we can only give limited advice on an open forum.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have spoken to Stepchange who are looking at both options but wanted to seek the experts on here as they were highly recommended for a second opinion plus it is on my mind loads and have to wait for an appointment to relook st it again
While you are waiting for Stepchange to get back to you, please have a word with someone like Melanie Giles of McCambridge Duffy.
There is a very good chance that Stepchange will refer you on in any case, and, to be honest, it would be far better for you to chose who acts for you, rather than a third party.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Correction - Melanie Giles used to be "of" McCambridge Duffy (I used to be a partner in that firm) but since 2002 I have had my own practice. I suspect Foggy meant to type "or"!
From what you have said already in your posting, it seems that an IVA would be a solution well worthy of consideration, and I have acted for several CIMA members in the past without any problems.
I personally would love to work with you again Michael! We both represent firms in which we are very proud to work and serve our clients to the best of our ability.
Not sure my liver could stand a session with you these days Mr P. Or whether DaVincis barstock would be sufficient! That said, perhaps we have both slowed down a bit with the onset of middle age.
Happy times indeed - my time with McCambridge Duffy was the making of me as a newly qualified IP, the team gave me confidence and freedom to make my own way, and the staff were and still are quite frankly amazing at the way they look after their clients. I would not hesitate in recommending you to any clients I felt unable to act for, and have done so on several occasions in the past.
Melanie would the f&f work as my job is not permanent and I have this 10k. Basically I fear bankruptcy and whatnwould happen and it is eating me up inside as I fear for my kids and their childhood future.
PS in your experiences have you ever seen a CIMA work again after a BR an agency has told me I could as CiMA per link above does not necessarily ban you
Last edited by Ox1987 on Sat Apr 13, 2013 10:30 am, edited 1 time in total.
Ox1987 ....make the call into Mel's firm and have a detailed conversation with her. Your set of circumstances will I am sure have been dealt with before in some shape or form. The anxiety you are experiencing is normal and we have all been there at some stage of our IVA journey.
Last edited by luluj on Sat Apr 13, 2013 7:36 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Get in touch with someone...Mel has already been recommended given her experience with similar circumstances. I was terrfied when myself and husband realised extrnt of our debt. We have mortgage and three kids (youngest only 8 weeks old). We had always had seperate accounts and it was only when we sat down together to look at arrangements for my maternity leavd that we realised we had accumulated £46000 of debt. Realised completely out of depth and if didnt act we would end up BR lose house and possibly car and the stigma of BR scared me to death. We wanted to keep house safe and ensure kids ok. We found forum and rang Mel. We had always kept up with payments snd regular bills but with maty i would lose a significant proportion of income and would make survival impossible. Mel gave me confidence and went through everything and made md realise i could give my children a better lufe on a iva budget that they had with us paying creditors. It was a huge weight of shoulders. Iva got agreed last week and i csn now relax and enjoy my time off with my baby. It will be tough snd children will have to learn to understand cant do or buy everything but its still better thsn how we were. My eldest is 9 and knows we no longer have credit cards so if no money then cant have it. Im hoping it will teach my children to budget and so they wont ever get in the same mess we are.
Youve realised problem with finances and found forum and accrpted need to do something. What that something is at the stage is unknown but its not going to get solved on an open forum. Its tough but get your figures together for all your incomings and outgoings then pick up the phone and spend some time going through everything with a IP who csn tall through all suitable options for you. The children will not be taken away from you because of debts and with Iva the house is protected. Try not to get irrationally worried you are not in as bad a situation as you think. Lots are in a worse state and are able to get a solution. You always think things are bad because your living it but many out there struggling and not admitting it or aware of it yet. You are a step closer to be debt free and im sure Mel will find a solution for you and when youhave something sorted the weight off your shoulders will be amazing.
Wow finally found someone who feels the same and similar situation other forums telling me buck up and get on with the DMP are not helping you have the small one like me mines slightly older 6m curled in my arms right now
It's starting to destroy my marriage also so something needs to be done I don't want to lose my family as wife thinks I am over stressed and constantly worrying about things I go to sleep and wake up thinking BR and homeless
If only she worked today I really need to move forward some way
