I just don't know what to do.

[douglass]

Melanie, Andy, any forum experts - your advice would be of great help.
I just don't know what to do. I had a terrible year last year, having suffered 2 close bereavements. So I just went crazy and acted out. My spending went out of control, and I just needed to be around people, so started going to bars etc and drinking very heavily. I just can't explain it. I am now over 70K in debt, earning £1400 a month, but my debt repayments alone are £1600! I have discussed with my employer, who said no matter whether I go into IVA or Bankruptcy, I can keep my job. What shall I do? I am not sleeping, and starting to get panic attacks again. Any advice you can offer would be appreciated. Thanks in advance. D.

[mikebdomain]

Hi Douglass and welcome to the forum. I am very sorry to hear of your bereavements. You have a very understanding employer, who obviously wishes to support whatever solution you seek.

Is your debt all unsecured? And if so, do you have a property? Obviously the more information you can provide the better the advice the experts can give you.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jasperyogi]

Hi Douglass and welcome to the forum,
I am certainly no expert or even got any experience on this, I am just in debt like you for 59k and have just been accepted for an IVA. Our income is now 1740 (hubbys as I've had to leave my job hence the IVA). Our outgoings were 1800 but we now pay 776 into our IVA. So speaking personally an IVA was the right road for us. Why dont you shop around for some advice with the IVA companies and see what repayment you could offer.
We all have challenging moments at somepoint in our lives and handle them differently so dont blame yourself for this, The point is that you dealing with the problem so a big pat on the back for that!
I am sure the experts will be able to give you some sound advice, they helped us no end!

Why spend life worrying...when you can spend it smiling!!

[douglass]

Thank you all. My debt is unsecured, all of it. I don't have any property, or any assets at all to be honest. Think I have about £30 in an old savings account, and that is it. I am taking cash out on credit cards to live and pay bills, and to pay other credit cards! Madness, I know, but it's all I can do. D.

[jasperyogi]

Hi again douglass,
Its not madness at all we have all been there trust me!!! I know everything seems a right mess at the moment, it did for us at the beginning, but within 6 weeks everything had been sorted and our IVA was beginning. So hang in there, there is light at the end of the tunnel!! If you could post who your creditors are and the amount you owe each of them, then this will give the experts something to work with.

Why spend life worrying...when you can spend it smiling!!

[mikebdomain]

On the face of it and based on the previous advice by IP experts on this forum I would suggest bankruptcy is the way forward.

Although I would hang on for the advice of the IP experts, there are a number of them on here that will be able to help.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jasperyogi]

£30 in savings is more that we have!! [:D]

Why spend life worrying...when you can spend it smiling!!

[OPTIMIST12]

Hi douglass -

I am not an expert either but am also in an IVA. Your employers attitude is great - that is one less thing to worry about. Whether you decide to opt for an IVA or Bankruptcy I would just say that the sooner you set the ball rolling the better. Once you are using credit cards to pay other credit cards it is time for action (I was in the same boat myself). I chose an IVA - its not easy - but it gives you a target date for being debt free and ends so much of the stress.

Good Luck!!!

[MelanieGiles]

Experts like me do not recommend what you should do Douglas, but we do make sure that you are aware of all of your options to enable you to make a reasoned choice as to the way forward.

As you have no assets, bankruptcy is an option to consider, however your spending patterns may be viewed as reckless given that such a large amount of debt was incurred over such a short period of time - with only comfort spending by way of explanation (Sorry - I really do sympathise with you and can understand how this has happened).

An IVA or a DMP is also an option, if you feel morally responsible towards the creditors and wish to pay them something back for the monies they have loaned to you. This will involve a longer repayment period for you, but perhaps satisfaction in knowing that you have not walked away from your responsibilities.

An insolvency practitioner will be able to give you further advice as to the implications of each option. Good luck!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[douglass]

Thank you all so much. The reason I was thinking Bankruptcy instead of IVA is because NR make up about a third of my creditors, and from reading on here, they are not really accepting IVA's at the moment. D.

[jasperyogi]

I have to agree about NR I dont think they accept many IVA proposals, so I think BR is probaby the best route for you to take. Whatever you decide I wish you all the best of luck for the future.

Why spend life worrying...when you can spend it smiling!!

[douglass]

Thank you all. Melanie, is my opinion regarding the NR debt right? I would appreciate any thoughts you have, as you are so well regarded from what I have read here, and also from what I have read on your website. I am more than willing to repay as much as I can, either via an Income Undertaking in Bankruptcy, or via an IVA. Thank you all for your kindness and understanding. D.

[kerrie2]

hi douglas
please try and give the national debt line a call they are very helpful and i was thinking of going the br route.
i have a house so i have alot to lose but ive been told to try this route
they keep your creditors of your back and you are paying your debt
ive been of because i have to have an operation on my back and i have been living of my cards to to pay for thing but have come to a point now where i cannot use them any more
if you decide the br route then good luck
just remember we are all here to give you support
so good luck
kerrie
x

kerrie kirkham

[sonyse2t5]

Well, I doubt if you would blown 70K in two years...there are people with gambling debts accepted on IVA - so I wouldn't be too worried about your indiscretion.You had two bereavement....

If NR has I/3 of your debt, then you should focus on that fudge and see if you can find a IP winning to take the bull by the horn.

[douglass]

Thanks again - good advice. How do you chose an IP to get advice from? I really need to get myself sorted out, as the stress is taking it's toll now! D.