im at my wits end, what should i do?

[andrew.m]

in happier times i had a good sideline selling online, this led to the banls/CC companies extending me a large line of credit (@£62000), things have dried up in the recession and all im left with is my 9 to 5 job, this pays around £1400/month, i have childcare to pay of £250 and a debt to my father of £300/month with 12 months to run, how best should i proceed? im at my wits end and unsure what to do, there will be some disposeable income (£400-500)for an IVA, what should i do?
thanks for your time

[Adam Davies]

Hi
Well you've taken the first,and hardest step.
You need to talk to several companies and see what is suggested.
Your fathers debt in an IVA would have to be included but he could step aside for dividend purposes and you repay him after the five years are up
You clearly need to do something,so post as many questions as you need to and we will try our best to help and support you
Regards

[freelili]

Andrew

Hi just wanted to say welcome, this is a friendly place. I guess youre stressed out now but you will find good advice and honest and caring people here.

Pick up the phone and talk to one of the IP's you can go to IVA.com and find a list and feedback. Melanie Giles comes highly recommended. It is very hard to make that first call, I know but you will feel so much better when you do.

Good luck

[andrew.m]

thanks for the speedy reply, would they settle on roughly 50p in the pound?

[freelili]

You really need to talk to an IP, but I have seen many succeed on here for less than that. It really depends on your individual circumstances, there is also the question of equity in any property that you own. Also it would be good for you to talk about and explore all options.

I know there are panic stations going on in your head right now but you need to get the info, step back and make an informed and fitting choice.

[andrew.m]

no equity im afraid, moved back in with parents temporarily

[kallis3]

Hi, and welcome.

50p sounds a reasonable return, but you do need to discuss this with an IP.

Give Melanie a ring, you will get good advice from her.

[plasticdaft]

50p in the pound sounds good,but every iva is different.

[freelili]

That isnt a problem, you might stand a better chance of getting an IVA accepted as you havent any assets to lose in Bankruptcy.

I hope that one of the IP's will pick up on this thread soon and be able to better advise you of youre options.

Try to relax a little, I know its hard but there is an answer to all of this.

[MelanieGiles]

Hi Andrew

An IVA certainly appears to be one solution for you, but there will be others which might be more suited to your needs. An insolvency practitioner will give you rounded advice on a number of options - highlighting the advantages, disadvantages and implications of each one and thus enabling you to make a reasoned choice about the way forward.

50p in the £ would be a very good return in an IVA, but you do need to make sure that you leave yourself with sufficient income to lead a reasonable existence throught this current "credit crunch".

[andrew.m]

thanks melanie