I am hoping for some useful professional advise as is seem like a minefield out there.
I have heavy financial in debt - that I can no longer just continue as I am doing, robbing Peter to pay Paul every month.
I have no equity left in the House remortgage is not an option so I am left with Bankruptcy which I do no what to do as my wife is self employed and this will obviously jeopardise her job. Also in the next 2/3 year I am due to take on the Directorship of the company I work for but again with a Bankruptcy I am lead to believe that I will not be able to take this position if declared Bankruptcy.
My concern is basically at the moment we are just managing to pay the creditors each money but if we instruct a IVA and they say "no" then we would have stuck our heads above the para-pit and now that the cat is out the bag, we will be at our creditors mercy - No doubt they will close the doors without a thought of trying to help us, but forcing us in to Bankruptcy - bailiffs and all that goes with it.
My wife can no longer deal with this monthly battle and frankly neither can I. Our Relationship is tremendous strained.
This is a our Financial Breakdown
Unsecured debt £70,000
Mortgage £201,000 - house value is now likely in negative equality - Current Mortgage is £1060 per month and is on Interest only
Present incomings are £4000 pcm (wife + me) unsecured debt = £70000k or £2400 pcm we have 7 Creditors
Now with paying Mortgage council tax ETC and all utilities out Presently monthly outgoings - £4300.
We are a family of 2 adult and 2 children and I can not shave the food bill any further and something else has to give.
As yet we have not missed payments or defaults to our names ever!
An IVA seems as if it may be feasible on the info that you have provided, but a lot more information would need to be gleaned before any more specific advice could be given. On the assumption that you would not want to share the absolute ins and outs of your life on a public forum, you really need to speak to a professional directly as soon as you can.
A good place to start would be to visit www.iva.com have a look around, speak to 2 or 3 providers and once you are armed with the information you need on ALL the solutions that are available you can make your own mind up from there. Initial advice should always be free, nobody will judge you or put you under any pressure one way or another. There WILL be a way forward for you so do take time to make the call and then let us know how you get on.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I'd just like to welcome you to the forum as well,and I agree with Size5 that you need to speak to someone as soon as possible.
You can also come onto this forum at any time for questions or support. We've all been where you are at some point and no one will judge you on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think an IVA would be a sensible option for you to consider, but there will be others and it is important that you get rounded and complete advice about all solutions in order to decide what the best route is for you and the family.
As you have already highlighted some reasons why bankruptcy would not be appropriate, you ought to now consider how much you could realistically afford to offer to creditors on a monthly basis via either an IVA or a DMP. An insolvency practitioner will be able to help you work out an affordable budget, in line with the requirements of your creditors.
Give someone a call soonest - it costs nothing to seek help, and could be one of the best calls you make given the pressure that you appear to be under. Your relationship with other is very precious - in fact it is priceless - and that has to be your number one priority right now.
Welcome - as others have said you look to be ok to propose an IVA - however advice from a IP is what you need. Take several routes for advice - lots post on the forum of potential - Melanie Giles comes highly recommended. Once in a IVA the budget is tight,but manageable and life becomes alot easier and more relaxed once again once used to living within a budget - times like xmas are even more enjoyable when reality sets in that there are no nasty credit card statements due in January !
Best wishes on your chosen direction
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
