I have accumulated debts of approx 37000 on credit cards, store cards and overdraft facility... whilst i was in full time employment I was able to manage my financial affairs, however certain circumstances beginning with the dealth of my mother, being made redundant, triggered both mental and physical breakdown (am diagnosed with bipolar affectice disorder and chronic fatigue syndrome)I am now just about able to look at my affairs again after 18months of incapacity and realise that i can see no way out of being able to continue current interest payments on debts. I am staying with friends to be able to rent out the house to supply an income. Income is currently approximately 1000 per month. There is a mortgage on property of 55000 at 300 per month. the property is owned jointly by myself and my 3 children. I am concerned about going down IVA in case it affects children's ownership of property. Your advice would be gratefully received. outgoings on property not to include mortgage are approximately 400 p.m. thank you yours Didi ps I have recently incurred 310 in charges by my bank for bouncing direct debits as funds were two weeks late being paid in, i have banked with them for over 25years and have never bounced any of my direct debits previously, is there anyway of getting charges overturned?
You would be best to speak to an insolvency practitioner to discuss options re the debts. There is a list on www.iva.com or you could speak with one of the expert IP's on this site.
I am very sorry about the loss of your mother and subsequent illness, these things do take a toll. I am pleased that you now feel able to address the debts, once you have spoken to someone I am sure you will feel better.
I cant help with the bank charges. If youre still paying unsecured debts and incurring bank charges, it might be better to cancel the DD's for these.
Good luck. I understand this is a very stressful time for you.
Last edited by freelili on Wed Oct 01, 2008 7:41 pm, edited 1 time in total.
You sound as if you have had a really rough time lately, and I hope things pick up for you soon.
I am not sure what you mean by the issue of children's ownership of property. Are your children over the age of 18 and able to legally own property? If so, then only your share of the property will be taken into account for the purposes of presenting a statement of affairs, but if you are required to realise that interest in full, or in part, then your children will be made aware of your difficulties. Do your children actually contribute anything to the running or upkeep of the property>
I very much doubt you will get the bank charges overturned, but you might be able to claim that the amount charged is excessive.
