I've buried my head in the sand for a long time

[philh]

hi, My income at the moment is incredibly low. I think in the next week or so I will have none at all. I know I've buried my head in the sand for a long time. I've unoppened mail but I want to find a solution as quickly as possible. Basically my debt is approximately 25000 though it could be more. My income varies but you could pin it down to around 1500 at the moment. It can be much more and sometimes less. I've been looking at IVA and beleive that I might qualify. If so how long would it take to set up? Thx

[laleanne1]

Hi philh

I went with a comapny called debt matters and they had it sorted in just under two months, they were very helpful and made me feel a whole lot better, I had debts of 21,000 and pay 200 a month, im so much better off.

Hope this helps

l morris

[MelanieGiles]

Hi philh

You will need to work out your disposable income to see if you would qualify for an IVA. Take your usual take home salary, and deduct your usual household and living expenses - you could use the template on my website as a guide.

Let me know how much you then feel you could afford to pay and I can advise further. As a matter of interest, why does your income vary so much?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[philh]

Hi philh

You will need to work out your disposable income to see if you would qualify for an IVA. Take your usual take home salary, and deduct your usual household and living expenses - you could use the template on my website as a guide.

Let me know how much you then feel you could afford to pay and I can advise further. As a matter of interest, why does your income vary so much?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thx. My income varies because i'm a freelance editor. Sometimes I may have work that is continuous though at the moment this is less likely. I can earn anything from 100 to 300 a day depending on the nature of work. I do have a regular client at the moment and so can pin down an average income.

I went into debt a few years ago after a misunderstandng between the inland revenue and myself when I suddenly found I had 5000 more to pay than I'd saved for. At the time I was very short of money and had been sent a cheque by them thinking it was a repayment and thus decided that if they sent me money I wouldn't owe any. Big mistake. It turned out that the cheque they sent was a mistake and that I owed that and what i should have paid at the time anyway. Since then it's been a snowballing of debt. Prior to that i'd had none. I've now lost control and find it almost impossible to look at my accounts and sometimes my bank balance.

I'll look at your website and see if I can work up the enthusiasm to begin to sort this out.
thx anyway.

[MelanieGiles]

Hi Phil

I have dealt with a few clients in the media recently and understand your income peaks and troughs. As you are self employed - do choose an insolvency practitioner who is prepared to meet with you face to face as this is now a statutory requirement.

You know you will feel so much better when you at least know where your finances are, and if we can help at all with any more queries do not hestiate to post.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[finebridge]

Hi Philh,

I'm sorry to hear your struggling with your finances.

As Melanie has previously stated you need to work out how much you have left over every month after paying all your necessities, this will be a major factor in deciding whether an IVA is right for you. It may be a good idea to pick up the phone and speak to one of the experts on the forum, where an IVA can be explained in great detail to you, this may also help you decide.

Good luck

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[philh]

Hi philh

I went with a comapny called debt matters and they had it sorted in just under two months, they were very helpful and made me feel a whole lot better, I had debts of 21,000 and pay 200 a month, im so much better off.

Hope this helps

l morris

Thx for sharing your experience. It helps. I know I have to begin this process.

[philh]

Hi Phil

I have dealt with a few clients in the media recently and understand your income peaks and troughs. As you are self employed - do choose an insolvency practitioner who is prepared to meet with you face to face as this is now a statutory requirement.

You know you will feel so much better when you at least know where your finances are, and if we can help at all with any more queries do not hestiate to post.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

thx, I'm guessing i'd be wise to talk to a few initially and compare results so you may find i make contact as I will Melanie.

[finebridge]

Hi Philh,

Yes, it is always wise to speak to as many people as you wish until all the questions you may have have been aired.

An IVA usually lasts for five years therefore essential you know all the ins and outs before committing.

Good Luck

Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk