Just looked at my credit reports and including my overdraft me and my wife are 50,000 in debt. I would like to do debt management not sure if we can? My wife is leaving work in May. We will then be claiming family credit / Statutory maternity pay. We do not see my wife going back to work in next 5 years. Not exactly sure how much money we will be on per month? About 1500.00 including benefits. Is it possible to do debt management? Could spare 300 to 400 per month. Next option is re-mortgage, may be able to clear 25,000 from re-mortgage (5000.00 would need to go to mortgage company) or get an IVA?? Please can you advice best option. Thanks.
It is possible that either a DMP or an IVA would work for you, and I recommend that you take direct advice from an insolvency practitioner who can explain the advantages, disadvantages and implications of both options.
If you have a lot of equity in your property, or your finances are only going to be disrupted for a short time whilst your wife is on maternity leave, a DMP might be the better option, but this will depend upon circumtances and your own personal thoughts for the future.
Hi Brian and welcome to the forum, I would take some professional advice directly from 2 or 3 IP's, the professionals who post on forum and can be found via the experts link come highly recommended, I would also suggest www.iva.com to get a list of companies and some reviews of these.
Good luck x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Brian,
Melanie and her team sorted me out, I can recomend her, as can a lot of others on here, they will certainly work with you to get you the best way forward that works for you.
