May have to go BR

[sally.b]

Am on the point of breaking, havent slept in weeks, am scared of what is going to happen to me, my family are going to disowen me and thats evan worse than being BR. My health is deteriating and am concidering bad things!!! I dont no what to do?? I cant do IVA, may not be able to do DMP as dont have enough disposable income. My parents think i have a lot less debt than i have (i have 96K but they think £50) have offered to put me and hubby up in there house for 3 years so we can save money but we wont be able to save as much as they think, are 100% going to have to sell house so have to move back home but things wont be as good as they think. Is BR my only option??

Any advice would help dont no where to turn or what to do??

[MelanieGiles]

Hi sally

Please don't be despondent. If you were to sell your property, how much do you think you could rent a property for? Compare the difference in figures to what you are currently paying on your mortgage, and this may produce disposable income that you could use to fund an IVA.

It may also be better to comple clean with your family as well - you will be surprised how supportive Mums and Dads can be, and they will certainly not judge you.

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

[sally.b]

We need to be £400 better off a month, mortgage at mo is £730 and there is no way of us renting for 400 a month, we have a dog and its difficult. Ive been speaking with Tina today think she may of spoke to you about me last thing tonight but i cant coap with all this stress, i cant sleep and really need to talk to someone about what to do. Is there a help line or something i can call now!!???

[aguise]

Hi Sally
I am sorry you feel so low. Try to relax a little and clear your head, when you get too worked up you wont be able to think clearly. Ther will be an answer to your debt problem even if in the end it is bankrupcy, not so awful as people think and it is there for a reason. An iva is no good if you cant afford it, so many are struggling from accepting tight expenditure. Sit with hubby if it comes to it write down your options and all the pros and cons, and worries you have and talk them through. If mom and dad are being so supportive as to offer somewhere to live I dont think they would disown you. I have grown up children and I hope they would come to me for help if they had problems I may not be able to help them moneywise, but love, understanding and encouragment are just as important.
Please feel better as you are more informed now and can look to a solution.

Ang x

[MelanieGiles]

Sally

If this is the case, and I do not have your full details immediately to hand, then bankruptcy is probably your best option. So long as you can maintain your payments towards the mortgage and secured loan, then your house is safe as you presently have negative equity.

I know that bankruptcy is not your preferred option,and that you are worried about your job, but trust me it will take away this pressure you are under fairly quickly - read Skippy13, Scaredkez and Zoe's blogs for further evidence. All of these ladies shared the same worries and concerns you are putting yourself through at times, but they have come out of this the other side stronger and wiser.

Ladies - are you out there for some moral support and advice for our Sally?

Sally if you really need to talk to me tomorrow, Tina will give you my number. Please don't lose another night's sleep over this it really is not worth it.

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

[sally.b]

Thanks Melanie,

I will speak to Tina in the morning, she was a great help today and will speak to her first thing. Thanks for all the advice on here, just finding it difficult to see through it all at the mo. Will talk everything through tomorrow with Tina. Thanks once again for all the support. xx

[scaredkez]

hi sally sorry i couldn't be here earlier had visitors from Australia, BR is not as bad as you think it is a release from your debts and nothing to be ashamed of, i don't know what more to say, its the best thing i ever done, i am not proud i am BR but i have a life now
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[sally.b]

But eveyone will find out about it and i dont want that, i work in Finance where BR on my credit history wont be very good. Im 24 and am going to have to declare myself BR, im so ashamed!!!!

[MelanieGiles]

Sally

The only bit of publicity that your bankrupty will have is a minute advert in the local paper - about 1 centimetre by about three the last time I looked at one. You have nothing to be ashamed of. You have a lovely husband and a dog you really care about. These things are far more important than having a few debts you are unable to manage. Facing up to your troubles is character building, and will make you a better person in the long run - the fact that you work in finance does not make you a worse employee because you have been through financial difficulties. If anything it will make you more appreciative of others.

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

[scaredkez]

sally even i missed my 1 minute of fame never found it in the local rag,who will find out about it if you don't tell anyone, tonight i have had a kitchen full of friends no body knows and that the way i like it, what on earth are you worrying about
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[mish1953]

Hi Sally
I have now been BR for exactly one week !
Im very open about it but wont tell one elderly aunty she's 80 plus 'cos she would be hellish upset,
Generally people have been very supportive, most folk seem to realise its about priorities - in my case Im a single dad , daughter lives with me , have a dog and a cat.
It is difficult in so far as you need to accept that BR will cause some pain but the bottom line is can you manage now ? Can it get any worse and will BR give you a fresh start ..

tricky decision - good luck
Mish

[Skippy]

Hi Sally, sorry I didn't see your post earlier - we are sharing a laptop since I stupidly broke mine! As Ang has said, I'm sure your mum and dad won't disown you as they sound very supportive. I was terrified when I had to tell my mum, but she was great, and I wish I had told her sooner. Like Mish I have been open about my BR and people have been really supportive.

For me, BR was the best option. Every now and then I worry that something will still go wrong, but I am nearly 4 months into it and I am much more relaxed.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sally.b]

Ok, soo update, i have a plan (not all my plans work which is why im in this mess but any advise on this would be really appriciated, im sure its too good to be true.

House has been valued at 175K, mortgage of 142K, 25K Secured loan, 5500K as a penalty for paying off debt early. so 175K - 142K = 33K equity + Car worth 10K = 43K so - 25K secured loan = 18K left and then - 5500K = 12500K so 12500K left, obviously we would have fees and stuff to pay for so say worst case 2500K so 10K left. i have 21K unsecured with NR so reduce that to 11K then i would have a better chance of doing an IVA or (either way i will have to tell parents everything and still move back home) after all that i would have 60K debt which if i lived at my parents for 4 years i would be able to pay debts (some intrest only some actually paying back) and have about £800 spare a month which i could pay off debts. then in 4 years we would be a hell of a lot less in debt have an excellent credit rateing and wont have IVA or BR on our credit rating?? Am i getting to carried away?

[Adam Davies]

Hi Sally
Well you could do that but the danger is that you will be paying the debts for a lot longer than 4 years with interest etc.
You may be better to bite the bullet and have a fesh start with bankruptcy or sell up,clear your secured debts and then live with your parents and enter an IVA for five years,you could use the car money towards the IVA
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[zoe]

Hi Sally
Sorry completely missed this thread!
As the others have said it really isn't that bad.
Have a look at my blog and see what happened with me - it really isn't that bad
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/