much needed help

[loubylou10]

just joined today as I am sick to death of our wages going in on the last day only to be taken out on the first!!! I really need some help with these debts between me and my partner we owe about 25000 is IVA an option for me?, does my work have to know because I am about to start a new job, do I loose my car (i will need it for work?) oh I have so many questions and I am petrified of people looking down on me because we made some bad choices
I have a 21/2 yar old boy and his nursery fees are nearly 550 a month??

[plasticdaft]

Your work doesnt normally need to know,you can usually keep your car if its not a ferrari or porsche. Would you have income left over each month if you were not paying all your credit cards/unsecured loans etc?? Do you own your own home,and is there any equity in it??

Oh and we have all made some choices which whilst not bad at the time,with hindsight perhaps shouldnt have been made. No one on here will look down on you.

Well done for acting now to get yourself sorted out.

[aguise]

Hi Louby and welcome to the forum. An iva is possibly a solution but the best thing to do is talk to an insolvency practioner and get advice on all the options avaliable to you. Initial advice doesnt cost anything. I would highly recommend Melanie Giles who posts on this site, or you can look at iva.com where they have reviews on companies and Ip's.
Work does not have to know but you should check you contract of employment to make sure there are no insolvency restrictions, again an Ip will also advise on this.
No worry how any of us get here we never judge. you are always welcome to post and ask anything you want.
All the best

Ang x

[Viki.W]

Hey loubylou, welcome to the forum. Just wanted to say hi.[:)] You're in a great place for support and advice so keep posting. Viki X

[facingittogether]

hi louby

welcome to the forum!

i know all the questions going through your head, we were stood where you are a few months ago, but i want to say that we are now in a iva and it is the best thing we have ever done!

you would probably be best contacting a ip to go through all of your options, our ip is melanie giles, i can recommend her and her team!

please try not to worry there will be a way forward for you, there are loads of people on here to support you through this time!

love from

barb x

[MelanieGiles]

Hi there

Your debts are not that high, and I suspect that in common with a lot of young couples you have suffered as a result of a loss of income through maternity leave which has left you trying to play catch up. Unless you plan to have more children, your finances ought to improve once the little one goes to school, so have you thought long term about whether a reduced repayment plan until that time would work, leaving you able to increase the repayments when you are no longer paying for nursery fees.

It would definately be worth you discussing this with an insolvency practitioner, who will be able to discuss the advantages, disadvantages and implications of all options currently available to you, and therefore help plan for the future rather than worrying about the past.

[loubylou10]

Thank you to you all for your kind words. Me and my partner are always arguing about money, he is self employed and works. I work full time and make approx 18000 a year so it really upsets me that I can't afford to even buy a pair of shoes!!!. we only have about 10,000 equity in our property but i bet my credit rating will be really bad now so won't be able to get another mortgage. Would I have to rent?? I am probally more scared about facing this and wondering how it will all turn out, i've never been more scared in my life. How does it all start do I just call Melanie Giles office and talk to someone?? I live in North West England - how do we meet?

[Julie]

Hi loubylou - well done for making the first step. We've all been there and all need support at times.

Yes, give Melanie s office a call. You don't always need to meet face to face, this will be up to Melanie's team if you decide to go with her (I'm sure you will).

Please try and take a deep breath and make the call x

[Viki.W]

Hey loubylou, don't panic, you need to take one step at a time. You can contact Melanie via her webpage, you can get the details from the "meet the experts" page. You need to know all of your options. Melanie's office is in Cardiff but also I think she has one in Birmingham if that is easier for you. Everything will mostly be done on the phone but as your husband is self employed you will have to meet your chosen IP.

As soon as you make that call you will feel a hell of a lot better, trust me.....I did.

Good luck, Viki X

[loubylou10]

ok,this is it. I have done enough crying and waiting to see if the next month is any better - it doesn't. So I have to open a new bank account (without an overdraft!) get the basic sol cards (can I ask, this will be for both my partner and myself will they just deal with me? he is ill at the moment and I don't want any more stress for him?) I need to inform my mortgage company, council tax and other essential outgoings like nursery, insurance, internet etc.. about the change of banks - do I just not tell the loan company, credit card companies etc???
I know this will be the worst but I really want help now - the bags under my eyes tell too many stories.
If anyone can give me some advise so I am ready for the off - please.
This site is fantastic and for the first time in a long long time I feel I have the power to do this. You are all so helpful and knowlegeable thank you all so so much for your advice. I love reading the stories and seeing that you are all ok. I would love to keep in touch with you all so I have all the support i need - thank you.

[Viki.W]

Hey loubylou, I know this is a very stressful time but you have taken the first step and I'm sure you will find a solution. You really need to speak to an IP and I would highly recommend Melanie. I called Melanie's office, was made to feel at ease and within an hour or so I received an email with a step by step guide on what to do, everything about bank accounts and creditors etc. You really need this guidance.

Viki X

[Julie]

Ah loubylou, you will always have our support. Now you're in the right frame of mind make the call to Melanie's team. They will be able to offer you all the advice you need.

If you want to go ahead and open a basic account then do so - the co-operative always get a good mention on here. I've got one with halifax that works for me. Don't tell any loan companies etc your new details -this will only cause problems later. x

[loubylou10]

Just got a full run down of all my incoming and out going expenditure - quite scarey looking at it written down and submitted it all to Melanie - just waiting for the call now. I already feel better and am slightly smiling now i really hope she can help me. best wishes to you all and will keep you all posted. ahh

[senraboj]

Hi Louby,

I'm in the same boat as you, just started the process. I have justhad the call back from Melanie's team and another telephone appt tomorrow. I too have so many questions, as I am petrified of losing the house, and just as you found, writing it all down suddenly looks so awful, as if there's no hope. However in less than 24hrs i have received so much support already from this site - the people here are great!
Keep ur chin up, things can only get better

Senraboj x

[Viki.W]

Keep posting Loubylou and senraboj, we're all here to support each other. X