new to this!

[AndyP]

Hello, I guess I am one of the newist members as ive just registered!!

I am on the brink of separation, I earn relatively good money, but once separated, having found a place to rent there is no way on this earth i am going to be able to pay the massive debt that is in my name.

Is it fair to assume, if i enter into a iva i am going to be left with absolutely nothing? i appologise is this is posted else where, but what will they accept for monthly outgoings, my kids will be living with me around 40% of the time, do they include childrens clothes, nappies etc? I certainly dont expect to live the high life, but can I get my hair cut!!

My income will drop by around 30% as i will be in no position to do the 60-80hrs overtime I usually do. I am waiting info from pay plan. but in the meantime, absolutly petrified!!

I'm sorry if this doesnt read quite too well, but my head is all over the shop, Nationwide declined me, dont know if I will pass credit score to rent a house, although, havent made a late payment to creditors for years, just struggled like hell!!

Thanks for having me on the forum, and I look forward to your tips!!

A[:I]

[jue]

Hi Andy

Could you post a few more details? How much the debts are? Who are your creditors? how much disposable income you have got?
and by the way they do allow for haircuts in an IVA!

jue.x

[lily]

Andy

Just wanted to post to offer support. I know how you are feeling right now, mate. Its a real bitch when you realise the extent of debt, well it came as a crushing shock to me, I had always underestimated it.

However you are here now and it will get better from here on in, I promise. Its true its not an easy route but you have options, You are going down the IVA route, yes? Were all of the other options considered? Ie Bankruptcy (yes I know that sounds scary) or DMP? The thing is you do have time to sort this out, do not go into anything out of panic and fear. I understand that you just want something sorted out, like yesterday.
I was just like you way back in September but I would have jumped into anything without a thought cos I was scared, ashamed and alone, there will be a way, that is for sure. For now just post your debt amount, earnings, mortgage, equity, if any and we will all try to offer some options.

I feel for you, right now and hope you are OK.

lily

[Adam Davies]

Hi Andy and welcome.
Your credit check regarding rental will be no problem as you have no defaults or CCJs.
Life in an IVA is hard but you should be allowed a reasonable standard of living.It is upto you to make sure that your expenses that you list allow you to do this.Do not be pressured by your IVA provider to agree to expenditure that is too tight.
You need to take advice from several companies before deciding on the route to take,whether its a debt management plan,IVA or bankruptcy.
Good luck
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

[AndyP]

Thanks for all your support, I really appreciate it. my debt is around 50k, without overtime I will net around 2100 pm I dont know about outgoings, i think its really hard to work out, I think my rent will be around 800 per month, i will be a absent parent to two boys and two girls, i work four days on and 5 off, i will have my children for 4 of my 5 days off, so difficult to work out what shopping and clothes will be, I am still liable for maintenence though. I'm guessing my disposable income will be around £500 per month, what will they allow for shopping?
I also have perscription charges, proffesional membership, without i cannot practice. I am scared wittless, I am up to my neck in it, will have to rent a new home fit for bringing up children, with no means of furnishing it!

I appreciate, I am far from being alone here, and appreciate there is always someone worse than me. I dont know if i could take the embarassment of Bankrupcy, I feel such a fool as it is.

I hope that is enough info. Sorry if its sketchy.

thanks again for your support.


~Andy

[AndyP]

Thanks again for your support, I appreciate your promises that it gets better from here on in!!. My creditors are natwest loan and overdraft, egg, ge capital and city bank.
sorry if i was wittering during my last post.
A

[lily]

Hi Andy

If you are having children for 5 days and splitting up from your wife/partner would could qualify for a council house? I split up with my hubby 8 years ago and he was given a council place.

Believe me, I do know how you feel, I was going round in circles in Sept last year to the extent that I just couldnt function. Please sit down, take a deep breath and say, "whats done is done". The next step is to take control of the situation and move on, it really does get better.

The first thing you need to look at is accomodation, maintain your priority debts, ie maintenance, utilities, insurance tax etc. Car HP, TV licence Offer token payments to your creditors so that it takes the immediate financial pressure off. They will phone, write shout and scream but they can do little else at this stage. It takes around 3 months before your credit rating takes a dive, if you need to rent privately.

If you have debts with your current bank, open a basic account with another, non associated bank, this will prevent the right of offset and give you some breathing space.

Realistically you cannot propose an IVA at this stage with such unknown variables. Also if you are not a homeowner then BR just might be the better option, unless you have professional status reasons why Br is not an option. If bankruptcy is an option then read skippy's and scaredkez's blogg, it might help to clear up some common misconceptions about the proceedure.

Please dont appologise for being stressed to the limit, we have all been there. We will be right there with support and to answer any questions you have however small. There is always someone here.

Keep posting

Good luck for now

lily

[AndyP]

Morning!!
Thanks Lily, yes council is a idea, but the wait will be horrendous!! possibly a couple of years. Worried about my credit rating despite not missing ANY payments for years, but Nationwide turned me down for a account for a "Poor Credit Score" I asked was there anything adverse they said no, but I'm waiting to hear from experian.

How will my credit score take 3 months to be effected?

That is my present predicament. I cannot pay my creditors and the rent on the open market. I feel I will have to juggle balls to get into a place, IE pay my rent on the 31st when payed, and cancel all my DD and arange token payments on the same day.

What do people do, If I only get a 6month lease, and the owners want there property back my credit rating is going to be in tatters for 5 years or more!!

I spoke to Mike Thomas from Debt Wizard .com. that was a immense help. The next 5 or so years seem bleek, but knowing people out there have trodden this path before and survived is a great comfort.

Sorry to keep asking questions on every post, but I guess in time I will be able to advise.

Thanks again

Andi

[catullus]

It's quite clear from your disposable income that you have to do something.

At this stage I wouldn't get too concerned about your credit record because if you decide to go down one of the routes of BKR/DMP/IVA your credit record will become even more impaired but since you will be trying to get your reliance on credit under control that's no bad thing.

Before you embark on the IVA route I would suggest that you have a really close look at the BKR option.One reason for saying this is that if you are in a profession where you would lose that status if you were made bankrupt, it would make the case for an IVA even stronger both in your eyes and those of the creditors, because otherwise you would lose your source of income.

The other reason is that you should really get to understand what BKR would mean for you, to give yourself the incentive to go for an IVA. Do some research yourself rather than let others put their spin on it. You'll find lots of useful information on this website, and other posters can give you a real insight as to how it would affect you.

There's also a lot of information on the insolvency service website http://www.insolvency.gov.uk/