Please help

[d.f]

my wife and I are both in full time employment. We owe around £60,000 spread between roughly 12 creditors. We live in rented accomodation and we are at our wits end. We have two children under the age of thirteen and we are getting deeper and deeper into debt. There are so many IVA practitioners around, who do we choose? Is an IVA the best solution and would taking one out put my wife's job in jeoardy; she's a teacher. Please help,

[freelili]

Hello Df and welcome

You will need to work out what you pay to priority debts ie food, rent, petrol etc without the unsecured aspect ie credit cards, loans etc. What is left over is your disposable income, this would be used for an IVA. Make sure the budget is realistic but no frills and there is room for contingencies ie, prescriptions, dental, etc. 5 years is a long time on a budget. If your cars on on HP, this would continue outside of your IVA but when paid off the extra would be added to your monthly payments. If your cars are on finance loan, the payments would become part of the IVA. You would need to phone at least 3 companies and have a chat, try the ones on this forum. You need to feel comfortable as you will be working closely with them during this stressful but important time. They should discuss all options with you also and then you can make the decision of which is the best way forward. Your wife's job will not be affected at all, they dont need to know.

If you have debts with your current bank you will need to open a basic account with another bank that is unrelated.

As you are renting bankruptcy could be an option also, I know this sounds scary but its not as bad as most people think.

Another option is a Debt Management plan, if you have enough disposable income to pay your debts in 5 years this might be for you.

Finally do not worry, you have made the desicion to address your problem and there will be a way forward. I am not an expert just another person in debt, I really do know how desperate you are feeling right now and what a stressful time this is.

I really hope that this helps.

Good luck and keep posting.

LILY

I asked God for a solution and have to live with his reply.

[Adam Davies]

Hi
Firstly your wifes job is safe.
As freelili states you need to work out your living costs not including debt repayments.Also a quick run down of your debts and if they are sole or joint.
If you post this info one of the experts will be able to help you further.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi df

Depending upon the level of your surplus income remaining after taking account of household and living expenses, with some provision for contingencies, it is quite possible that an IVA may be a solution for you.

As the other posters have stated, your wife's job as a teacher would not be affected - I have many teachers in my own portfolion who are comfortably paying into their IVA's with no employer problems.

To make an IVA viable with £60,000 of debt, you will need to pay a minimum of £390 per month - but obviously this will increase if your income can support higher payments.

See my blog for tips on selecting an insolvency practitioner and questions to ask to ensure that you are being properly advised,

Good luck in your search.

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