Hi Melanie Thanks for your posting. Will let you know how it all goes on Monday. Am having serious discussions with partner about selling house. Got to be last resort! Both got paid this week. Have taken out cash to cover housekeeping on new rules and have begun to write down what I am spending it o...

No I have not allowed for any non essential items in my budget, have used guidelines for housekeeping from national debtline and just listed the other essential items associated with travel to work, small clothing allowance for kids. There really is not a lot left! The pay rise is dependant on my hu...

Hi Melanie Can I ask you to clear something up for me? I am right in thinking that because I have equity/assets I must meet all of my outstanding debt. So £500 per month for 60 months would leave me with a shortfall of debt of £30,000 + IP fees would I then have to remortgage to release this sum to ...

thanks for your advice, I have been thinking along the same lines but as you rightly point out it is so very public to friends and family - also kids are settled in schools and renting in the area without moving schools is the same cost as mortgage, although obviously I wouldn't have this huge debt ...

Hi Melanie, Have fixed rate for 5 years with NR only one year into it so penalties very high. A rough estimate of equity would be £60-70K with a current value of £360,000. Investment due next year approx £3,000, following year £5,000, 2010 £2,800. The equity is not such a problem but salary to loan ...

Hi thanks for your response. £250.00 disposable income is what is left when mortgage,council tax, housekeeping etc is paid. Given that the monthly amount to creditors is £1400 - I am about £1150 adrift every month. Appointment with bank was cancelled by them so am going to proceed with safe account ...

Ok, have appointment with bank tomorrow to discuss finances - have gone through everything this evening and prepared budget sheets, list of creditors, list assets, income etc. What is very apparant is that we only have enough money to live and pay mortgage and bills. The credit works out at £1,400 p...

No, it is interest only have already done that to try to keep on top of things. Can I just say have not used the credit cards for the last six months and have been moving them around for 0% but savings pot (which was very poor anyway)is now empty and do not want to start using cards again so need to...

Thanks Melanie, equity is roughly £50K but as i said have huge redemption penalities on mortgage of £12,500. Would like to take out further advance on mortgage to meet total outstanding debt but mortgage lender says we have borrowed to our maximum income.
Does this mean that selling is only option?

Hi everyone, have sort of buried my head in the sand for the last couple of weeks just couldn't deal with it but know I have too just don't know what way to go. Bank have asked us to come in for financial review - should I tell them we are thinking of DMP or IVA? Debt to them is £23K. Situation is h...

i contribute to my employers saye scheme how will these affect an iva?

thanks for your responses. Have spoken to someone from the national debtline this evening and they also advised against consolidation loan. Found them helpful and their website had some useful info too. They suggested I contact a number of IP's to see what they could offer and in particular how much...

Have been reading your blog and your answers on the forum. Have just worked out my unsecured debt and exactly how much it has been costing me each month and can now understand why i am constantly overdrawn - think IVA may be only way out but am going to write to all creditors this weekend to explain...