Some Advice Needed

[Biscuit01]

I need a bit of help.... as this is all new to me!

This is my current situation

Northern Rock Together Mortgage 114000 Secured 737 / Month
29000 Unsecured 227 / Month
Nemo Finance 23000 Secured 283 / Month
Black Horse Finance 5000 Unsecured 148 / Month
Lloyds TSB 1700 Credit Card 40 / Month

Northern rock just increased by 200 / Month. Cant get a remortgage anywhere.

My Questions...

1. Would I gain from starting an IVA
2. Will my house be safe.
3. Would I get a IVA
4. How much would I save PCM.

I would appreciate anyones help and it would be much appreciated, as my heads a bit of a mess at the moment.

Thank You

[aguise]

Hi there biscuit and welcome.
A bit more info would be helpful, do you have any equity in your home, what is your income, how much do you have left after paying your normal living costs ( this will be your disposable income).
I will try to answer your questions but please wait for other answers from the technical experts.
For an ive you need to be insolvent. (have more going out than coming in)
Your home will be safe but if there is equity you may be asked to release some at some point during the iva.
Would you get an iva if it is the right solution and you are insolvent and you have enough disposable income then it is always a possibility, though there are other options such as a debt management plan or bankrupcy.
Ther is no set figure for what you would pay per calendar month it would hinge on your disposable income and your living costs.
Dont get in a mess just get some advice, we all have been there so no worry.
As said please wait for answers from those more technically able.



Ang

[Biscuit01]

Oops forgot that bit Sorry...

House Value 145000.
Income 2700 (Joint Monthly)

Basically after all the Bills are paid we have about £130.00 per week for Shopping / Petrol Etc..

Shopping £100.00 / Week
Petrol £25.00 / Week

[aguise]

Hi again
When working out your disposable income. Take all your living cost into consideration for the month, food utilities, prescriptions,travel,car insurance, water, mortgage house insurance, clothing, all your family basic needs but dont include any payments to unsecured debts, the credit cards or unsecured loans, catalogues etc. Take that away from your income and that will leave your disposable income. I'm no good with mortgages but do you have any equity.

Ang

[Biscuit01]

I have no equity in my home and puting it that way I have no disposable income....
Does anyone know if Northern Rock will change my Mortgage from 25 Yrs to 35 Years. I am 36 Years old??

[aguise]

How are you managing the bills at the moment biscuit.

Ang

[Biscuit01]

Struggling with a young family and a new addition on its way in October. But paying them all ontime.

[aguise]

We were the same managing just about to keep our heads above water with overtime etc and a lot of going without. Basically in an iva you would be allowed your basic living needs and anything over and above left would go to the iva to give creditors a percentage of what is owed to them. After our living costs etc were taken into account we had about £450 left to pay all the unsecured debts with loans credit cards. The actual payments were much more. We now pay £442 a month and are giving creditors 32p for every pound that we owed.
Congrats on your new addition.
There are other options and there will be a way forward for you.
The other more technical experts will be along soon and will advise. I would also If I were you speak to an insolvency practioner or two, initial advice costs nothing. Keep asking until you understand your best way to deal with it.
You will be ok, the hardest part is realising it and facing it, you are half way there.

Ang

[Biscuit01]

Thank you very much, I feel abit better now perhaps I will be able to sleep tonight.

Again thanks for you time.

[aguise]

No problem biscuit, you have a good nights sleep. Speak tomorrow hopefully .

Ang

[Soulgrowth]

Hi Biscuit ... just wanted to say that I think the majority of the 'experts' are living it up (crisps and all that) at The Frugal Friends meeting in Manchester this evening ... but no doubt they will be along tomorrow to give you some further solid advice.

Sleep well ... and hang on in there.

Debbie

[emma_t]

Debbie

Living it up...........Crisps............I knew I should have gone!!!

You've now got me really looking forward to a meeting I can attend - there had better be crisps now!!!!

LOL[:D]

[Soulgrowth]

And, as I remember, there might even be a choice between cheese and onion and salt and vinegar ... and peanuts as well!! [:D]

Where are you situated Emma? ... will you be able to make any of the more southern venues?

Debbie

[Soulgrowth]

P.S

Tesco's own crisps ... of course [:D]

Debbie

[emma_t]

Peanuts as well!!![:)]

Tesco's own is fine by me[:)]

Yes Debbie I am going to go to the next meeting, work permitting, I think it maybe in Birmingham which is about an hour and a half north of me.
As I travel all over with work I can attend most venues in the midlands/north with careful planning.

Might even take some custard creams for everyone[:D][:D]