struggling

[Helhan]

Hi
We have been trying desperately to prevent our finances spiralling further out of control, but I think we will have to admit defeat shortly, as there is more going out than coming in, and the debt is steadily increasing! We owe just under 80k, with loan and card committments of £1500 a month(minimum). We earn good salaries,but before we take the loans into account pay out over £3200 in bills, mortgage, childcare etc. We run one newish car which is essential for kids/work etc. We don't have holidays, no designer gear etc...just seem to have got ourselves into a mess which I can only see BR or IVA as a way out. (We have no equity in the house, and a 95% LTV mortgage)
Any suggestions?
Thanks
Helhan

[Adam Davies]

Helhan
This is often the hardest part of the whole IVA/Bankruptcy process,admitting that things can,t continue.Once you do this you are on your way to sorting your debts out.
I would guess that everyone in an IVA went through what you are going through now,I certainly did.
You need to sit down and work out your disposible income,list all essential living costs.Do not include any unsecured debt payments.
If you can post details of your disposible income and a rough breakdown of your debts[can you confirm if the car is on hp or a personal loan ?] then myself or another person can advise you.
Believe me you are doing the right thing.
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 Helhan

Andy is right. Sometimes the most difficult decision to be made is deciding that you do have a problem. As you have young children, who will only get more expensive as the years roll on, you owe it to them to do something about this situation before they start to become affected.

An IVA is only one solution, so do take advice from an insolvency practitioner on all of the options before you decide the right way forward.

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

[ordinary_world]

Hi Helhan,
We really related to your thread - my partner and I are in the same position....and have just accepted the fact that (gulp!) we're insolvent! £112k+ in unsecured debt with £4.3k comin in and £5k+ going out (simply put) and £2.2k going on unsecured debt! [:I]No designer gear or lavish holidays either, ours is mainly due to bad property renovation and knock-on effects of maternity leave periods.

All I can say is...you're in the right place...you've found the A&E for debt patients! [:)]We found the forum last week and within that time we have received excellent non-judgemental advice and are already moving towards setting up an IVA with a reputable IP. What I like about the forum is that whilst you're not receiving treatment from the doctor you can share experiences and concerns with other patients on the forum in the waiting room! Now, where's the vending machine in this place?

Good luck!

OW