Here Go's.
Dont really know what to do for the best.Have unsecured debts,house in negative equity.Living in rented house, although could move back to my own house at any time.Problem is big mortgage on this property and all in at the min cost's around 900per month before any other bills.WAS looking at the I.V.A option though not very happy in present employment.Maybe this sounds selfish as it is a well enough paid job,and i know i am lucky to have one in this climate.Though the job is having a detrimental effect on my health.Really am stuck on this.Feel positive one min an next min dont want to get out of bed.Any advice would be gratefully received.Thank you to all who read and reply.
I can appreciate the fact that you are confused, it's a big decision to make.
You need to speak to an expert who can advise much better than I can. You can use one of the experts on here (details under the experts link on the left hand side of the page) or visit www.iva.com.
You won't be pressured into anything and the people you speak to will advise as which is the best forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Jan's right, you do need to speak to an expert as it's such a life changing decision. I would recommend speaking to 2 or 3 companies before making any decisions.
I didn't, and ended up making the wrong decision - luckily I realised before too long, but I wish I'd spoken to several companies.
Hi maverick, Totally agree with Skip & Kallis the one thing you must not do is nothing (is that a double negative?) get some advice so you can move forward, sorry to hear about the problems you have with your job as having been in a similar situation myself can understand how you feel, could be the right time to bite the bullet and get things sorted! good luck & let us know how things go.
Sometimes we compartmentalise our problems into the wrong box - for instance I see a lot of clients who tell me that they are fed up with their jobs and want to change, but when we actually analyse the rooted problems it is apparent that they feel resentment to their creditors for grabbing all of their hard earned income and feel that they do not want to progress their careers due to the demands of their debts.
Once we sort the debts out, a lot of people feel then free to concentrate on their careers in the certainty that the fruits of their labours in future are only shared with creditors - and actually life can very soon become a whole heap better.
Why not take some professional debt advice from an insolvency practitioner. It doesn't cost a penny, and at the end of the day it may help you to reprioritise current difficulties and see a way forward.
Well decision made.
After long hard thought process,have come to conclusion house is being surrendered.Having read the post's my happiness and my son is more important than bricks and mortar.Going to go ahead with I.V.A and all being well if information is correct posted here i can add the shortfall in with that at a later date.(please advise if this is correct experts).
Just wanted to say as well i had some unsecure debts on credit cards was coping with these no probs though(Credit rating was excellent top 30%in the uk).It came around however when the house prices went through the roof and i bought stupid me.SO in essence i lost 35k deposit 20k in fee's and renovation work,so forgive me for saying ,if i as an ordinary joe has to take a hit like that then creditor's and banks must also expect losses and tough luck if people fall behind in regard as the F.S.A should regulate them more in regard to lending thats why the country is in the mess it's in.GREED
Have you considered bankruptcy as well? If you are giving the house up you could start again.
Speak to one or two IP's via the link I posted. You will get excellent, free advice from them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi again.
Yes i looked at both option's,felt the route of the I.V.A outweighed the bankruptcy for various reasons.Renting is one factor ie:rental company finding out about bankruptcy.Also have a car on HP and would like to keep it as my wee son is in his last year school so exams etc.As well as the stigma attached with bankruptcy work, bank accounts. So going to give iva a go.If all fails will file for bankruptcy at later date.
Snapshot:(i am sure like others i have had to fight the best part of my life. At a point i felt my nose touch the canvas,support from here, the bell rang an i'm ready for the next round).
Would like to add all those who give time to advise, and support, helping others in need. I salute you all.Good health, and a big hug to all. Regards Maverick
Don't forget that we are here for any questions you may have.
Please keep us informed as to how you are getting on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Best of luck from me too Maverick.
Just touching on a previous point you made your IP will include an estimate of the shortfall in your IVA when he/she is calculating the proposed dividend. This will be done whether or not the property has already been repossessed so you should try and find an estimated value and also provide an up to date redemption statement on your mortgage.
Hi Maverick, glad that you have made one of the biggest decisions of your life, good luck with that and hopefully you can look to a future without any further debt problems.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
hey maverick just wanted to welcome you too hun
this place is just the best and you will get so much help and support-everyone here is sooo genuine and lovely keep posting and let us know youre ok xx
Last edited by flumpy dog on Wed Dec 09, 2009 2:01 pm, edited 1 time in total.
Hi Maverick welcome to the forum and well done in making what is a very difficult decision usually at very difficult times, rest assured you are not on your own in this situation and there is plenty of people on here with superb advise or to simply give support, believe me when we started our iva journey a couple of months ago we thought no one would care about us and simply say its your own fault so tough, but how wrong we were, we came across this sight and it has been an absolute godsend, its kept us sane, also there are some brilliant ip,s on here so give a couple a ring, you wont regret it, good luck.
