We have approx £50K worth of debt seperate to our mortgage. We have been in our house 2yrs so only have a little equity and therefore consolidation loans can not offer enough to cover our debt. Is it worth us looking in to an IVA? We can not cover out outgoing costs each month without topping up on credit cards to get by!
Yes an iva could possibly be a solution , but there are others.
The best thing to do is to talk to an insolvency practioner, they will not charge for initial advice, and see what all the possible solutions are for your situation.
Melanie comes well recommended , and contact for her is on the experts page or you can find info on all IP's and companies on iva.com.
There is always a way forward. All the best and keep posting with any questions you might have.
As other have said there are a few options open to you and you need proper advice from a professional IP (insolvency practitioner) before deciding what the best route to take for you is.
As Ang says, initial advice is free and without obligation so well worth making calls to a couple of companies and gettng information.
Have a look on www.iva.com for reviews of IP's by their clients, I can highly recommend Melanie Giles as I recieved (and continue to recieve) great help and advice from her company.
Good luck and have a good think about everything, don't rush into anything until you have thought about it and are completely happy with your decision.
Good luck and don't forget the forum is a great place for advice and asking questions,[:)]
Emma
Be positive & look after yourself, there are more important things in life than debts....
There may be several options available to you, depending upon your circumstances, and I am sure that a chat with an insolvency practitioner would be very helpful to determine an appropriate way forward for you to manage your debt.
Before you ring up an IP have available details of your net income and details of what after living costs etc you have left over to fund a potential IVA or possibly a DMP.
Look at www.iva.com for reviews on Practitioners and speak to 2 or 3 to get a feel of who you would be happy to go with. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thanks everyone for your comments. We're going to speak to a couple of IP's and get some advice, hopefully we can sort this on Debt Management before we have to go down the road of an IVA. Wish us luck![:)]
wishing you lots of luck, there will be a solution out there for you, its good that you have realised you need help and the help is out there. keep posting and let us know how you get on.[:)]
