1) no defaults
2) real debt of 25k
3) 70k per annum job
4) 18k tied up in another business
You don't need bankruptcy or an IVA.
You need to speak to your creditors, say you've hit financial difficulty, ask them to freeze interest and put together a plan.
This means that
5) you will never lose your kids
6) you will not lose your job
Your messages across both forums are so conflicting.
Reading through this forum and the thread here then you're not going anywhere other than in dramatic circles. Your that worried about your kids and job but you're spending huge quantities of time going round and round on two different threads, this will affect your time with your wife, your time with your kids and also your time actually working.
I want to hear of real life scenarios but I know thats a dream unless Mel has some stories experiences
Deep down I know its stupid but its hard to not think the worst when my dark cloud appears
Ox a lot of people are going out of their way to help and support and offer advice and spell out your options, but we do seem to be running round in circles, I'm not sure whether you are hoping to find out if there is some other solution that noone seems yet to have offered?
Paul please dont judge from the other thread I am very stressed and have options but nowhere to turn what you describe is the dmp I am looking at that and in process of setting it up I have very little people ti share my feelings with so do so on here and on there they have been talking dmp up whereas I have learnt alot on here re iva just letting people know how I feel I would too fight for my children
Plus I am struggling to access the 18k in the business and have been told advised not to cash 10K yet but DMP Iis very long if they freeze interest and charges or longer if they do not but I would be debt free one day
But WHAT real life scenarios do you want to hear, OX ? YOU and YOUR circumstances are unique --- if you are hoping to find someone on the forum earning the same as you, in the same line of work, with the same mortgage and number of kids, £10k in their pocket and unreleased funds in a failed business ... it isn't going to happen.
Many have told their tales ( some quite similar), many of us have fought depression, loads of us have kids and own houses, loads of us fight other demons on a daily basis. The common thread is that, at some stage, we got a grip ! You must, too, when the time is right for you to do so. Until then your wife is correct.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
But you are hearing real life scenarios, from us on here that have and are going through IVA's from people over on MSE who are DMP's and have been bankrupt, but noone is going to be in the exact same situation as you, as we are all different, this is why no reputable professional will tell you which debt solution is the right one for you all they can do is say what the options are, they can't tell you that everything will be ok, that your job won't be affected as noone can say for absolute certainty.
Nowhere to turn but Mel, SC, Moneysupermarket, IVA.co.uk etc etc.
If you spent as much time trying to solve the issue over non stop repetition on forums then you would of been a hell of a lot closer when you started posting 22 days ago on moneysupermarket. Thats not judging, thats just fact.
Yes DMP's can be very long, especially in your situation where you say on MSE you can only offer token payments, it is highly unlikely creditors are going to accept token payments from someone earning £70k for years until your debt is paid off.
A DMP is a very useful tool in giving some breathing space, or as a short term solution for paying off debt, but if it's going to take more than 10 years and thats if you can get fees and charges stopped (and possible court action, CCJ's and charging orders on your property) then personally I wouldn't want to go down that route when the result on your credit file is just as damaging for that length of time as a solution that can have the debt done and dusted with in a few years.
My mum is a foster carer. Shes had kids who have been thrown downstairs by their mum, kicked in the mouth and list all teach, raped by father, watched parents make pornographic folms in living room, lost their siblings because parents set fire to home to scoid social coming round, children from homes full of drugs, children whi have been beaten kicked and had cigarettes put iut on them these are the children that get taken away from parents. These are the children who end up in care. These are the children who never go back yo their birth parents.
Not children from homes where a parent earns 70k and owes 35 in debts.
You are not in a deadend situation. You can resolve this. You csn save family from breakdown and be happy again.
Personally, if I were in your situation with £35k debt on your salary, and with a £10k saved amount, I would probably look at a DMP for a few months, wait until your debts are sold on then use the £10k to negotiate full and final settlements although, this is still damaging to your credit file and in the meantime you have to deal with an awful lot of creditor harrassment, it takes a very strong soul to deal with that and I couldnt have done it, but I know a lot of people have been very successful in getting debt settled at a much reduced level in this way.
I have steadily read through all the threads across this board and others.
Forgive me if people feel I'm overstepping the mark, but I find it rather odd that a highly paid accountant is incapable of formulatiing an action plan to deal with
£35k of unsecured debt?
