We have around 58k of unsecured debt, visas etc and owe 35k to hmrc as I am a self employed as a salaried partner.
My husband has lost his job and the visa companies keep putting the interest rates up whenever they want,we can no longer afford these debts.
What is the best route to go? iva for both or would it be better for my husband to go bankrupt and me do an iva?
He has 21k of unsecured debt I have around 35K unsecured and 35k to HMRC.
We have around 10 to 15k equity in our house.We have missed the last two months payments and are very worried.
please can anyone help
Hi Cheesecake. I would suggest that you speak to a couple of insolvency firms direct to discuss the various options.
Make sure you chose one who is well versed in dealing with the self employed ( and HMRC!), such as Melanie Giles or McCambridge Duffy. I am sure many more are, but these two come to mind from my limited experience as well as both being excellent companies with a sympathetic approach.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
IVA or bankruptcy seem appropriate options as HMRC rarely accept debt management plans. If you decide to proceed with the IVAs make sure any outstanding returns are submitted as otherwise they will reject. Get some free advice and then decide on what is best for your family.
As others have suggested you should contact 2 or 3 IVA providers for advice - your specific circumstances can be discussed and the right course of action agreed.
Feel free to come back to the forum and let us know how you get in.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks for your replies!
When I say I owe 35k to HMRC that is for my self assessment tax for 2013/14 and 2014/15 we are not overdue with any returns as my 2013/14 isn't due till Jan 15.
We have submitted our income and expenditure on your website Michael and hope to hear from you tomorrow.
Many Thanks
The first step is always hard in anything. From what I have read, I am sure you have made a good decision. I do believe you should trust your gut instincts. Good luck going forward!!
That first call is always the worst ! Best of luck with the rest of the journey. Don't forget that we are always here for questions, moans, laughs and the odd kick up the rear end too
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It was great speaking with you and I think we have the basis of a proposal. I like cases that are not totally straightforward and need a bit of thought.
