www.iva.co.uk

I really hoping you might be able to help me?

We have a major debt issue on our hands and I can't see any solutions to it at all?

This is what we currently have (my partner and I)

128500 Mortgage paying interest only at £523 per month
40000 second mortgage taken out last year paying £330 per month
6300 on credit car maxed out paying £150 a month but having to use what evers spare on it after payment to buy food
500 Overdraft on my partners account charge £10 a month
2800 Overdraft on our joint account Charge £20 a month
950 Overdraft on my account Charge £10 a month
5500 on Catalogue Paying £200 a month
Windows double glazing paying £69 a month


My partner was involved in a car accident 4 years ago and we have just received a bill of £9000 fro the insurance company and now we need to add that to our problems

We are not making ends meet at the moment and I really don't know what to do

This is what we pay out currently

Outgoings Joint Account
£20 for Bank joint OD interest

£10 for Bank OD chris account

£10 for Bank OD my account

£54 Rhiannahs Playschool charges

£50 Chris Mobile Phone

£524 Mortgage

£106 Council Tax

£28 Gas

£61 Electric

£17 Water

£15 Bank charge

£200 Catalogue

£30 BT

£47 Sky

£16 Home insurance

£36 Gem Car insurance

£69 Windows

£450 Mum Loan

£330 second mortgage Loan

£50 Chris Car Insurance

£12 TV Licence

£150 Food

£18 sofa

£100 Chris’s Mum and Dad Loan

£35 My Mobile phone bill

£150 Credit card Bill

£80 Petrol my car

£80 Petrol Chris car



This all total £2748

I earn £1400 and my partner chris earns £1411 a month

So £2811 - £2748 is leaving us with £63 a month

Please can you HELP

I would suggest that you seek advice from an Insolvency Practitioner to discuss ALL your options and the benefits and implications of each.
Take advice from 2 or 3 different companies to ensure you are completely happy with advice given.
Take a look at www.iva.com you will find there a list of IP's and companies and reviews on each.
There are a few IPs who post regularly on this forum and can be contacted via the experts page.
All come very highly recommended.

Hey gemmadm, welcome to the forum. I see that you have listed loans that you have with your family, when looking at any debt solution you would have to list them as creditors. If you take what you are paying for your debts (all your debts) from the expenditure, how much do you have spare each month?

Your budget seems very tight - £150 is hardly enough for food for two adults and a child, and you have nothing listed for clothing, car or house maintenance, personal expenditure or contingencies.

It is always very difficult to give specific advice on something as detailed as your individual financial circumstances which are unique to you. As the other posters have already recommended, you ought to hold discussions with an insolvency practitioner - which can be done either by phone or e-mail initially - to explore the options which are available to you to address your growing debts.

Hi Gemma
we were in the same ridiculous situation as you, managing to juggle everything but if you wrote it all down - woooh!!! Don't wanna think about it!!!
You won't deal with it until the time's right in your own mind - and when that happens I recommend Melanie and her team - they have worked wonders for us today!
We got our IVA approved and we will never look back!
Mr & Mrs RD

Hi gemmadm

It can be so scary recognising you need help with debt problems, but please get advice as soon as possible as it helps to know what options are open to you.
I had my iva approved with Melanie Giles and felt better the first contact I had with her advisor Tina, I really did feel like a weight had been lifted as I knew what my options were and what I had to do.

Have a look on www.iva.com for reviews, but my advice - fill in the contact page on Melanie's website and get some advice asap[;)]

Good luck and don't forget the forum is a great place for support and will help you through the whole process
x