www.iva.co.uk

Hi All,
I found this forum last week and its been a relief to know i'm not on my own. I fnally took my head out of the sand on 22.12.08 and aknowledged we could no longer cope with the debt.
I called the natonal debt line who gave me basic advice and helped me fill in a budget sheet.
My husband and i have a comblned debt of £56200 on unsecured loans, credit cards and an overdraft. We have about £25000 equity in our house and are 2 months arrears on the mortage.
We have 15 creditors, although some are the same group, so it's probably about 10.
We have £470 per month to pay to our creditors.
We have had a hellish 4 years ( 1 child has mental health problems and we had to pay for 12 months therapy as the waiting list on the nhs was 2 years) our last child was born with a disabiltiy and just to top it off my husband has had 4 major surgeries, the last of which has left him with pernament damage.
He is unlikely to return to work til March and it is unlikely he,ll beable to cope full time, if at all. I work but have reduced my hours temporaryly to help hubby and daughter.
We have decided that an IVA is the best route to take.
I've a couple of questions, does my husbands and daughters DLA have to be taken into account as we were told by the debt line it would not?
As we have equity in our house, will we be expected to sell, or will it be as i have read where in year 4 of a iva we would be expected to raise the settlement on the house?
Happy New Year by the way
Thanks for reading.
New Hopex

Hi New Hope and welcome to the forum.

First of all I'm sorry to hear about the health problems you and your family have had.

Regarding your debts, I would recommend that you speak to a couple of IPs. Melanie Giles who posts on this forum is highly recommended.

You would be expected to count the DLA as income, but this would then be cancelled out by extra expenses. You wouldn't be expected to sell your house, but you would be expected to try to release equity in year 4.

Good luck and Happy New Year xxx

Hey new hope, I just wanted to welcome you to the forum too. Sounds like you've had a tough time, please keep posting, we're all here to support you. Try and speak to a professional as soon as you can so that all your options can be explained to you.

Thanks for your advice and Happy New Year.

Welcome new hope

Welcome New hope, I'm a newbie too. You'll get the best advice on this forum.

Welcome from me as well.

I agree with Skippy, speak to one or two IP's. Visit www.iva.com or give Melanie Giles a ring, she comes highly recommended.

Hi New Hope and first of all a very Happy New Year to you and your family.

Having recognised that you have a problem that you may need some help with, I would recommend contacting an insolvency practitioner at the earliest opportunity in the New Year to see what options there are available to you. We are trained to view all circumstances very sympathetically, and will be able to advise you on all options so that you can make a decision as to the best way forward.

This will cost you absolutely nothing, and may bring very important peace of mind and perhaps some new ideas as to how things can be dealt with.

Welcome from me too. Visit www.iva.com for a review on practitioners - all IP's are experienced and belong to a Regulated Body who monitors their behaviour and practices on a regular basis. Good luck.

Hi New Hope - just wanted to welcome you to the forum and congratulate you for taking the first step to facing the debt problems. There will be a solution for you,take the advice the others have given and contact a few companies,just make sure you don't go with anyone who charges for this service.

When you have decided who to use, it will get easier for you.

Keep posting and I hope 2009 is the start of a better year for you and your family xx

morning hope
i am sorry for all your bad luck at mo-what is good though is finding this forum. i have never experienced a more warm giving friendly bunch.
AND they are not here just to give debt advice. i have come on here many a day or night all teary when i was in real trouble two months back and the friendly moral support i had and STILL ! receive is immense. take care and whenever youre feeling low come on here and we will pick you up
good luck hun xx [:)]

welcome to the forum have a happy new year[:)]

Thanks for all your advice, i found a few posts on dla , so that's alot clearer. Can't beleive how many replies i got, made me feel alot better today. I have contacted a few ip's but wth it being xmas it's been slow! can't wait for tomorrow to finally get going!!
I can honestly say i've never been so glad to say goodbye to a year, my only regret is not doing this sooner!![:)]
Really glad i've found this forum as apart from one good friend, no body knows about or would understand how stressful it has been for us being in debt.
Hope to make some new friends here and looking forward to 2009.

thanks new hopex

new hope im wishing you a positive new year.
were already your friends and when you need us we are here for you x

new hope, we are a really friendly bunch on here. You can come on any time and there will usually be someone on here to answer any questions or just to give you support.

I hope 2009 is better for you.