Have been reading your blog and your answers

[tre]

Have been reading your blog and your answers on the forum. Have just worked out my unsecured debt and exactly how much it has been costing me each month and can now understand why i am constantly overdrawn - think IVA may be only way out but am going to write to all creditors this weekend to explain my difficulties. can afford personal loan to meet half the cost of the debt. Do you think creditors might accept this as a proposal - they would recieve that money immediately?

[Skippy]

Hi tre and welcome to the forum.

I'm not an expert, but I would warn against getting a personal loan - you are replacing one set of debts with another one, and unless you are VERY disciplined you could end up getting further and further in debt. I took out a consolidation loan but when I struggled with that I was using my credit cards, and so on. See what I mean about discipline!

So that one of the experts can advise you it would be a help if you could post a list of your monthly income and expenditure.

If you do go down the IVA route please contact 2 or 3 companies who post on this forum - they are all reputable - and stay away from Synergi.

Good luck

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Hi tre

Skippy is right to advise you to be cautious of consolidation loans, but if you are disciplined to make the repayments and not run up any credit on the cards you will have paid off they can work.

If you can only afford to take out a loan to cover half of your debts, I do not think this is sensible as you will still be left with the other half and a larger consolidation loan.

Take more specific advice with regard to your financial situation and the options. Any of the experts on the forum would be prepared to give you free, impartial advice on your circumstances.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tre]

thanks for your responses. Have spoken to someone from the national debtline this evening and they also advised against consolidation loan. Found them helpful and their website had some useful info too. They suggested I contact a number of IP's to see what they could offer and in particular how much it would cost. Also suggested i looked into debt management plan in first instance maybe for 6months to a year so that the debt doesn't increase but would allow for our circumstances to improve. Most of the credit debt is in my name is it possible that the IVA is just in my name and in relation to my income and expenses? Feel very low about it all - can't talk to anyone about it as I feel so ashamed. Hubby is very supportive but at wits end too. trying to show a good face for the sake of the kids don't want them to know what is going on just yet.
Am concerned about IVA and confused about equity release clause and what it would mean to us.[:(]

[MelanieGiles]

Given your confusion - you definately need to take more specialist advice ideally in a face to face meeting. Try a few firms to see if they are prepared to meet with you and your husband.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[freelili]

Hello tre

Just read your last post and wanted to say, its Ok to feel as you do we have all been there, the lows of being in debt are reinforced by the fact that we know we did it to ourselves. However you can climb out there are tools out there to help you and people to support you who really do know how you feel right now (the kids thing too). Yes I can also understand the fear of IVA, you do have time to make up your mind, look at your options carefully. Step back from your own probs and look at it holistically. You can only go forward, slowly at first. Knowledge may help you to take an informed step/

I hope I am not rambling now. do you see what I mean, I once was terrified but now I see, you will too, Hang in there

LILY