www.iva.co.uk

hello am in a difficult situation with owing approximately £30,000 to barclaycard and lloyds bank... i don't know what to do... and want to sort something out but don't know how?! i am living in spain now and haven't been able to make any payments for about 2 years... i'm a single mother and it's always difficult to make ends meet!

i don't know if i could go down the iva route as i'm living abroad but in the immediate future the debt collection company who has taken on one of my debts has said they would send someone round to collect it or something (my mail is being forwarded by royal mail to my dad via my old address) also i own a house here but needs to be totally renovated and so i can't live in it and it will be hard to sell- can the debt collection agency take my house-repossess it?

i have verbally agreed that i would pay £500 on friday 9th may but i haven't got it although my dad may help me out on that one but then what?! hope to get a reply asap thanks for your time and any advice would be great as i am sick with worry!!

Hi, and welcome to the forum.

One of the experts will be along shortly to answer your questions

hi and welcome! sorry i cannot answer your questions, but hopefully there will be someone along shortly who will be able to advise you!

hang on in there

love barb x

Hi there

If you only have two creditors in total, then an IVA is unlikely to work for you and you also have the added complication of living in Spain.

How much is your property worth in its present condition? It must have some value, and if you are unable to live in it is it not better to sell and use the proceeds to pay off your creditors?

Your creditors could apply to have you made bankrupt, in which case your property and any other assets you own of material value will vest in the Trustee and be used to pay your creditors.

Do you currently have any disposable income to enable an offer of ongoing payments to be made to your creditors?

thanks for your help!! one of your advisors contacted me and it seems i can find a way to sort it all out!! (thanks keith!!) gonna go down the debt management plan and i know i got the house but as it needs reforming it's very difficult to sell at the moment.. am working on it and all will be ok.. i'm ever the optimist!!! thank you so much... now i can sleep at night again! been reading the blogs n forums,, you got a great support network going!! [:)]

Hi
We do not have any advisors that contact posters on this forum.Did you fill in the IVA Wizard at the top of the page ?
Regards