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Hi All

I recently put on a post that didn't make a lot of sense as I was in major panic mode at the time. A lot of people replied and gave good advice. So I am now back looking for more help - although I still think that I am a lost cause. Outgoings are as follows

Water £42.77
TV Licence £12.00
Gas £40.00
Electric £40.00
C.tax £120.00
Buildings £17.00
contents £40.00
travel £50.00
mobile £30.00
Mortgage £1,212.00
phone £30.00
car £269.38
food £200.00
petrol £50.00
NTL £40.00
car insurance £50.00
IVA £200.00

£2,443.15 = total outgoings
£2320 = incoming - you see my problem!!

I haven't actually done anything about the IVA yet. My husband's and my total debt comes to around £43,000 so would an IVA for £200 per month be enough?

I have tried to get rid of the car but the agreement states that we have to pay over £6000 to give it back. I took out the agreement just before I was made redundant in November. Also my husband needs a car for work.

I am actually working at the moment earning £850 per month - £1000 less than I used to earn! The above figure does not incude that as my mum was diagnosed with cancer last week so can't have the children anymore. The childminders around here all charge the same (set by the council) and it comes to £1020 per month. So I will have to give up work.

I know i'm rambling - it just helps to 'talk' but can anybody give me any ideas on any of it really.

Can we sign the house over to someone else and then go bankrupt? Am guessing the answer is no otherwise everyone would do this!!!

Thank you so much

how much does your partner earn???? most companies will proportion it down based on the total household income.

Lucy

You state mortgage on your list of repayments, couple of questions if I may,what is the value of your property and what is secured against it? Also your mortgage at present is it interest only or repayment? You may be able to reduce your mortgage payment by converting it to interest only at the moment if it`s a repayment mortgage or if there is any scope to remortgage and capital raise this may also give you better leverage with regard to a possible IVA.Hope this helps.

Hi
Can you tell me how much your house is worth and how much your total secured lending is
regards

By the way you are not a lost cause because there will be a way forward for you and your debt.Its all about taking the correct route

Hi Lucy,
It is essential to ask all the questions you need to before making any decision, so please feel free to ask away!
How much debt is in your name? And your husbands sole name? And lastly joint debt?
Once this is established we can see what may be the best way forward for you.
Take Care
Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

Lucy

With £43,000 of debt, you would need to be making contributions of approximately £320 per month to achieve a minimum dividend of 25p in the £. If you owe anything to Northern Rock or HSBC then the payments will need to be higher, as these creditors have greater expectations, albeit they could be outvoted by the weight of voting from your other creditors.

Your figures presently show a shortfall in income over outgoings, therefore I do not understand where the suggested £200 comes from, and your housekeeping budget is terribly low. I do not feel that you could afford to live like this for the next 5 years.

Good advice to look at changing to an interest only mortgage, as your housing costs are extremely high comparted to your incomes. You also have nothing listed down for clothing, miscellaneous or contingencies, which should also be taken into account.

In an IVA scenario, creditors may well ask you to sell your property and move into cheaper rented accomodation. How much equity do you have at present?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Lucy

You should call a professional IVA advisor to complete a full assessment properly and they will advise based on your precise personal circumstances.

I suggest you seek professional advice from a company on the forum.

Good Luck

Lee
www.123debtsolutions.co.uk