Advice needed please!!

[turborat]

Hi,

My wife and I have been having sleepless nights worrying about our financial situation for months now and we are looking for advice...

We have a £19k secured loan and around £30k unsecured debt (loans x 2, overdrafts x 2 & credit cards x 2).

Monthly income is aound £2300/mnth and outgoings on household bills, mortgage, debts (as above) etc without saving a penny, food/pet food, car running costs etc is around £1700/mnth.

Does an IVA cover secured loans and if not would an IVA be best for us with this secured loan still looming for another 20 years or so after clearing the IVA!!!

Any advice would be really apreciated.

Thanks

[MelanieGiles]

Hi turborat and welcome to the forum

If you have disposable income of £600 and unsecured debts of £30k then an IVA may not be the best solution for you, but a chat with an insolvency practitioner will enable you to properly assess your disposable income and to get advice about all options.

The secured loan cannot be included in an IVA as it is secured over your property - but any shortfall in that security could be included as that would be unsecured.

[turborat]

Hi Melanie,

Thanks for the quick reply. I will take your advice and get in touch with someone ASAP.

Thanks again

[look_divine]

how do you contact you by weblink melanie?

[MelanieGiles]

Click the link at the rear of my forum link which takes you to my website.

[look_divine]

thanks melanie i have emailed you