we are sinking fast dont know which way to turn

[trina]

Hi I need some advice please, My husband and We have a combined debt of around 45K. we are sinking fast and just dont know which way to turn. We have a combined monthly income of approx £1900 - £2000.

All our cards are maxed out and we cant afford to go to the supermarket for food anymore. We both have cars, as we both need them for work. One of our creditors is Northern Rock which I have read can be a little awkward when entering a IVA??

I have been reading the forum for the past 6 weeks and now are at the stage that we need help! I feel embarressed and that I've let my family down. We have a daughter who must sense that something is wrong.

How much are you likely to pay into a IVA each month based on my figures.

We live in rented accomadation have no assets, well we do have two cars which are not financed.

Thankyou

Trina

[rayb]

Hi there and welcome to the forum. Well done for admitting you have a problem and for posting for assistance. You will be best off waiting for an expert to answer your question however I would recommend a lady called Melanie Giles on here to contact as she has rave reviews and is most helpful

[suzanne100268]

Trina - welcome to the forum - you are in the right place for advice and support. I think we have all felt what you are feeling now, I know I have.
I am just waiting to sign off our proposal and call a creditors meeting. Our major creditor is NOrthern Rock. Our IP (Melanie Giles) put forward a mini-proposal to NR and they gave us the go ahead. Melanie has a good relationship with NR.

Have a look at the reviews of various IP's on IVA.com and ring a few up for advice before deciding who to go with. I will say I am 100% pleased with everything Melanie and her team have done for us so far and I am confident we are in good hands. Good luck with whatever you decide x

[trina]

Hi,

Thanks for the supporting messages, I think my mind is already made up to ask Melanie for her help, as i've read so much into this whole process as Melanie has a great feedback.

My main problem was admitting to myself that we did and have a problem, which can't carry on, especially when it's stopping you sleep at night.

I have been a keen visitor to this forum for a number of weeks and the help and support people give each other is amazing

I know we will be in safe hands!! I will post again when I've plucked up the courage to contact Melanie.

[size5]

With no major assets (assuming the cars are not mercs etc) you may also wish to give consideration to bankruptcy. You may have to contribute to the debts for a period of 3 years, but then again, depending on how much you need to live reasonably, you may be asked to contribute little or nothing over that period.

This is, of course, a personal decision for you both, some people would rather take the IVA route as they feel it is more ethical then bankruptcy but you need to take specialist advice so I will echo suzanne100268 and encourage you to visit www.iva.com and have a look round, read the reviews and suggest you speak to 2 or 3 people before you make your final decision. Make sure that ALL the options are explained clearly to you, any reputable IP firm will be happy to do so without obligation.

Regards.

[rayb]

Well done Trina. Keep us posted and we are all wishing you well

[michael.t47]

welcome trina, you have come to the right place, everybody here is in the same boat and to be quite honest i do not think i could get through this without them. thank god for captain melanie

[debtfreesusie67]

Hey Trina
welcome to the forum You haven't let anyone down and please don't feel embarressed. I know thats easy to say but believe me we've all been there and most of us have come out the other side relatively sane as well (hee hee). Seriously though we are all here to help and listen.
Hugs

[plasticdaft]

Welcome Trina. When you get to the point that you have reached(a point my wife and I reached just last month),where you cannot afford to buy food on the credit cards because they are maxed out,the decision is an easier one to make. I could and should have got help sooner,when the debts were nearer 50k instead of waiting and hoping that somehow we would magically sort things out. Our debts reached 70k and it was a case of do something now or dont pay things and get chased for money we dont have.
Its hard to explain to kids(how old is your daughter?),but I wouldnt try to hide things,just explain the situation as best you can.
You have already made a great decision by viewing this site,and by phoning up a few IPs you will be making another great decision and will start to feel better about things.

Good luck.

[Oliver]

I feel in this instance you should explore the bankruptcy avenue. Your income may be a bit tight to consider an IVA.

[indebtforever]

I would like to add that if you do choose an IVA there are many firms that do not charge upfront fees their fees will be taken from iva payments when it is set up. Then you dont have to panic about looking for money at the start[:)]

GOOD LUCK AND WELCOME TO THE FORUM

[trina]

thankyou to you all for all the encouragement so far, I have come home from work sat down with my husband and both cried but we both now that this is breaking point.

I am concerned that two members have suggested bankruptcy as our joint income might be abit low but i really don't want to go down the avenue of bankruptcy, I would be such a let down to my family.

I have been on the iva.com website and have had a good read at everything on there and also been in touch with Melanie Giles' team and am awaiting a call back this evening to get the ball rolling, feeling really sick and down at the moment but I do know we are doing the right thing!

Plasticdaft our daughter is only ten, but as she is an only child is very aware when mum and dad are upset, I'm just worried that I won't be able to give her all the things in life she deserves.

[trina]

I forgot to ask a question in the last post,

All our loans are up to date but the credit cards have been defaulted by a couple of months, can you still enter a IVA or does everything have to be paid up to date first?

[kallis3]

Oh Trina, I know just how you feel, as would most people on here.

I am sure your daughter will be understanding of your position. After all, if you go IVA, you will be debt free in 5 years and will have the money for those treats.

As for bankruptcy, this would not be letting your family down and it does not have the stigma it once did. As you have no assets you could be debt free within 3 years.

I am sure Melanie's team will advise you the best way to go.

Sending big hugs to both of you.

[indebtforever]

no i wouldnt worry about anything upto date and once you are in the process of the iva if you go this route you will stop paying them anyway.I would like to say you have chosen wisely going to melanie and her team [:)]