Well here goes....

[nickyg]

Here's my first post and I'm hoping you guys and gals can give me some hope....
My wife and I have amassed a debt of £92000 between 6 creditors. I My wife has a 20000 loan and I have the other £72000 which is between 3 credit cards and 2 loans.
We have a mortgage of approx £295000 and a secured loan of £50000 on a house currently valued at approximately £350000.
We both work and between us take home around £5700 a month. With all the payments and other costs, we are currently overspending by about £1200 per month. We have not yet missed a payment to any of our creditors, but we're getting deeper and deeper and I am basically paying one credit card with another.
We're both pretty disgusted with ourselves that it has gone this far and we now know we need some help! We have so far spoken to 2 debt agencies, who both recommend different things... One says we should start a Debt Management plan which will reduce payments by just over £1200 per month, but over 12 years. I am worried that this doesn't leave much leaway and I could see us getting into more trouble.
The other company is recommending an IVA.
I'm reading as much as I can, but my head is basically mush now. Which form of debt management would you recommend, and why?
Many thanks in advance!
Nick

[kallis3]

Hi Nick and welcome to the forum.

Don't be disusted with yourselves, we've all been there and done that and the overspending does creep up on you!

Personally, I think you would be ok with an IVA, not sure about the situation with your wife though as she only has the one loan.

Which companies have you spoken to? It might be worth ringing one or two more. Visit www.iva.com for a list of companies, or you could contact one of the experts who post on here. Either way the advice is free and impartial.

[nickyg]

Thanks Jan
Guardian is the company suggesting the DMP and Harrington Brooks suggest the IVA. I think they are both suggesting a joint one, although If I could keep my wife separate I guess that would be good?

[kallis3]

Not heard of Guardian at all and Harrington Brooks do get mixed reviews on here.

I strongly recommend that you visit the link I posted and look at he top few companies, some of whom post on here and come highly recommended. If you leave your wife out of the equation, she would have to make the payments towards her loan or sort out her own repayment programme with them.

[Michael Peoples]

From the limited information you have provided it sounds like an IVA is an option for you and your wife could just pay her loan back. There is no such thing as a joint IVA and IP firms must look at each party before giving any advice.

Get another opinion before you proceed.

[back on track]

my wife only had a £15000 debt as i had the bulk.
she was accepted for an iva and ours were linked together.
it all went through great and at least we could then move on without worrying about 2 different things
sound to me like a iva is your best bet.
give the exellent firms who post on here a ring and test the water a bit more .

[MelanieGiles]

An IVA will see you debt free far earlier than the DMP -= indeed I am very suprised that a DMP is being advised! At the end of the day it must be your decision - IPs should merely give advice as to the options, and their clients should decide which path to follow.