Well! Here we go.... What do I do?

[Deano]

Well! Here we go.... I''ve just fallen onto this website about an hour ago further to looking for information regarding IVA''s / Bankruptcy, and reading through the posts has given me a bit of hope. I''m in a right mess. I owe £76000 to 4 creditors (including a tax bill I''ve just recieved on the 24th of December for £26000), and I''m struggling to pay everybody! Worst of all, my wife and 2 young babies don''t have a clue about any of it, however my moods and sadness are telling her that somethings obviously wrong. I don''t know whats best, either an IVA or just declare myself bankrupt? To top this, I bought a house for £299,000 3 yrs ago which in the current market is work only £220,000, therefore I have 80,000 negative equity, no assets, What do I do?

[flumpy dog]

morning deano. i just wanted to welcome you to the forum. realising that you are struggling and are seeking help is a hurdle you have faced.
all i know is that there are brilliant people on here that will not only be along soon to help with the tech stuff but you have stumbled on a wonderful place with lots of genuine people. i cannot praise this site high enough ! take care somebody will be able to help you ! [:)]

[MelanieGiles]

Hi there and welcome to the forum

Depending upon your actual financial circumstances, there will be more than one option available to you, and in view of the fact that you have a large tax bill outstanding, I would seek the guidance of an insolvency practitioner as soon as possible so that you can understand what those options are and how each one may affect you.

Given that this is now affecting your homelife, I would pick the phone up as soon as you can - most IP firms will be up and running again on Monday, as advice will cost you nothing but could start you on the road again to financial freedom.

[kallis3]

Hi Deano, and welcome from me too.

First of all, can I just advise that you do tell your wife what is going on? As you say, she obviously knows something is wrong, and I am sure she will want to help you as much as she can. She will probably be upset that you haven't shared this with her at first, but together you can get through. I kept my husband in the dark at first, but we are now stronger than ever since talking about it.

An IVA or Bankrutptcy could be a possibility, but I recommend that you speak to an IP as soon as possible. Visit www.iva.com where there are lists of companies. One or two of them post on here and are highly recommended. You could try Melanie Giles, Andy Davie, Vikiw. Their details can be found on the experts page - the link is on the left hand side of the page. Speak to them and they will go through all the options available to you and advise you as to the best one for you.

[David Mond]

First of all you should discuss matters with your wife. Secondly get all of your financial details together - visit www.iva.com and select an IP who you believe could be helpful - speak to one or two and I am sure they will come up with the most appropriate advice for you. Good luck - you have already taken the first step by visiting this forum - now take professional advice.

[Deano]

Cheers all!

Melanie,

I've sent you my details.

Many Thanks,

Dean.

[MelanieGiles]

I shall look forward to having a chat with you soon Dean.

[Deano]

Hi Melanie,

Did you receive all my information ok?

Cheers,

Dean.

[MelanieGiles]

I will make enquiries as to the current position with your enquiry and we will contact you off-line.