What do I do?

[worriedsick]

I have just got my info for entering into an IVA. I am so in denial about the whole thing. I am just about got to the limit to what I can physically take.

To cut a long story short, I sold my house a couple of years ago, I denied to myself I was in so much debt. I moved in with my partner and rented for a year. I decided to try to invest some of the money made into a foreign property as I was able to meet my payments at that time. Now circumstances have changed. I am not in such a well paid job. I am in such an almighty mess.

Do I declare this property, as it's being built in Spain? Can I include it somehow in my IVA? It's not even built yet and I feel so sick to my stomach that I should have paid off what I owed. I just don't feel the point of carrying on. This has just got me so down. I have such dark thoughts it's hard to keep them away. I jointly own this property with my partner. He knows little of the pressure I am under as he is in Spain at the moment with his mother. I just wish I could disappear. What do I do? I cant handle the shame of it all.

[MelanieGiles]

Hi worriedsick and welcome to the forum

The partly completed property is an asset of your estate and should be included in the IVA. What have you actually paid the money for if building has not started yet?

Have you already taken advice from an insolvency practitioner with regard to your financial circumstances, and worked out whether you can afford to pay anything to your creditors on an ongoing basis or not. If not, I suggest that you do this as a priority, and you will soon find that the dark thoughts become a thing of the past as you share your difficulties with professionals who really care about finding the right solution for you.

The Spanish property is not a problem, just something that people like me have to deal with routinely as part of our work. Worry no more, you are amongst friends on this forum and we will do whatever we can to help you.

[worriedsick]

Hello

I have paid the money as a deposit towards the cost of the property. I have put the property up for sale as it can be sold hopefully before completion. Building has started, but will not be finished until perhaps late September.

I have taken advice from an IP and a debt advisor too. I can easily afford my payments as I have a job which will cover the payments.

So if I declare it as part as an asset, I can still enter my IVA?

I am sorry, I should have posted under my usual name eveningstar, those dark thoughts are never too far away from me. I am just so messed up with guilt and shame over this.

[lily]

Hi Worried sick

Just wanted to say, please hang on in there, you do have these dark thoughts but please dont give up. Your family and friends would be deverstated if you 'disapear'. Please believe there is an answer. Your life is worth so much more than money. Can you talk to anyone??? I do know what its like to be so sick to the stomach, I was like that once, so sick of the knots I just wanted it to stop, dreaded waking up. I got through it so can you, and thank heavens I did for my families sake. I can function again now.

We all make mistakes, we are just human. I am sure if you speak to Melanie she will be able to point you in the right direction,

Hang on in there and keep posting so that we know youre OK.

[MelanieGiles]

Why have dark thoughts when you are doing something positive to rectify your financial worries.

Are you happy with the advice given to you by the IP, and what did they advise about the partly-built property? This should not stop you from entering into an IVA, but the property will need to be valued.

[worriedsick]

I had it valued yesterday by an agent who knows the market. I didnt talk about the partly built property as it is jointly owned and how am I going to tell my partner of my terrible financial situation. Is it worth it? Last partner dies of a drug overdose after being violent to me, trying to stab me and then throws me out, his family try to take the house of me. Then last week after 5 years of legal stuff since his death I get a solicitors bill.

God where is it all going to end?

[MelanieGiles]

If you are responsible for the solicitors bill this can be included in your IVA as a creditor - so this is easily sorted.

What has the Spanish property valued at? And would your partner be able to acquire your share of the interest? I am sure that he/she will be a tremendous support to you, if you open up and share your difficulties with them.

[worriedsick]

I have asked my parents to pay the solicitors bill for me. I will pay them back as soon as I get back on my feet.

The property was valued at 192,000 euros but there is a mortgage on it. However, once it is paid off, the money that I put in would cover the debt I am in. Unfortunately, he would not be in a position to acquire my share. So it's sell or cancel the contract and loose a lot of money.

He would be supportive, but he's also under a lot of stress at the moment and I dont want to add to his.

Thanks for the help. I appreciate it.

When I include the property on my IVA proposal would I still be able to enter one?

[worriedsick]

Thank you to Lilly too

[lily]

Youre very welcome, just hang on in there.

Its very difficult to cope with it on your own and only you know how your partner will react. I have to say I was quite shocked at how my family supported me, I thought they would be horrified and ashamed. I was so wrong.

Think about how you would feel if this stress was his?? Would you want him to suffer alone. With what you have already endured you are a lot stronger than you think, you just need some support and practical help.

Good luck.

[worriedsick]

Basically, I am asking, can I enter into my IVA and then at some point in the future either sell the property, or cancel my contract (but only retaining 40% of the money put in), and still be eligible to go into my IVA?

[MelanieGiles]

How much is the Spanish mortgage over the property?

[worriedsick]

Hi Sorry was on the phone to Spain. I think the mortgage which will kick in once the property is completed is about 120,000. I finally talked to my partner and he is extremely supportive and I feel a dead weight easing a bit from me. It's bad but it could be worse, as he says.

[worriedsick]

Do you think it is possible to apply for an IVA and also put the townhouse into the pot too?

[MelanieGiles]

Absolutely - you just need to contact an insolvency practitioner to provide you with overall advice now as to all of the options available.

Glad your partner is being supportive and you are feeling better. Don't lose that momentum and make that important call tomorrow.