What Should I do - HELP

[Homer2418]

I am still contemplating weather to start looking in to an IVA now or should I wait for a while.
At the moment my wife and I have combined debts of approx 37k and each month is becoming a struggle.

At the moment I’m holding down two jobs just to keep our head above water, the unsecured loans are being paid and there’s food on the table, but very little money for anything else other that try and pay a little more of my credit cards.
On the other hand when the phone, gas or electric bill comes in, credit cards get minimum payments and the utilities get paid.

My career has tied rent-free accommodation and I want a change away from my current industry to try something new, thus meaning that I will have to rent somewhere.
It is possible that my new job will pay slightly more money and it will only be one job.

Concerns that I have are what if we are not accepted, then what? And if we are accepted and I get a new job, what about renting somewhere.
Don’t they do a credit check ???

Something else that I don’t know the answers for, do we apply for a joint IVA or as individuals is the bulk park of the debt is in my name, but my wife is the major name on one of the secured loans, with me as joint applicant.
Or is it just a simple case of me applying for the IVA and leaving my wife out of it.


I really don’t know what to do for the best

[may07]

Welcome to the forum Homer. Im no expert but my understanding of reading posts is that an IVA is an Individual arrangement and therefore not something which can be entered into jointly. Having said that I did see some advice to someone in a similar postion to you as a possible solution. Hang on in there you will get expert advice here soon!
all the best
May

[MelanieGiles]

Hi there Homer

You have to ask yourself the question "Could I live without relying upon credit cards, pay all of my bills and the minimum contractual repayments to my creditors without relying on additional borrowings?". If the answer to that is yes, then if you can sustain the second job into the future, you may be able to pull yourself out of the debts, if the answer is no, then I would suggest that you seek professional advice as to your options as soon as possible. You may be suprised at how many options there actually are!

[Homer2418]

Hi Melanie

I have to ask the question that is working an 18 hour day doing me or my family life any good.

The credit cards are just there at the moment and Im trying to pay them back as much as possible.But the fact remains that I will be moving out of my current career with tied accommodation and am looking for a change, thus I will need to pay rent.

[luluj]

You sound like you are living like I was this time last year!Can't wait for July 17th to come (and go) as this will be the date a year ago I admitted to myself and my husband that we could not continue in the same fashion - I called the IP company and never looked back since! Within 8 weeks we had a creditors meeting and our interlocing IVA's approved - we live on a tight budget, but one that is manageable and reasonable - we now live within our means - still have treats, and still able to get a few weekends away - but all in the knowledge that it is all paid before we go !

Make the phone call and take the advice - you won't look back!

9 down 51 to go!

[may07]

Regarding renting on an IVA you might find the thread started on this board on May14 by yellow rose helpful Homer. You can talk all your options over with more rthan one IP and infact its probably wise to do so. Once youve taken professional advice and know your options you can get the ball rolling and you will feel so much better. There is also a helpline number on this site.

Best of Luck!!

[may07]

oops sorry I forgot to say the title of the post in renting in an IVA

[Skippy]

You need to think of your quality of life, and that of your family - that is more important than money. Do you have any assets that you could lose under bankruptcy?

Good luck with your decision x

[MelanieGiles]

Working 18 hours per day is not sustainable, and you cannot continue doing that forever. I would take advice as to the options that are available to you, and then you might be able to fit work around your life rather than the other way round.

[Homer2418]

like what assets, just own a car and whats in the flat, which isnt mine..

nothing of what you would call great value...

Melanie, might be calling upon your services with this situation

[Reviva UK]

Hi Homer

sounds like you are really struggling just to keep things going. 18 hours a day will kill you and the deprive the family of your presence.

Really suggest you get some help and you can't do better than Melanie's team. They get stunning reviews so a great choice to start your journey to being debt free.

[Homer2418]

Thanks Reviva
I just have worries, what are these companys going to think when I start the ball rolling..
Will the Bailifs turn up or will I get the phone calls from the creditors using scare tatic's..ie payup or else ???

Whats my employer going to say if anything, will he find out, does he have to know ????

And foremost what if I dont get approval - then what ??? maybe stressing about nothing

[Reviva UK]

melanie's team will go through all that and more.

Remember that until you start the ball rolling you will never be debt free so a little discomfort is really worth it.

You won't get any bailiffs until you get a County Court Summons ( blue & white court form) and if you haven't got one already then it is unlikely that you will before your soultion is in place.

Melanie's team will support you all the way but if you need a little free onsite support then we will be pleased to help

[facingittogether]

hi - just wanted to say that all of those questions i had running round in my head too!

but making that initial phone call to a professional and just knowing that someone can advise and help you was the best thing i have ever done. i agree the letters and phone calls from creditors are not nice, but you have to remember most of it is scare tactics to get you to make a payment and at the end of a few weeks you will see a light at the end of the tunnel and wont look back.

make that call, ask for advice and you will at least know then what your options are and remember if a ip advises for you to go the iva route they must think there is a good chance that it will get approved otherwise they would not put it forward!

good luck and let us know how you get on!

barb x