Alternatives to an IVA?

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sarah955

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Post by sarah955 » Tue Oct 08, 2019 8:42 pm
Hi there,

I have been self employed along with my husband, however we’ve been caught up with supporting family with issues etc and have accrued £64k of debt between us made up of loans and credit cards.

We have done an IVA previously and was very pleased with this, but don’t wish to go down this route yet, as we want to look at alternatives first.

I have now got 2 jobs and my husband has 1 so are both permanently employed, however we are still about £900 short per month with all the interest etc.

We know that the loans will be finished by 2022/23 and we can pay off the credit cards either smallest balance or highest apr first, but will struggle the next few years due to the £900 shortfall.

Has anyone got any ideas etc at all please?

Thank you

luluj

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Post by luluj » Wed Oct 09, 2019 2:53 am
You need to take some professional advice.

Are you a homeowner and do you have equity in your house ? If you have equity in your house you may want to consider releasing that as an option.

Other option to an iva depending on circumstances is bankruptcy- but again your circumstances will be considered.
Sharing from experiences of dealing with debt

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Foggy

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Post by Foggy » Wed Oct 09, 2019 6:46 am
As Luluj suggests, you do need to speak to a couple of different insolvency firms so that the full picture can be examined.
If you wish to try something informal first, you could contact each creditor and request they freeze interest for a period to give you a bit of a recovery phase -- they may or may not co-operate. A firm such as Stepchange might do this for you in the form of a more formal Debt Management Plan, but still a relatively informal short term solution to allow some breathing space.
But a full and frank chat with a professional, or two, is advised.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Wed Oct 09, 2019 12:28 pm
What alternative were you hoping to explore?

Often the alternative to an IVA is Bankruptcy and I assume you will want to steer away from this.

A DMP will probably only help for a short period but could be worth looking into. Perhaps chat to Stepchange:

https://www.stepchange.org/

Other alternatives could be an informal agreement, a secured loan/remortgage, or another lump fums from 3rd parties.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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