Been silly with money

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Post by neild92 » Mon Aug 23, 2010 2:14 pm
Hi Folks,
Really looking for advice to get me and my wife out of this mess we find ourselves in.
Me and my wife got married last december and due to family not managing to help towards the wedding as they intended on.we ended up using our credit cards (Seemed ideal at the time but regret it now). We have been stupid and thought we would cope as we both earn a good wage but its now not the case we are struggling just to pay the interest. Together we owe around 40 thousand in total alot was built up by my wife before we got married and in her maiden name. Jointly we owe around 15 thousand. We are both working ourselves into the ground trying to earn as much as we can but getting knowhere and its effecting us as a couple now too. We never talk about much else but money. What i am needing advice on is due to alot of the debt being in my wifes name(maiden name) Could we look at iva as a couple as i want to sort this out for both of us or would my wife be better doing it on her own with me there supporting. I am there and want to get ourselves out of the mess we are in but we dont know what is the best way for us going forward.
But we need to do something soon as the interest just seems to be getting out of control
Your help would be so much appreciated

Michael Peoples

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Post by Michael Peoples » Mon Aug 23, 2010 2:20 pm
Hi Neil and Julie and welcome to the Forum.
You both should seek some advice from an insolvency firm and do an income and expenditure account. This together with a list of creditors would determine if one or both of you need some form of insolvency help.

It is not unusual to find one party holds the bulk of the debt and the other party can actually meet their repayments. It would be wrong to just lump everything together as this does not give an accurate picture.

If you are working all the hours possible and not getting anywhere something will give, so take some free advice and good luck.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit


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Post by lukeofyorkshire » Mon Aug 23, 2010 2:49 pm
Yeah totally agree, pick a few companies and make some calls and get some professional advice.

It'll be the best thing you ever did, I still remember the date I picked up that phone and admitted I needed help. Best of luck and keep coming back as you'll probably have questions you'll want answers to as well. [:)]
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.


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Post by nepensioner » Mon Aug 23, 2010 6:27 pm
Hi Neild92
Welcomr o the forum from me too. I am just starting the IVA Journey and the best two things I did were to speak to an IP who explained all my options so I knew what decisions needed to be made , and logging into this forum gave me loads of support knowing that I was not alone. Just speak to 2/3 and you will be able to make an informed decision as to what to do next. Just remember you are not alone, good luck
F & F Accepted 19th Oct 2010


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Post by luluj » Mon Aug 23, 2010 6:50 pm
You may have been silly with money in the past, but you have now taken the first step to rectify this ! Well done - it is a big hurdle and those of us on this forum have in the main been through it and are still going through it ! We will support you and encourage you all the way - don't be afraid to ask as many questions as you want - we will provide you the answers and off suggestions - the experts posting on this page are reliable and willalso offer you the support ! Best wishes !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"


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Post by kallis3 » Mon Aug 23, 2010 6:59 pm
Welcome from me.

Just to add that if you have joint loans, which would be included in an IVA, and just your wife takes one out, then you will be liable for the whole amount of the loan and would need to keep up the contractual payments on it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.


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Post by Shining » Mon Aug 23, 2010 9:08 pm
Welcome from myself too and can only echo what the others have said, speak to 2 or 3 professionals and you'll get impartial free advice. list some companies and some reviews of these. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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