im 24 my husband is 30 we have 3 young babies and

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lyla

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Post by lyla » Thu Aug 05, 2010 12:51 pm
im 24 my husband is 30 we have 3 young babies and are in £51000 debt, uncontrolled and needs sorting, would an iva help us, we have a morgage of 83000 no equity, i just want to be debt free.
want to see the light at the end of the tunnel
 
 

Michael Peoples

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Post by Michael Peoples » Thu Aug 05, 2010 1:04 pm
Hi Lyla and welcome to the Forum.
You should seek some free advice from a firm of insolvency practitioners to see what is the best option for your and your family. Given there is no equity bankruptcy may be the best option as saving the marital home is unusually the most important thing to a client.

Depending on your income and expenditure and IVA or debt management may also be appropriate but an IP firm will discuss all the options and help you decide which is best.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lyla

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Post by lyla » Thu Aug 05, 2010 1:31 pm
i have twin boys and a little girl 11 months apart had to leave my job as 1 twin is autistic and people cant manage his behaviour so i cant leave hiom in childcare to work, its all gone wrong, i spoke to 1` company called freeman jones?? have you heard of them?
want to see the light at the end of the tunnel
 
 

Shining

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Post by Shining » Thu Aug 05, 2010 1:42 pm
I would always advise speaking with 2 or 3 if you can find a quiet moment with the 3 young ones bless em. Take some case specifc impartial advice. Our professionals who post on the forum also come highly recommended and can be found via the experts link.

Welcome to the forum.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Aug 05, 2010 1:49 pm
It is certainly worth speaking to more than one firm and you can then decide what is best based on all the evidence. Do not be pushed into anything and go with is best for your family.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lyla

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Post by lyla » Thu Aug 05, 2010 1:53 pm
what happens to our money on an IVA do we get a set amout to live off a month? thanks for all ya welcomes x
want to see the light at the end of the tunnel
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 2:00 pm
You have allowances for everything,food, clothes, etc.

The rest will pay your mortgage and your IVA.
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.
http://kallis3.blogs.iva.co.uk
 
 

Tina Shortland

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Post by Tina Shortland » Thu Aug 05, 2010 2:00 pm
HI Lyla,

Welcome to the forum. Your budget will be worked out based on your normal bills and allowances for 2 adults and 3 children. Your budget is the most important point to ensure you have enough money to live off. Then the options can be discussed with you to help you make the right decision.

Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

liverpig

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Post by liverpig » Thu Aug 05, 2010 2:07 pm
You still get to manage your disposable income yourself. Once a payment amount is reached then other than that amount you still have to pay the lekkie and gas etc yourself. The only real set amount is what the IVA company take from your bank account. After a few months in an IVA you get the feeling that if you had written all the debts down and done a comprehensive and honest income and expenditure list months ago then you may not have had to enter an IVA, but soon realise that hindsight is a myth ;-). Little luxuries like the odd night out for dinner or a take away become the norm. I hope to come out of my IVA with a completely different way of thinking about paying for 'stuff' I can't afford.
Good luck and I hope it works out for you, it has for me.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Aug 05, 2010 2:15 pm
Bear in mind when you are doing your income and expenditure that there are expenses which are not listed on the CCCS guidelines which are commonly used.

Given the ages of your children you would have high expenses for clothes, nappies, food etc. As a father of a 16 month old I know how much young children cost and the allowances given go nowhere close to the true cost.

If you receive any disability benefits or receive higher tax credits as a result of your baby's autism, this money has specific purposes and should not be just included as an income with no additional allowances allocated. Make sure all allowances are claimed and if you still have a surplus to offer creditors an IVA would be a good and affordable option.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Fri Aug 06, 2010 2:23 am
That is great advice from Michael - and indicates the sort of things that good IP firms will run through with you to make sure that your budget is affordable.

An IVA may not be the only option available to you, so make sure you pick a firm which will give you impartial advice as to all options which you can then take on board to assist you in making your decisions.
Regards, Melanie Giles, Insolvency Practitioner
 
 

lyla

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Post by lyla » Fri Aug 06, 2010 8:41 am
im really confused, i know its prob the only option were i can keep my home and my babies safe, but my husband is not so keen as he will loose 50% of bonus at work, but in my eyes its only for 6 yrs and then we can concentrate on out future and have a normal credit history and in the distant future buy a better home, x
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Shining

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Post by Shining » Fri Aug 06, 2010 8:59 am
an Iva is an excellent debt solution but there are other things and if you contact 2 or 3 companies they will discuss all debt solutions with you and hopefully explain in full each one. There will be a solution for you and your hubby can talk to the companies too and explain his reservations etc., Our professionals who post on the forum can be contacted via the expert link and all come highly recommended. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

lyla

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Post by lyla » Fri Aug 06, 2010 9:07 am
i know this is a silly question, but does 6 yrs go quickly? im thinking it would for a good 2 yrs and go qi=uick for 2 then drag the last hurdle x
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Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 9:07 am
Given that there is no equity in your property, your home should be safe in bankruptcy as well as in an IVA. Your husband would be expected to pay over some of his bonus from work but at the moment all of the bonus is likely being used to try and stay on top of the debt.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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