my wife and i are in serious trouble

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adogillo

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Post by adogillo » Fri Sep 10, 2010 1:33 pm
my wife and i are in serious financial troubles for the few years, but is all coming to ahead. Payments getting refused,charges for being over, the agreed overdraft. We have no no equity in our house as we have a loan secured against it also. I'm guessing we owe roughly £59k unsecured,not including the secured loan which i have no idea how much we owe.
I have been reading peoples different accounts on this forum, but still very lost, I'm not sure what is best DMP, IVA or bankruptcy, my wife and I are scared of losing everything, We know it's all our fault but now is the time
Please could you help and advise
Adam & Tina
 
 

liamjames

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Post by liamjames » Fri Sep 10, 2010 1:35 pm
I would certainly speak to an insolvency practitioner as soon as possible. There are many recommended companies at www.iva.com - speak to a few and see what advice they give you.

An IVA would certainly be a good way of settling your debts without losing your property, but this solution relies on a certain disposable income. Your IP will tell you all the details and discuss whether or not this is right for you, free of charge.

Take care. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 1:44 pm
Hi and welcome to the forum.

Sorry to hear you are having problems.

You do need to take some professional advice which will be free and impartial and hopefully help you to make the right decision.

The forum is also here for any advice and support you may need.
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
 
 

adogillo

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Post by adogillo » Fri Sep 10, 2010 2:01 pm
This is my OP, I am now fully registered up to the forum, Thanks in advance for all help and suggestions.
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 2:08 pm
Glad the forum is sorted if nothing else!

We do have professionals who post on here. You can find their details by clicking on the experts details on the left hand side.

Pick up the phone - could be the best call you ever make.
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 » Fri Sep 10, 2010 2:33 pm
Hi Adam - As the others suggest have a chat with 2 or 3 companies to talk through your situation and see what is the best option for you. You will get help in working out how much you can really afford which is the first step before considering an option.

You won't lose everything - promise you but get advice asap so you can get something underway.

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.
 
 

MelanieGiles

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Post by MelanieGiles » Sat Sep 11, 2010 1:55 pm
I concur with the other posters - in that by initially sharing your difficulties with a qualified professional, you will immediately start to feel the burdem lifting.

There are bound to be several avenues open to you to deal with the debts, but choosing the right solution should only happen after seeking proper, professional advice which will not cost you one penny.
Regards, Melanie Giles, Insolvency Practitioner
 
 

bobby1969

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Post by bobby1969 » Sat Sep 11, 2010 4:34 pm
we were in exactly the same place you are 2 months ago mccambridge duffy took over and now even though i am at the begining of the IVA route ,i am nearer the end than i was 2 months ago
i would suggest you call a few companies and the stress will lift quite quickly
at times on pay day i was actually sick with the debt and payments .
now i know how much i have got and all the bills are paid
 
 

plasticdaft

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Post by plasticdaft » Sat Sep 11, 2010 4:41 pm
Coming out and telling someone of your debt is extremely hard but what a weight it shifts from your shoulders!! When you have finally accepted that it cannot go on as it has been(often for years),then you alone will know that its time to get help and find out what your options are.Contact a few firms and let us know what they advise.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

adogillo

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Post by adogillo » Sat Sep 11, 2010 6:55 pm
I don't know how this will affect our chances of an IVA but I've been told by my wonderful employers that they are looking at laying me off. It don't rain but pours.[:(!]
 
 

kallis3

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Post by kallis3 » Sat Sep 11, 2010 7:05 pm
Sorry to hear that, not good news.

If you lose your job and can't get another one quickly then an IVA probably isn't the way to go at the moment.

Do give a couple of companies a call though.
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
 
 

adogillo

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Post by adogillo » Sun Sep 12, 2010 10:29 pm
But with bankrupcy will we loose everything e.g. house[?]
 
 

kallis3

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Post by kallis3 » Mon Sep 13, 2010 8:02 am
As you say you have no equity in the house then you would be unlikely to lose it in bankruptcy. You can buy out what is called the benificial interest in it for £1 plus £211 costs and as long as you keep up the secured borrowings then it will be ok.

You are allowed a car up to about £2k in value.

Speak to an IP though and all of your options will be explained to you.
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
 
 

adogillo

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Post by adogillo » Tue Sep 14, 2010 8:32 pm
A big thankyou goes to Tina from Melanie's office, everyone was right, sharing your problems and speaking to the proffesionals really does help with that very heavy weight of debt. I think we're going in the right direction.
 
 

kallis3

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Post by kallis3 » Tue Sep 14, 2010 8:36 pm
Good news, glad you're starting to get the ball rolling. We're always here for any advice and support you may need.
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
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