Hello to all,
I would like some help and advice on the below please if I may:
Me and my partner have been on a DMP with payplan since June last year,sort of going ok ish,we are around £43k in debt and started paying £550 month,then my income dropped due to a pay cut,and my partner went on maternity leave so we dropped the payments to £173 a month-at this rate our DFD will be 2030!!?! which isnt good!
My partner is due back to work in a few weeks,and we have just found out she is pregnant again! We own a 1 bed flat,which isnt ideal even with one baby,we were going to move next year anyway,but now we need to move ASAP for when the new baby is due in Jan/Feb
My partner will be earning part time money now as she needs to look after our first child-we have also arranged a nursery for her when we are both at work-but this will have to stop once the new baby arrives as she will be only on maternity pay again,and too be fair,with 2 babys to look after and costs of care,we reckon it might be cheaper for her to give up work all together,just hand notice in when her maternity pay stops the second time around
Without any debts to pay I reckon we could manage (just) on my wage
I reckon there is around £20k equity in the flat,we have been speaking to Payplan and they reckon a full and final IVA may be a good option for us.We have a chat booked with them in a few weeks
We could sell the flat,maybe take £5k out of the profit for fees and then offer £15k on a full and final IVA to the creditors and then rent somewhere for a few years until we are able to get a another mortgage again.I know that normal IVA's are over 5/6 years and you cant get credit over that period,i.e mortgage,but how long do we have to wait if we do a full and final IVA?
Also,when the process of the IVA starts,I know they need P60's,mortgage statements,etc,etc,how how far back do they need to see the bank statements? 3 months,6 months,1 year?
I had a bonus at end of last year,was going to settle debts,but had a massive,massive family emergency and had to dip into it all to stay away for a month while my brother was in intensive care and look after other members of my family as they were to in hospital.
I would just like any advice on the above please,bit confused with what to do for the best,I just dont want the threat of a knock on the door over how many years we are on the DMP,I would rather just try and clear the debts with what I can get from selling the flat,and start again,getting other credit dosent bother us as we have done a year on a budget so I reckon we can carry on like this
As I said,our situation is ok now (ish) but it going to get worse so I would like to pre-empt it and do something about it now as apposed to all coming in top at the end of the year
Thanking you all in advance,really appreciate it
hope to get some info soon from you guys
also,forgot to add,if we do a FF IVA and a few months after I get a bonus or another bit of cash from a windfull,do I need to let them know ? and could they take that aswell? or as it was done and dusted before hand they cant touch it?