As you can see Im a new member and feeling very stressed/scared and very very worried about the future, which I guess most of you have been through or are indeed going through these emotions at the moment [V]
So, scared to ask.......I currently have debt in the region of £22,000, but the problem is its mainly with 1 Creditor split over 2 loans, overdraft and card...a small amount is with a store card (£400). I do have equity in my house, but mortage is quite hefty as it is and I guess the interest rates will start to rise again sometime this year, so I dont want to increase it if I can help it. What i have read so far and what is really scaring me is that if you have less than 3 creditors it not very Likely that I would be able to qualify for an IVA [V]
My Current income is £2868
My current outgoings £3073 (This includes the monthly debt payments above)
I feel I have let my wife and children down and my wife and I are worried with stress.
bankruptcy is not an option for us as we dont want to loose the house and I have not considered an DMP yet as an IVA is the most attractive solution (If at all possible) for me [:(]
Again Hi to all and this is a great website for information [:D]
First of all don't feel that you've let anyone down. Secondly, by posting on this forum you've started the ball rolling in the right direction. I am no experet in this field but I'm sure any number of helpful replies will be along soon to take you closer to easing your mind.
Hang in there
Alternatively, you could consider speaking to Lloyds who may be able to assist with a repayment plan since they are the majority creditor. Creditors often complain that their clients do not give them a chance to help and go straight to an IVA or DMP company. If they are unable to help you have at least tried.
Finally, a DMP may be the best option if Lloyds are unable to help since with such a huge percentage of the debt they tend not to support IVAs. The danger here is that Lloyds move to secure the debt but provided you make an arrangement to pay again you will not lose your house.
Speak to an IP firm for some free advice and hopefully it all works out.
Whatever.....the forum will become your best friend and we are all here to support and answer your questions as we go through the days with you.
Just been on the phone to Andy Davie and talked about my Options.....and guess what...I found out that I do have some....which is making me feel a little better (Nothing in concrete, but at least there are a couple of options) Great Guy to talk to
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