Taking the plunge....

[shakermaker]

Hello to all
Have been mooching on here for a while and thought I would post.

Me and my partner are on a DMP with payplan at the moment,been a year,the debt hasnt really reduced as one creditor is still adding on interest,one of the creditors agreed the payment I was sending them,then have recently changed there mind and sent me a CCJ,I managed to negotiate a FF settlement,£750 less than the debt and a family member has kindly paid it for me.But,we have another 10 creditors and if another one decides to issue a CCJ then we will be in trouble as we cant keep asking family to help us even more

My partner has just returned to work from Mat leave and we have just found she is expecting again,so I reckon another 5 or so months at work part time(our baby is in nursery 2 days a week wich is costing £500 a month!!!) then off on mat leave again,and then I reckon she will give up work completey due to child care costs being to high,no point in her going to work just to pay the nursery.

Our income will be going up for 5 months,then back down again and then finaly we will just be on my wage so we will really need to enter into a IVA as the rate we are going,we are approx £45000 in debt,and only paying £172 a month into a DMP,we will not be clear of debt for 20 years!

We will be selling our place which is a one bed anyway(we were going to sell,but next year-but need to do asap due to new baby coming)
We have decided to try and do a FF IVA,we have around £20k-£25k equity in the house-obviously take out moving costs and the deposit to rent(which will be high as the IVA(should) be in place) then so hopefully have around £15k-£20k to offer creditors-does anyone think this is reasonable,to be fair,we have no other assests as such,we both have cars,I do around 400 miles a week for work,so I need a reliable one,but it is only worth about £3k-£4k and my partners is probably worth that,but she needs her obviously to go out with kids and see her parents who live 60 miles away

We did mention that an IVA will be the best for us to pyaplan and they are calling me next week,but,I am not happy with them so we will probably go with someone else,going to start the ball rolling this afternoon on line and fill out some forms,can anyone reccomend a good one? I see a few on here that I am going to get in touch with,so hopefully they can help

I would like anyones advice on all the above if I may,does it all seem correct in what I am saying or am I completey off key?

Thank you for your time in reading this long winded post

thank you

[Shining]

Hi Shakermaker and firstly welcome to the forum.

I think you've thought about this rightly and why not talk about your situation with a couple of other companies to get impartial advice.

Take a look at www.iva.com for a list of companies and some reviews of these, our professionals also come highly recommended and can be found via the experts link.

All debt solutions will be discussed and you will be given case specific advice.

All the best.

[plasticdaft]

How sure are you over how much equity you have??

Paul

[shakermaker]

Well,according to Zoopla,the property is valued at £215,000 but I know that isnt gospel,so I reckon it may be £205,000,our mortgage is for £180,000
We are just doing a few bits to it and will be getting it valued at end of month,so fingers crossed...

[Shining]

Fingers crossed here for you too x

[plasticdaft]

Dont read too much into zoopla,wait for your proper valuation.

Paul

[kallis3]

I wouldn't trust Zoopla either.

[Tina Shortland]

Hi Shakermaker,

I hope I haven't misread your post but I couldn't see any mention of how much debt you have so it is hard to guage whether the offer you mention sounds reasonable.

Creditors looks favourable on full and finals as they get theirm oney earlier however it all depends on the overall context of your situation.

One thing you must ensure is that with the various changes in your income levels over the next few months that you will still be able to afford your normal living costs - you don't want to end up at square one again.

As soon as we know the details of your circumstances the sooner we can help you get on the right path. As lesley says, speak to 2 or 3 companies so you can compare what you've been told and feel comfortable. You already seem to trust your gut instinct on what you're not happy with which is a good thing to ensure you are happy moving forward.

Congratulations on the news by the way!

Regards,

[MelanieGiles]

Looks like a good offer to me, subject of course to learning more about the levels of debt you have outstanding. Creditors like full and final offers of settlement, as it gives them their money earlier with the ability to close their case with no ongoing administration - but clearly you will still have to demonstrate that you are making best offer.