Scared to ask.......

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scareddude
Posts: 3
by scareddude » Tue Jan 19, 2010 10:03 pm
Hi to all[:)],

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]

 

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Andy1964
Posts: 1591
by Andy1964 » Tue Jan 19, 2010 10:20 pm
Hey dude and welcome aboard.

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

 

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heavydebt
Posts: 122
by heavydebt » Tue Jan 19, 2010 10:20 pm
Hi scareddude and welcome to the forum. I can't advise you on your money situation as you can see I am a new member too and am going through the same feelings as you. Someone will be along soon to help you, everyone is lovely on here. You are not alone, someone is always here whenever you need help. Take care.

 

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Shining
Posts: 27023
by Shining » Wed Jan 20, 2010 7:31 am
A very warm welcome to the forum from myself too and echo all that Helen has said, please seek some professional advice and this in turn will stop you feeling worried and stressed. All the best.

 

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scareddude
Posts: 3
by scareddude » Wed Jan 20, 2010 9:12 am
Thank you all for the warm welcome....I have just relised I have 3 Creditors 1 Main Creditor (Lloyds TSB Bank) and 2 at £500 each (Next & studio)......I am considering the Mortgage increase.....so confused and scared at the moment.....

 

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Michael Peoples
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by Michael Peoples » Wed Jan 20, 2010 9:37 am
An IVA may not be the best option for you and your creditors but there are alternatives. Firstly, you could consider switching your mortgage to interest only if it is currently on a repayment basis. You could then clear the debts with the savings and switch back afterwards. This may cause your mortgage term to increase if you cannot make up the gap in payments but would be better than losing the house.

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.

 

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luluj
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by luluj » Wed Jan 20, 2010 5:46 pm
How much equity is in your house? depending on this will also depend which route of help is more appropriate for you.

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.

 

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scareddude
Posts: 3
by scareddude » Wed Jan 20, 2010 7:04 pm
Im so glad I got to talk to someone :)
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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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 12:21 am
I'll second that - he is one of the best debt counsellors that I have ever come across, and this forum is extremely lucky to have him as an expert. More so because Andy has been through the experience for real.

 

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Max
Posts: 2789
by Max » Thu Jan 21, 2010 8:33 am
May I just add a bit. I turned to Andy when I was looking for an IP having been told by 7/8 companies that I would not get an IVA. Andy was kind and considerate and at the end of the day suggested I went to Melanie Giles - best thing he ever did.
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