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Lulu.en
Posts: 3
by Lulu.en » Tue Jan 19, 2010 10:05 pm
Hi guys!!!

I have
I think I need to enter into an IVA but don't know where to start!!!

I rent a large house and sublet rooms which I have done since my divorce seven years ago. Always have the worry if a room becomes empty that I have to cover everything to meet the shortfalls and now in the last week the nationwide chopped my overdraft from £2000.00 to £1400.00 and that has resulted in my having to use deposits to meet my loan. (My fault I know because shouldn't have gotten myself into this mess) still have to keep a roof over my head though. I haven't defaulted on my loan, or the overdraft until now or my two credit cards although only paying the minimum. I have been checking on the forum about peoples expenditure and don't know where the hell I start because of managing all the household bills for this house.

Can someone in this big family please help ????

 

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Adam Davies
Posts: 14596
by Adam Davies » Tue Jan 19, 2010 10:15 pm
Hi and welcome
You really need to have a chat with several experts/companies to explore all options open to you.
You would list all your income and all expenditure that you are responsible for
There will be a solution for you
Regards

 

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upthekaiser
Posts: 29
by upthekaiser » Tue Jan 19, 2010 10:19 pm
Hi lulu, why cant you give up this large house and get a 1 or 2 bedroom place? Just curious not having a go. Let us have more info so we can help you. Hope you do.

 

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MelanieGiles
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by MelanieGiles » Wed Jan 20, 2010 2:46 am
Renting rooms in a large house can be a lucrative form of income, so I would definately advice against giving up the property.

An insolvency practitioner will be able to help you explore options, so I would try and contact one as soon as possible to see what you can do moving forward to deal with your debts.

 

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Michael Peoples
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by Michael Peoples » Wed Jan 20, 2010 9:55 am
Hi Lulu. You should urgently seek advice for two reasons in particular. You should not be using deposits to repay your debt as the money does not belong to you. In addition, there is probably a debt due to HMRC as you are running a business but you do not mention one. Have you registered with HMRC?

 

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Lulu.en
Posts: 3
by Lulu.en » Wed Jan 20, 2010 6:28 pm
Hi everyone and thanks for your reply's

By renting this house I get to live here for £375.00 each month the same as all the others but I also cover the cleaning materials and run the place so basically mum to everyone. I decorate and look after the house so the landlord is happy for me to stay here because he doesn't have to worry and knows that I look after it like he would. I don't make money out of this and if i lived in a smaller place I wouldn't be able to cover the rent let alone bills and food etc. I honestly didn't think I was doing anything illegal.

I respect and trust the IP's on this forum because they take the time to respond to people's questions and are always popping up to offer free advise.
I live in Bucks so am open to any recommendations to make an appointment to see someone.

Thanks again for taking the time to respond

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 12:13 am
I would start with a phone call Lulu, as a good IP will quickly appraise your situation and give you relatively instant advice as to options. This can be followed up with a face to face meeting should it be deemed necessary.

 

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Lulu.en
Posts: 3
by Lulu.en » Thu Jan 21, 2010 8:00 pm
Thanks Melanie,

Going to sit down this weekend and list everything.

This forum is very lucky to have you onboard and all of the other people who take thier time to try and help people.

For all of those people who are desperate and think there is no way out do not worry because it's just not worth it. There is always a way to resolve these problems and at the end of the day we still breathe in the mornings and have another day to live. No pun intended but (It's only money )

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 8:03 pm
No problem Lulu - and if I can help in any way with questions just let me know.

 

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Skippy
Posts: 20717
by Skippy » Thu Jan 21, 2010 8:22 pm
Good luck Lulu, I hope you can get something sorted out.

If you feel comfortable with the IPs on forum why don't you give them a call? I'm sure you'll feel better about everything once you have spoken to someone.

Please keep posting - we're always here for moral support or advice x

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 8:28 pm
I agree with Skippy.
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