Hi Guys, I have just been through a financially draining divorce where I have lost the house and retained a lot of debt which was used to improve the house. That and the cost of paying for 2 houses for nearly 2 years and paying for the divorce I am in despair with my level of debt. I earn a good salary of £65,000 but my credit card payments on top of my car and child maintenance payments are more than I am taking home. I am making myself ill worrying about it. I have moved in with my new partner which helps reduce the cost of the house but I just cant see a way out. I have read lots about IVAs and debt management plans and I don't know what's best. Bankruptcy isn't an option due to my job and I no longer own a property or have a mortgage. Any advice would be gratefully received.
You need to have a chat with a couple of IVA providers to discuss the full picture. On the face of it an IVA might do the trick. If you have a high amount of debt a DMP is sometimes a good way to get breathing space, but isn't a long term solution in many cases.
If your job would be affected by BR ... would it escape the effects of an IVA ? What do you do ?
If the car payments themselves are crippling, you might be asked to downsize, so that might need some thought too.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
Anything has got to be better than the stress of constant debt and 'the letters'. I would have a word with a few IVA companies and see what their response is to your level of debt. Don't be forced into anything and don't sign anything until you are 100% satisfied that an IVA with a specific company is the way forward. This will affect not just the next 5 years of your life but also impact on your relationship and sanity. If you have anything that needs to be sorted outside of the protocol of the IVA make sure you have in writing the agreement that was reached, having someone on the end of the phone saying "yes, that is OK" isn't OK, it needs to be in writing. Don't feel that getting financial help or entering an IVA is a failure in your life, it is a positive step to getting the Status Quo back. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues