first step really, I would appreciate your advice.

[paula.b]

I think I may have to consider an IVA as I have had to re-structure a loan with my bank to pay off my overdraft. I am maxed out on my credit cards and am relistically spending £400 per month over ourr income. This is just to meet the minimum payments on my credit cards.
Whay I would like to know is if I would have to apply for an IVA jointly with my husband? Most of the debts are mine. He has a couple of credit cards too. We are aware that we need to do something soon, and this is the first step really. I would appreciate your advice.
Thanks,

Paula

[Adam Davies]

Hi Paula
IVAs are individual but you can both enter into one and pay them with one monthly amount.Your income will be jointly assessed as will your expenditure.
Can you post more details of your debts,single or joint,and your disposible income[not taking into account your minimum payments to unsecured debts].Also if you are a homeowner your house value and oustanding mortgage/secured loans.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi Paula

As Andy says this is more than possible, but you really should take professional advice as to all of the options available to you - an IVA being just one choice. How much are you actually repaying to your creditors each month, and how much do you owe?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[paula.b]

I have for the first time this morning sat down and put all of our expenditure on a spreadsheet. I am literally sat here shaking. I can't believe how bad this is. I really do need advice on what to do next, so here goes:-
Husbands Creditors 16231
My Creditors 52167
Joint Creditor 11600
TOTAL £79998

We currently pay £2496.32 per month to 10 different creditors

We jointly earn £3913.96

I have calaculated an essentials budget (which may need looking at) which stands at £2835.89

This is way over my original estimate of being overdrawn by £400 each month! What a wake up call this is. I just need some practical advice for the next step.

[MelanieGiles]

Hi Paula

But this still makes a perfectly acceptable IVA - if this is the route you choose to take, as it looks as if you could afford to make payments of around £900 per month after providing for contingencies.

You have done the hard bit, but sitting down and recognising that you have a problem. Now it is time to seek proper professional advice as to all of the options available to you leaving you able to decide the right way forward.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Paula
Well done,this is the hardest step to make.
Have a look at my article "have i really got a problem ??" and you will see that you are feeling exactly how we all did.
Good luck with your possible IVA journey.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[paula.b]

Thanks Melanie.
This might sound a stupid question, but where do I get professional advice from regarding this?
Regards,
Paula

[sps]

Hi Paula
Just wanted to say I know how you are feeling but you have taken the first biggest step to solving your problems. Putting everything down on paper and looking realistically at your debts and income and expenditure can be very scary (I know it was for me) but at least from now you can stop the situation from getting worse. Try contacting some of the companies on this site, I can personally recommend Melanie, to see what your options are. Everyone on here can identify with you and will offer lots of support. Best luck to you take care
Sue

[aguise]

Hi Paula
Just to say as Sue has, we have all done the bit of putting it down on paper and it is always much more than you expect. If anyone had asked me how much we owed I would have said about 30,0000 it was actually 52,000. Dont worry there is always a way forward. We have an iva as andy explained everything appears joint, income expenditure, one single monthly payment and it is working well for us. As said you should try the companys on this site, Melanie is great and I know gives good advice and supports her clients well.
Ask what you want moan if you want there is always someone here.

Ang

[paula.b]

Thanks for so much support already, and I only logged on as a newbie yesterday.
Looks like a few more kleenex will be needed, but feel a whole lot better already. Will take your advice on board and discuss with hubby when he gets home. I took the day off today to try and get my head round this, and really glad that I did. I know there are still tough times ahead, so thank goodness that I found this site.
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