Hello all
Im new to this and have recently thought about contacting a few companies to discuss an iva (its all so scary).! [:(]
I have just been going through our bank statements to work out how much we actually spend on shopping etc, and it stands at about £580 a month!! We have 3 young children who live with us(including a newborn) and my husband has 2 children from a previous marriage. This figure includes the food shopping, baby milk (which isnt cheap) ,nappies, pet food and also food to feed my 2 step children at weekends when they come to us. I have been trying to cut back on things with regards to shopping, but i am really struggling.
We have approx £60k od unsecured debt between my husband and myself and we rent so dont have a house to sell. We dont get any tax credits, and we are still trying to pay off an over payment from them too! [:(]
I have worked out that after the shopping and our other bills we are left with about £357 left we could possibly offer to creditors. Is this likely to be too small of an offering for an iva to be accepted for us? I dont work at the moment but would be looking to doing an evening job in the future when possible.
At the moment we haven't been budgeting for things like car tax/repairs,hair cuts,dentists,opticians etc. but i know we will need to at some point!I feel like a bit of a hopeless cause really, cant believe it has come to this for us, but i suppose needs must now as my husband cant go BR because of his job(forces).
Any advice or insight would be appreciated...
PS. Glad I found this forum, everyone seems so helpful! [:D]
You need to have a word with an expert - visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice. There will be a solution out there for you.
The forum is always here for support as well at anytime.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi and welcome to the forum! Now you are taking charge of your finances things will only get better from here. It sounds like you need to speak to a professional to make sure you are budgeting adequately for your family's needs. It is in everyones interest you include everything (hair, prescriptions, school lunches etc) so that your debt solution is sustainable. The experts on here are excellent and there is a comparison site listing firms and customer reviews at www.iva.com Good luck and keep posting! We're always here to listen and to help x
To be honest with you, I would always say if you have dispposable income over £100 pcm, then look into taking out an IVA.
Go to www.iva.com and contact 2 or 3 people for some free and impartial advice, or contact one of our professionals in the ask the experts a question section on our website (their email addresses are next to their names).
You've already taken the hardest step by admitting you have a debt problem and once you start speaking to people regarding this you will see there will be a solution.
They will go through your expenditure with you and advise if too high in their opinion with regards to food etc. There was a guide on www.beatmydebt.com but this seems to have disappeared off their website at present.
The guidelines for food and toiletries for a family of five is £570 but there are also allowances for pets, school meals, meals at work etc. Furthermore, the overpayment of tax credits would form a debt in any IVA and HMRC would have to restore them to their correct level.
An IVA does seem an option and any IP firm should do the income and expenditure based on your tax credit entitlement but also giving you all of your allowances. Good luck with any proposal.
Hi PFTP
Welcome. I can highly recommend Mel Giles, she has a strong connection with the forces and has many clients that are from that arena. Good luck, and do keep in touch..
An iva sounds promising!! I was in so much trouble before my iva my allowances were greater than what I was spending in some cases as I had leterally nothing to live on.
Hello.
I am 100% certain that being in the forces is not a barrier to going Bankrupt, your husband has to be honest with the people that he works for, as long as you are both facing up to your financial problems the forces will support you.
Hi there and welcome. Do have a chat with a few companies on the link above. You can't really work out the way forward until you have ay least got together a reasonable I&E, so you know what figures you are looking at. A few chats will help you sort that as well as help you get your head around things.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Those figures seem absolutely fine if you have decided that an IVA is the correct solution for you to pursue, and at the end of the day you have to ensure that you are left with sufficient monies to have a comfortable family life, and in my own experience creditors will generally accept most areas of expenditure so long as they are justified.
Being in the forces can bring added pressures to a family life - I know from my own experiences of a fluctuating income and little choice over where you will be living from year to year, so you need to find a firm that understands this and can be flexible with you when you need a little extra support.
I think an IVA is an excellent debt solution, admittedly it's not for everyone but a good IP will discuss all debt solutions in full with you. All the best there will be a solution for you. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
