My husband and I are in a bad financial position

[nsul]

Hello:

My husband and I are in a bad financial position. We have mortgage payment, loan payment, 2-3 credit cards payment, and lots of others. He is self employed who has worked on several projects and nothing has happened to bring in some money, therefore, he has no income.

I am self employed as well and the amount I make is just nothing. I have talked with him to go out there and look for a job. I doubt he will seriously consider that due to the fact that he has been self employed in the past almost 10 years. He thinks he will become rich and will be able to pay them back. I believe, both of us should go out there and get whatever we can in order to survive. I thought perhaps a IVA is something he can use at the moment. The bills are piling up.

Do you have any suggestions? We also need to claim the banks that have been overcharged him, can you tell us how much is acceptable?

[MelanieGiles]

Hi nsul and welcome to the forum

An IVA is an option, but it seems to me that you guys are not realising you maximum potential by continuing to batter away in self-employed businesses which are not producing sufficient profits. Is it not a better idea to both find jobs that pay you a regular wage, get your debts paid off and start enjoying life again?

Also with an IVA, you will need to demonstrate regular earnings, even if you are self-employed.

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