Newbie in Debt, Please help

[upthekaiser]

Having problems at the moment trying to make ends meet after losing £26000 on a job 2 years ago when the client I was working for did'nt pay me for work executed then he went back to Nigeria. I am a self employed builder and have got lots of private work to do and have a good reputation and have never been out of work in the 22 years of self employment.
The above debt was pushed onto credit cards but already had loans which 2 of them finish this year, April and Sept. The idea was to keep going until loans where paid off then start to clear the cards but am finding it harder and harder to do so. My wife is working as a christmas temp in a retail shop and will find out this week if they are keeping her on. Please have a look at my soa and ask any questions you may have.
The cars are both my van and my wifes car. We live about 6 miles from the school and about 15 miles from my wifes work so her car is a must. My van is a definate must.
Do you think I qualify for an IVA?
The mortgage co. are not interested in a re-mortgage as my self employed books are not that good for the last 2 years because of the debts so no luck on that one. Sorry to ramble on but am in desperate need of help!

[Lisa2009]

Hi and welcome to the forum.

Firstly have a look at www.iva.com where you will find a list of IVA providers along with reviews on each.
Give 2 or 3 a call to discuss ALL options available to you and your individual circumstances.
All advice will be free and will help you decide which is the best route for you.

As you are self employed you will require a face to face meeting with your then chosen IVA provider.

Please dont hesitate to ask if you have any more questions.

Good luck

[upthekaiser]

Cheers Lisa, why the face to face just curious?
Forgot to add the soa sorry,

[font=courier new]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2580
Partners monthly income after tax....... 335
Benefits................................ 122
Other income............................ 0
Total monthly income.................... 3037

Monthly Expense Details
Mortgage................................ 1325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 195
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 35
Mobile phone............................ 65
TV Licence.............................. 16
Satellite/Cable TV...................... 30
Internet Services....................... 0
Groceries etc. ......................... 220
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 30
Car Insurance........................... 80
Car maintenance (including MOT)......... 60
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2586


Assets
Cash.................................... 0
House value (Gross)..................... 310000
Shares and bonds........................ 0
Car(s).................................. 17000
Other assets............................ 0
Total Assets............................ 327000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 255000...(1325).....5.99
Total secured & HP debts...... 255000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin MBNA....................12300.....300.......0
Halifax........................6320......85........0
Barclaycard....................3500......90........0
AA Loan........................10300.....303.......0
Northern Rock Loan.............2950......295.......0
Direct Line Loan...............1925......385.......0
Debenhams......................1845......50........0
Capital One....................2900......85........0
Total unsecured debts..........42040.....1593......-


Monthly Budget Summary
Total monthly income.................... 3,037
Expenses (including HP & secured debts). 2,586
Available for debt repayments........... 451
Monthly UNsecured debt repayments....... 1,593
Amount short for making debt repayments. -1,142

Personal Balance Sheet Summary
Total assets (things you own)........... 327,000
Total HP & Secured debt................. -255,000
Total Unsecured debt.................... -42,040
Net Assets.............................. 29,960

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

[Lisa2009]

The face to face meeting is a legal requirement if you are self employed.

Are the debts in your sole name or are they joint with your wife?
Is the house owned jointly?

[upthekaiser]

Only Debenhams card in wifes Name, other cards in mine. House in joint Loans in mine, Thanks.

[Lisa2009]

OK thank you.

May i recommend you contact some IPs now to discuss your options.
Melanie Giles who posts on this forum is one IP who deals with a lot of self employed people (she comes very highly recommended). Her details can be found on the experts page but please do contact 2 or 3 to be sure you are comfortable with the advice given to you.
Remember, you have to feel comfortable with your chosen IP. 5-6 years is a long time if you are not confident enough with whoever is representing you.


Well done for taking the first all important step. It takes guts!

Please dont worry, there WILL be a solution for you.

[upthekaiser]

I was hoping you would recommend her! Have been looking at this forum for a couple of weeks now and have seen her name mentioned thousands of times.
Cheers again Lisa
All the best!

[Lisa2009]

You are most welcome. If you need any more help, just ask.

[Needout]

I am Self Employed and have met with Melanie and would defo. suggest you make contact with her

[MelanieGiles]

Wow - what brilliant information in a first time post!! From that information upthekaiser (I lover the name!) it would appear that an IVA would be an option for you. A couple of your expenditure items look on the low side to me, but these can be covered in detailed discussions with the IP you choose to represent you.

The face to face meeting is really valuable - I try to encourage all of my clients to do this, but it is a statutory requirement for self-employed people and is really worthwhile. And don't worry if travelling to see your IP is a problem, some IPs will make arrangements to visdt you or will allow the meetings to take place during an evening or a weekend so it does not disrupt your day job too much.

[Pennyless]

upthekaiser welcome to the forum. I too can wholeheartedly recommend Melanie.

Good luck.

[muddlementandchaos]

melanie if you allowed to, can you confirm if you are linked to the IVA Advice bureau in Cardiff

[Pennyless]

muddle...one and the same.

(see Mels links on her posts)

[muddlementandchaos]

thanks for that just having a last minute panic that you weren't involved with our company somewhere down the line as so impressed by both them and you

[MelanieGiles]

I own that company, and assuming that your IVA is accepted I will be the Joint Supervisor along with my colleague Sue Clay who you will already have spoken to no doubt!