Please help?

[Lisacs]

Hi I really would like your help and advice. I am 27 and I am in debt by around £20-£25k, this consists of x2 credit cards a loan and a hp car. I am really struggleing to cope, but I have been scared to get help as I work for bank and I am scared I will loose my job. The debt is not with the bank I work for,it is for a different company.

However I was thinking of going Bankrupt but I understand I will loose my job, I have heard of a IVA and I would like information on how it works as I really do want to pay of what I owe and i have tried to consolidate everything into 1 payment but no one wil help me, even though I have a property. I cannot afford to loose my job becasue of this and I just need help into arranging to pay it all off, sensibly. Please help?

[chris.g]

Hiya Lisacs and welcome to the forum.
What I suggest is that you look at your employment contract closely to see if there is anything in it regarding IVA or Br. It would also be helpful for the experts if you could put on if you have any disposable income and how much and any assets that you may have,

[emma_t]

Hi there Lisa

I would wait for an expert to answer your post as an iva, amongst other solutions, could work for you.
As chris has said the experts will need a bit more info:
-do you have equity in your home?
-how much disposable income do you have ever month (not including repayments to creditors) after paying utilities and essentials?
-who are your creditors and how much do you owe each one?

A lot of experts post on the forum and they would be better to advise you
Good luck and don't worry too much as there will be a solution
Emma x

[MelanieGiles]

Hi Lisa

The first think you ought to do is check the specific terms of your contract of employment and staff handbook to see if your contract would be terminated in the event of bankruptcy or entering into an IVA.

If this is the case, then at least an insolvency practitioner can talk to you sensibly about other options. I would seek professional advice as soon as possible if you are no longer able to meet the repayments on your debts.

[J-DOUBLEYA]

Check to see if the Car agreement is really HP as well rather than just a personal loan agreement !!

If the car is HP and you want to keep the car you cant include this in the IVA and must keep up repayments on the car.

[Reviva UK]

Best thing to do if have a free impartial chat with a real Insolvency Practitioner rather than a large faceless organisation.

You can check out the options on iva.com, but suggest you give either Melanie or Ian a call on Monday.

That way you will know what your options are.
You may also want to check your employment contract out and give HR at the bank a call - but don't use your name at present. You need to get yourself organised first.

take care