Hello all...
This is my first post although I have taken much good advice and comfort from many people on here so thank you for that.
I'll take some time to breakdown my situation as I hoep this will help. Please bear with me.
I am 19 months into an IVA for debts of £31K. I pay £620 pcm into the IVA (slightly higher than the £590 agreed at the start) this is due to a salary increase and I missed a payment one month (agreed by IP) due to a house move.
I live with my 2 x children. 1 x 5 and 1 x 19 months old (the older boy is not mine) and my partner who is a stay at home mum and is not involved in any way in the IVA.
I earn £44k per annum and have to use this to support all of the family I am up to date with all payments and whilst it has been hard and even more so with the current rising costs I am up to date and determined that I want to clear my debts.
I have no assets save a car worth around 3k at a push and houshold items such as clothes, laptop and a bike and we rent. I do not own my own house and do not work in any profession where I would be affected by a Bankruptcy.
The problem is the breakdown of my relationship. After the birth of my daughter my partner suffered from huge post natal depression so much so that we became homeless from the social housing property that my partner had the tenancy for and we oppupied as a family.
The loss of the house was not down to any financial issues but solely her mental state of health. She was suicidal and in a very dark place at the same time that we were in temporary accomadation for the first 9 months of my baby girls life. This only really served to make her worse.
To cut a long story short we eventually moved in December of last year into a council property and had home again. The problem is though that our relationship has suffered irrepairably and we have been fighting to stay together for the last 8 months but things have got to breaking point where the children are beginning to suffer emotionally due to the quite obvious lack of love between us both.
The issues with the IVA though is this. My current repayment schedule only accounts for £400 rent per month which is based on the social housing that we were in when I took out the IVA 18 months ago.
If I leave I will not be able to rent a property on the private market for £400 that will allow me the access and space to see my children which will devestate me. I looked at moving out to rent a room in a house but I would have been unable to provide any sort of place ot see my kids which above anything else is vital to me. A 2 bedroom property in the area I live and work is £750 minimum per month.
The other issue is the Child Maintenance that i will obviously have to pay and that has not been factored into my budget on my current salary it would amount to around £400 pcm based on current 15% take home salary.
Overall my outgoings with CSA and Rent payment increase would be +£700pcm.
I feel there will be savings to be made on things like shopping bills as it would be me for most of the week and not 4 people in the family etc so I can make some savings. I do feel though that unfortunately being a weekend dad as such expenses will still be incurred and it is inevitable that for new clothes, days out, additional fuel and travel expenses to see them etc etc I will be called upon to contribute.
I guess my question then is that is there any negotiation to be had regarding my payments being lowered on my IVA to accounte for this. I would think that my payment would be close to £300 psm from the £620 it is now?
My worry is that our split will lead to Bankruptcy and with this come a situation where I will not have enough money to be able to see my family and see my friends and begin to build relationships with some spare money to go out etc.
I also have nothing to my name. No Bed, No bed for the kids to stay in, No TV, Sofa, Fridge, Freezer, Pots amd Pans, Knives and forks etc etc etc. All of my wordly good will have to stay in our house for kids and my family.
How will this work under bankruptcy? Will I be able to have money to buy myself these essentials? Not anything flash just things but things that I and my kids need.
Also how do I raise money for a deposit on private rental?
Will I be able to rent under private rental when bankrupt........... Should I rent prior to this happening and hope for the best?
Having written all of this down it is now all coming out.
At the heart of it all is I am so scared that on top of losing my beautiful baby girl I will be unable to offer her what she needs which is a happy dad who has enough funds to at least rebuild his life and see friends and a clean safe house and place for her to call a home with her dad. Is it too much to ask. I work hard and earn good money and all I want to do is to pay back what I owe even if that takes me 15 years at £150 a month.
Sorry for the rant. I hope there maybe someone who has gone throuh similar and lived to tell the tale.
Yours
Justwanttopaybackwhatiowe
