scared :(

[chilipepper]

recently split from hubby and im now in council housing, i cannot repay the monthly repayments on my 30K+ debt
scared what do i do
I owe
10000 lloydstsb
9000 egg
9000 alliance and leicester
1000 next
2000 overdrawn
help please

[MelanieGiles]

Hi there chilipepper and welcome to the forum

So sorry to hear about your recent separation. Do you have any money spare at the end of each month, after you have paid your rent, household bills and running costs, together with personal expenditure, to be able to offer to creditors?

[Viki.W]

Hey chilipepper, welcome to the forum, you're in the right place for advice and support. I'm sorry about your split, this must be very scary for you. If you want to post a little bit more info, how much you earn a month etc then we can try and help. Don't worry there is a solution. X

[chilipepper]

hi i work full time have 2 kids i take home just over 1K a month
what expenses do the ivas take in to consideration?
thankyou im so scared and dont know what to do

[chilipepper]

Hi there chilipepper and welcome to the forum

So sorry to hear about your recent separation. Do you have any money spare at the end of each month, after you have paid your rent, household bills and running costs, together with personal expenditure, to be able to offer to creditors?

I dont know what expenses they take in to consideration, is it just household bills or are kids clothes food etc includeed?

[MelanieGiles]

Everything you spend money on should be included. An insolvency practitioner will be able to take you through this and prompt you on the usual areas of allowable expenditure.

Please don't be scared - IPs are trained to deal with this sort of situation, and your mind will be put at rest if you know you have someone on your side.

[chris.g]

Hiya and welcome chillipepper. Don't be scared, you've took the first step which is always the hardest. Write down everything you pay out, even down to dinner money and window cleaners. This will let you see where your money is going and how much, if anything, you have left. Don't be surprised if there's not a great deal spare cash.
There is a solution for you, it's just finding the right one,
xx

[chilipepper]

therefore id have around 160-200 spare a month after bills and food, travelling to work etc
i just dont know who to ring or what to say im totally embarrassed
none of the debt is in the hubbys name all in my name the house we lived in was mortgaged only in hubbys name as when webought it i wasnt working etc so was easier to have it in hubbys name only
he found out how much i owed and told me to leave

[chilipepper]

Hiya and welcome chillipepper. Don't be scared, you've took the first step which is always the hardest. Write down everything you pay out, even down to dinner money and window cleaners. This will let you see where your money is going and how much, if anything, you have left. Don't be surprised if there's not a great deal spare cash.
There is a solution for you, it's just finding the right one,
xx

but would i get a IVA from what i have told you or a big chance on getting one?

[Viki.W]

Oh my goodness chilipepper, that's awful. I recommend you give Melanie a call. You can have all your options discussed with you and you won't be scared anymore.

[MelanieGiles]

There are a number of options available to you, but the most important factor is providing for your little ones. Bankruptcy is potentially a way forward, and the quickest way to make a fresh start, but this could affect your husband's property as the Trustee may seek to claim a portion of the equity. As he has been less than helpful to you, perhaps this is something that will not ultimately concern you.

[chris.g]

That would depend on your disposable income and the IVA proposal being accepted by the majority of your creditors. It will help the experts to advise you if you post a list of creditors with the amounts owed and any disposable income you have,
xx

[chilipepper]

I really cannot expect much else i accrued the debt etc hes angry with me for not telling him the truth
I suppose i dont blame him for that

[chilipepper]

That would depend on your disposable income and the IVA proposal being accepted by the majority of your creditors. It will help the experts to advise you if you post a list of creditors with the amounts owed and any disposable income you have,
xx

I listed the amounts i owed at the top of the thread and i have around 200 spare income a month at the most
how do ivas work how much do you pay back etc?

[chilipepper]

There are a number of options available to you, but the most important factor is providing for your little ones. Bankruptcy is potentially a way forward, and the quickest way to make a fresh start, but this could affect your husband's property as the Trustee may seek to claim a portion of the equity. As he has been less than helpful to you, perhaps this is something that will not ultimately concern you.

i dont want to go bankrupt work will know etc and my family
hubby needs home for kids to stay he cant afford to remortgage etc either
what a right mess i got myself into huh