still thinking about options

[harrimav]

I came on the forum a couple of weeks ago. I am in the process of considering options for debt management progranmme or IVA .

Having read a number of posts I am concerned though that I will be paying nearly all the amount I owe back and not have enough money to live on especially as my husband is self employed and hsi work is sporadic.

I know I need to take action, been thinking too long and not doing anything. Cannot continue to live off overdraft and cope with debts and interest mounting.
HELP!![:(]

[Skippy]

It's natural to be nervous. Have you spoken to any IP's yet?

Lot's of self employed people have IVA's - make sure that the IPs you speak to are fully aware of your circumstances so they can give the best advice.

[harrimav]

Hi , yes, two which were both good. somehowm it's like I dont want to admit it ( even though I have to) and keep putting it off . I am scared to take the first step because worried we wont survive!

[Skippy]

I know it's daunting but the longer you leave it the worse it becomes, and I speak from experience there!

Did the IPs give you any clue how the IVA would deal with the changes in your husband's income?

[kazzafunk]

harrimav - I dithered for far too long! I ended up using savings to pay bills for the last few months. If I had been canny I could have squirreled them away!

We were not managing prior to the IVA. If you are struggling with debt, I doubt very much if it would be harder than now. The only down side is you don't have the credit card crutch. It really isn't for everyone, but if debt is really affecting your life, as it was me, then I would do something sooner rather than later. If not, then do a bit more research.

We couldn't have gone another month with the bills we had, so backed into the corner we jumped in and I am glad we did.

[harrimav]

thanks so much, i appreciate the honesty and support of people on the forum. my problem is that i think we can cope and maybe we can short term but worried that never pay the debts off before retiring! also some credit card companies like MBNA not helping by charging stupid interest rates esp if you go over your limit!!

[kazzafunk]

It was MBNA who was the final straw - putting up the minimum repayment.

[kallis3]

Harrimav - please speak to an IP and they will advise you of the best way to go.

You will survive - all of us on here can vouch for that!!!

The sooner you speak to someone, the sooner you can get on the road to debt freedom.

[harrimav]

thanks feeling more inspired to just get on with it. i feel like i want to be more in control of household budget and not live beyond what we have. need to persuade hubby its the right move. mbnA are alone suckers, happy to see you pay more but not help to pay off!!!

[kallis3]

Bite that bullet harrimav!!! Pick up the phone and sort this out. You will be in control of everything!

Get your hubby to have a look at the forum and see what people say - mine doesn't post on here but he knows everything that happens on here.

[harrimav]

he will be supportive but owing nearly (£70k he is worried ,after reading the stories on this that i will pay all back in 5 years and have no money if his work dries up

[kallis3]

Ours is over £70k and we just make our payments each month and I know that once we've finished we'll be debt free.

If circumstances change then you can vary your IVA if needs be.

Do speak to someone, they can help you sort this out. If you don't do this, how will you cope?

[kazzafunk]

harrimav. If it makes you feel better, our debt was more than that. Because of my health I had to reduce my hours at work. Because of this we are expecting to pay back 18p in the £. Until it's all worked out by an IP it's silly just to worry about how much you need to pay back. Even if they work it all out for you and you don't think you can do it, you haven't lost anything.

Honestly, Jan is right start now and you'll probably feel more positive and less stressed.

[Foggy]

Hi again. The thing is, if you are only just coping now, with interest rates at an all time low (even though the lenders still charge the earth), if any of the rates go up in the future you will not be able to cope any longer and you will, in all probability, be even deeper in debt.

[harrimav]

thanks, agree, it really is just about taking the first step. Don't know why I am so scared, I understand the longer term consequnces if I don't get this sorted out but 5 years just seems such a long time and commitment and I don't want my little girl to suffer andgo without.