Story so far..

[kellym]

Hi all I have not posted for a while but I have been reading posts and just thought I would let you all know whats been going on. Me and my hubby have now closed the shop as it was creating debt of about £1000 A MONTH! I have got a perm job to start in July and hubby got a few options but nothing set in stone. We have contacted "Welshboy" today and explained our situation for a remortgage just want some info now untill hubby gets a job then off we go hope we can do a final IVA as mentioned in previous posts. I know nothing has happened yet but I feel a sense of relief just stopping our debt getting worse. We have contacted most creditors who have been quite good with our situation and given us 3 months at token payments till we get work. Hope we can get moving with it soon. Anyone any dealings with equity release in this situation?

Thanks
Kelly

Smile it makes people wonder what you have been up to!

[kellym]

Hi just to add are IVA's only single so me and hubby would do one each or a joint our debts are mainly individual but equity joint.

Thanks

Smile it makes people wonder what you have been up to!

[aguise]

Hi Kelly no good with the equity question but glad to hear you are feeling a little better and heading towards a solution.

Ang

[Adrian Ratcliffe]

Hi Kelly,
When you say equity release are you already in an IVA ?
Good move closing the shop I had the same scenario.
IVA = Individual Voluntary Arrangement.
MelanieGiles will explain the various combinations of IVA's
I have a background in mortgages.

Regards
Adrian

[MelanieGiles]

Hi Kelly

If you are considering entering into an IVA, then there is nothing to stop you seeking professional advice now with regard to your options whilst the remortgage procedure is progressing. In this timescale, your IP can deal with the ongoing pressure from creditors on your behalf, whilst getting themselves into a position to present proposals as soon as your mortgage offer is confirmed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kellym]

Hi everyone thanks for replying. Adrian at first closing the shop was the most difficult thing ever but over time it became the obvious choice and the right one. I am going to speak to Welshboy first about our mortgage options he rang me yesterday but I was out so will call him later today. Then I will be contacting you Melanie to help with the IVA so I can have all paperwork ready I am requesting balances from creditors. Just a bit unsettled as hubby not got a job yet all seem to be temp jobs and I dont start for another 5 weeks but it will soon pass. Thanks everyone for your help you all do an amazing job I feel we are finally on the right track.


Smile it makes people wonder what you have been up to!

[MelanieGiles]

You sound much happier than when you originally started posting - and that is probably because you feel more in control now of your destiny. A job will soon be along for your husband, and he will enjoy working regular hours and getting a regular pay-check again, rather than the worry of running a small business.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kellym]

Yes Melanie you are so right as usual. When we colsed ther door to that shop we felt nothing no upset just relief and back in control. Its easy when you want a business to work not to admit its not working so I urge anyone in this situation to take a few days off and look at it from a distance. No business is worth your health, family and friends or 130+ hour weeks with no pay cheque at the end!



Smile it makes people wonder what you have been up to!