Please excuse any naivety in the following post as this is my first time.
Myself and my wife currently owe approx 40k through cards and loans (all unsecured) and although we've slowed the spiral we havent really reduced this fee in two years of very careful spending. Our income per month is approx £2500 with loans and cards then taking £950, mortgage(interest only on £155k for last 18 months!) approx £460, insurances approx £300, utilities and council tax approx £450 let alone fuel, food etc let alone the usual suprises that always seem to surface...
We have 3 young kids and if it wasn't for ebay we'd be stuffed. This is the first time i've posted on any forum as I am finally absolutely exhausted with it all!!!
Please, any advice would be most welcome. Many thanks,
You have taken the hardest step - accepted there is an issue. Main think is you talk to 3-4 companies to find out your options and what suits your needs. Most of us on here have either been there /or going through it now.
Either way, whatever option you choose it is a big commitiment -so has to be right for you both
I was the same as you three years ago - never posted on any forum and now look at me!
I think an IVA could be the right solution for you. I sugges tthat you speak to a professional though.
Visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Al, this is the only forum I've ever posted on too.
www.iva.com is a great site to visit for a list of recommended firms and customer reviews - speak to a couple before committing to anything. All the advice will be free and impartial.
Thanks a lot for the positive replys folks. I'm sure ive been blinded by optimism of the last few years all to no avail as i've now finally realised!!
We love our home and would love to be able to stay here so anything is an improvement at the moment.
So basically my next step is to speak to 3 or 4 different companies (IVA? any suggestions/recommendations?) for advice. Typically what could I reduce my curent £950 per month on £40k down to as my other outgoings are pretty rigid.. I know it's a "How long's a piece of string?" kind of question but I am currently looking for any glimmer of positivity for us.
Just speak to one or two of the companies on www.iva.com - they come highly recommended.
You will be pointed in the right direction as regards a solution for your problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, IVAs are based on affordability and how much you can repay rather than what you can write off. With this in mind, your payments will be specific to you. To get an indication write down your income and deduct all expenditure excluding your unsecured loan repayments. The balance of income minus expenditure will give you the monthly repayment. When working out your expenditure, don't forget to pro rata annual/ quarterly costs.
Hi and welcome to the forum, please keep posting and there is always someone available for advice and support, it's a great forum, one of many I'm involved with (others non-debt related) but this one is the friendliest most non-judgemental I'm a member of. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
This forum will never judge you - we've all been there, done it and got the T shirt!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks ever so much folks....... The kids are all sleeping and myself and my wife are currently doing a full breakdown of all our incomings and outgoings (including loans, cards and totals). Very sobering and haven't even bickered.....haha!
Your encouragement has been a great reassurance...Thanks!
It can be a stressful time the initial first weeks but stick together and you'll be fine, I agree it can be sobering to write it all down. Remember we're here if you need us. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It is a sobering time especially when you actually see it written down in black and white.
You will have all the support and advice you need on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
