www.iva.co.uk

I have debts totalling 17k, made up of two loans with the Halifax, an overdraft with them too and a small number of silly debts I have let spiral out of control. Having switched jobs recently had had our 2nd daughter I've let things slip and am on the downward slope. I'm struggling to meet all the repayments and clear all my debts and wanted to know if an IVA was the best option for me? any help you can give me would be greatly appreciated during this difficult time, I just don't know where to start....

Hiya jamie and welcome to the forum,
Can I ask if you have any disposable income and/or assets? This will helps our experts to advise you better.
Try not to worry, there is a solution for you out there,
xx

Hi Jamie first of all dont panic cuz there is always a solution.
As far as i am aware with an IVA you have to have 3 or more creditors & above £15k of debt.
You are probably better off talking to an IP like Melanie Giles on this forum, she seems to be pretty good.
Good Luck anyway.

The Halifax are generally supportive of IVAs, but with relatively low debts you need to explore all options available to you - and should therefore contact an insolvency practitioner for detailed and impartial options.

Hi, if I detail it a little better it should be easier to understand. I have an unsecured loan of 10k, a secured loan (albeit on a property I sold nearly 7 years ago) of £2.5k, 3k overdraft all with the Halifax, council tax arrears of £400, Audi/vw finance arrears with the actual amount owing on the agreement being nearly 13k, and some utility arrears of £500. My disposable income at the end of each month is virtually zilch, as I have a mortgage and usual household bills, and 2 daughters. I recently switched bank accounts to the HSBC and have transferred all my bills across there too, this resulted in the Halifax chasing me for the overdraft, understandably, and then writing to tell me they want all the 2.5k for the secured loan, and wanted to know why I had sold the house it was secured against, even though I told them when I sold it and nothing was done. I want to pay back what I owe but also know that, to do just that at the current rate would cripple me financially, I'm 31 and can't have this over my head for the next decade for the sake of my family.

Hi Jamie, I would suggest that you contact Melanie Giles, who's one of the forum experts. You will find her details under the experts ! She will be able to help, as she is highly recommended on here. Good luck, and try not to worry, theres always a solution

Are you saying that you have no disposable income before or after taking account of creditor repayments?

Hi Melanie,

Thanks for your message, I currently have about £350 left at the end of each month, out of that then comes petrol, clothing for my daughters, food and all the other everyday itmes.

Hope this helps, and sorry for not being very clear.