www.iva.co.uk

Hi all, not sure where to put this post, or even where to start but here goes. I am 29, wife is 33, we have one 3yr old and another baby due any week now. We have ended up in quite a situation and are unsure as where to go, what to do. I earn £27500 ish and she £25500 ish. 5 years ago we bought our first house together, had to get a subprime mortgage due to her previous relationship. A year later bought ourselves out of it, remortgaged etc etc had baby and then moved house. We have done some debt consolidation (which I regret I think) and now are in this situation:

Mortgage - £160000 both names 24 yrs remaining
Unsecured loan with mortgage £29000 (Northern Rock together mortgage) both names
First Plus secured £50000 (consolidated from previous unsecureds) both names 20 yrs remaining I think
Cahoot unsecured flexible loan £10000 my name
Credit card £5500 (limit £7k) my name
Credit card 2300 (limit £6k) wifes name
Bank overdraft £400 both names

We both have cars one worth £6.5k one worth £4k and we both drive to work (wife 24 miles round trip, me 26 miles round trip, every day)

As regards to payments we have never missed any payments, but each month we go over our overdraft limit by about £150, plus the Credit cards get used to bridge the gap, so they are creeping up. We fear that soon this will come to an end, and so are trying to look into possible solutions before that stage happens.

I dont want to just ring up a company from a google search result and go from there because we dont know who to try, or if advice given is the best etc

Can anyone offer any help, guidance. Right now we feel like failures, are embarrassed about whats happening and can see no way out of the situation. We have worked hard for our home and would/have never miss a payment to any creditors but the net is drawing in fast

Kind regards
JG

Hi there and welcome to the forum I am not a technical expert so will not try any answers. I can only say If I were you I would contact Melanie or Ian who post on this site. You will get good honest advice on the best way forward to deal with things. You can get reviews on Ips and thier companies on iva.com.Melanie and Ian are on the experts page. Initial advice costs nothing to get a couple of opinions is a good start.

All the best Ang

Echo ange's post Melanine is a good first port of call.

NME.

Hi and a big welcome to the forum

It can be a very frightening time admitting that your debts are out of control, so well done for posting for advice.

I would urge you t take advice asap as you have admitted to using credit to survive after all your re payments are met, this can only carry on for so long and then you will exhaust all your credit options and be in a bigger mess.

I can't answer questions on our situation as I am just a fellow person in debt, but an expert will be along to answer that part.

If you are thinking of an iva reviews can be found on www.iva.com of insolvency practitioners.

I took advice from Melanie Giles who posts on the forum and recieved a faultless service and am really happy with her company.

Best wishes and congrats on the baby due[:)]
Some things are far more important in life than money
Emma xx

I would recommend talking to Melanie Giles... She would be your best bet.. Well Done for speaking out about your debt also.. You have come to the best place for information and help..

I was in the same situation as you just getting paid and all money was going to loans, Credit cards etc and leaving me nothing for myself each month.. It was all for bills etc.. and it just gets on top of you..

So I went into a debt management program.. But with my Ip's Advice they referred me to going onto an iva. Which was best for me..

My meeting is on the 29th this month and fingers crossed it will be accepted & help me out..

But thats me.. All Sitautions are differnt..

All the best and someone with more knowlege will get back to you later..

Clive

I won't ask you to post any further details as it's clear that your finances are not straightforward. You won't get a reliable answer without providing a considerable amount of personal details.

Whoever you speak to, expect a long phone call!

Ian

Good Luck with who you choose JG.I would echo what others have said already.Ian and Melanie are very knowledagble and the advise they give feels very safe and considered.I'm with CS but would have approached either if only I'd found this site first.Cat

good luck - i no how worrying all this is for you but like others have said speak to a professional and you will feel like a weight has been lifted, remember there is always this site where you can get support and advice

i wish you all the luck in the world

barb

Hi there

The first stage of dealing with this issue is to take advice as to all of the options that are available to you, and understand the advantages, disadvantages and implications of each one.

This may take some time, but it is time well spent as you will feel that the problem is being addressed and that you have assistance at hand to deal with the nasty phone calls and letters.

Good luch on your journey to debt freedom!

Hi JG

I just wanted to reiterate all the advice given by the other posters. With a young family and a new baby on the way you will feel so relieved if you can find a solution to your situation.

Do give one of the professionals here a call and talk this through ... and please do not feel bad about yourself ... and don't forget to let us know how you get on.

All the best

Debbie

Hi all, thanks for the replies, in a strange way it is nice to know that I we are not in this alone. I guess the sooner I make some calls the better eh? Would I be able to give you (Ian or Melanie) a call and chat things over?

Kind regards
Jonathan

I won't have a problem with it, nor for that matter neither would Melanie I imagine although you'll appreciate that she and I can't specifically invite you to contact us as that would be a breach of the protocol of this site.

For my part, tomorrow I'm in a creditors meeting at 10.30 which I expect will take an hour, but otherwise free, should you wish to speak to me.

ian

I would have to agree with other posters and urge you to either speak with Melanie or Ian. I dont think you would get better advice or service anywhere else.

I think thats a perfect place to start Johnathon

You will feel better when you have had a discusion with a professional and know what your options are

Emma x