First post so please be gentle. Have finally realised that enoughs enough today and that IVA is the way I need to go. My partner and I have unsecured debts of about £90K. We're able to meet most of them but the last couple of months have been robbing Peter to pay Paul - which is just building the problem. We are going to sit down tonight and do income and expenditure but just have a few questions. I've got a couple of direct debits due for credit cards - was going to draw money off another card to pay into the bank - do i keep trying to pay everything in that way??? Whta do I do about next months payments? Also if this is the route I'm going to take I'm worried as my daughter is in private education - I don't want her to have to move to state school cos of my stupidity!!! Will the lenders insist on this?
First of all, a big plus is the fact that you have realised that something has to be done, which is always a huge step in the right direction. Whatever the solution turns out to be, the days of robbing off one to pay another have to stop so you should not use the cards again. If that means that you cannot pay a card bill as it falls due then so be it.
The school fees issue is a little more tricky and has been covered recently in the following thread http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=15622 but first things first, it is now time to speak to an expert. A good place to start is www.iva.com have a look round there and take time to speak to 2 or 3 different providers before you take your next step. Make sure that ALL the options and the pros and cons of each are fully explained to you so that you can make your own mind up which route to take. It is a rare case indeed where there isn't more than one option so it undoubtedly will be a big decision for you.
Good luck and regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Hi
First of all well done for making the first steps
Do you or your partner earn regular overtime ? If so you could use your share of this to keep your daughter in private education.
How much does it cost you ?
Regards
Hi there! I'm a newbie to all of this too and am just taking the first steps to getting the right kind of professional advice to resolve our horrendous debt problem. I have been in touch with Melanie Giles and her team and whilst we have yet to put anything in motion yet and have any formal telephone conversations, they seem to come highly recommended and just give me a nice warm reassuring feeling. Good luck hon and isn't it so great to know that we are not facing this depressing problem alone! Look forward to hearing how you get on! Fingers crossed by Christmas we could be feeling a lot happier!
Regards, Fi
Still gathering info....but hope to be on the right path pronto!!
I do actually have some clients who have children in private school which has been allowed by some creditors - but this is only likely if your daughter is at a critical stage of her education. Anything is possible with the right justification, and if you seek advice from an insolvency practitioner you are sure to soon be on the road to knowing what your options actually are.
MelanieGiles wrote:
I do actually have some clients who have children in private school which has been allowed by some creditors - but this is only likely if your daughter is at a critical stage of her education. Anything is possible with the right justification, and if you seek advice from an insolvency practitioner you are sure to soon be on the road to knowing what your options actually are.
Hi - hopefully things will be sorted out. It's reassuring to know that I'm not alone in all this. My daughter has just started in senior school so is year 7 - will it make a difference that I only pay half the fees?
If you are looking at proposing an IVA or declaring yourself bankrupt, I think that you have to prepare yourself for the fact that creditors will probably not support you funding private education effectively at their expense.
Hi to both head out of the sand and also to fifile i hope that both of you find this site supportive and as informative as i have since i stumbled across it some months back, how i wish i had found it when i was debating how to sort my debt problems out, hey ho never mind i'm here now lol. Sand you have taken a very major step on your life and that is one of dealing with your debts and i am sure that once you have decided which avenue to go down you will find peace of mind and able to sleep at night. Fifile good luck to you too, keep posting both of you and i'm sure you will all get ample support from the excellent experts on here as well as the novices such as i, remember you aren't alone and a trouble shared is one that is halved and hopefully can be sorted.
15 down, 45 to go
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi Melanie. My partner has a call booked with Tina for Monday so hopefully we can work something out then. After taking out all essential bills, mortgage, fees etc we are left with £2.5k - our unsecured is around that figure but leaves us no money for food, fuel - general living so I'm hoping that we should be able to offer a decent proposal to them?
