I am a Radiographer by profession and shamely admits that I havent been very good in keeping up with my budget for the past 5 or so years and as a result have accumulated a large debt of about 40K in total at least. And this is due more to trying consolidate debts. I am only earning about 2300 pounds a month and my husband between 600-800. All of our debts are under my name as I was the one who always gets credit approval as I earn more than him. Our expenses each month sums up to about 2448 pounds a month before payment of loans and credit cards and overdraft. But I am worried that if I go on IVA I might lose my home and I have got two kids under 10. And also because I work in the NHS this might affect my profession. But we are really struggling and I get sleepless nights and headaches every time I look at our budget. Please advice. Many thanks
Your job wont be affected by an iva. If you do have equity in your home you may have to release some of it for the benefit of your creditors. Have a look at www.iva.com where you will find a list of companies who can advise you. Talk to 2 or 3 about your options. Help is out there and there are lots of debt solutions available.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Pick up the phone and call a few Insolvency practitioners (ips). Once you start to talk to someone snd see what your options are you will get great sense of relief. Read the info on this site about the ins snd outs of an iva. Its based on your income/expenditure so before ringing get all you figures together. Go to iva.com to get reviews of IPs. Youre already a step ahead by finding forum. Read through posts, you will get sn idea of people who are recommended and some issues surrounding ivas. The best thing though is to speak to a few. It will be great weight of your shoulders! I work for nhs too and we need you fantastic radiologists to be on the ball and getting a good nights sleep!!
Hi Cassey, welcome to the forum. I kept burying my head in the sand for years, before finally admitting the sad state my finances were in. I came across this forum and the advice and IP that i found on this site have helped us get our lives back on track. The hardest part was admitting that we had a problem. Though its early days yet, there are just 2 payments a month and we are managing things far better now. The IVA is tough but at least both of us can sleep at night now and no longer have the worry of lots of credit card bills at the end of the each month.
Well done on admitting theres a problem. Thats the hardest step. I too work for the nhs as do fellow posters on here and to my knowledge it hasn't affected anyone in their profession. Good luck with your journey to becomming debt free x
Go for it you will not regret it, I work in the NHS and in January knew the time had come to do something as like you I was not sleeping and had this awful dread of what to do when I thought of our position. I feel absolutely fine now and the change is unbelievable, when I made the first call (I stuck with the fist company but agree with other posters you should try a few, but I couldn't bear the thought of putting off again) David was so helpful and non-judgemental I felt better straight away. We now havereal money in the bank every week (not overdraft) and although I was not in arrears with any debts have had very few calls since I stopped making payments and that was my biggest worry at first. I really would recommend making that call and just seeing what help is available, good luck. xx
If you look at my blog you will get an idea of my life pre IVA - Life was a misery until now.
I know I am a good person, I just need to start believing it
I'm a health professional in the NHS too and I can reassure you that going into an iva will have no bearing on your job or professional responsibilities at all
It would certainly be worth lifting the phone and getting some free advice. An IVA may be an option or it may not but an insolvency firm will discuss all the options and you can then decide on the one that is best for yourself and your family.
Hi Cassey , you have done the hardest bit now, i was in the same situation in November last year . Using credit cards to live on and pay other credit cards, i was in about £ 33000 of debt , cards / loans.
Make the phone call to an iva company and you wont belive the relief you will feel !! . My monthly payment is so much more manageable now. Thinks are tight but things are getting paid and no more credit card bills dropping thro door. I went with Freeman jones only by chance ( who have been great so far ) but if i had known i would of used Mel and her team on this site . Good luck !!!
Welcome to the forum ....there will be a solution for you ...use www.iva.com as a starting point. You are not alone ...we are all here to support you x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi don't worry too much! I am in an iva and have been for just over 3 years, I work in hour in the ,:4 and there is no issues regarding losing your job because of this or even going bankrupt. I get asked for advice quite often about this and tell employees not to woRry! Life is hard in an iva I have three teenages, bus fares etc havE increased for school and we spend every spare penny on them but they do miss out on clothes etc! Stick with it and get advice from afew companies, once you take the step things get easier! Good luck
These days, equity in property is rarely a barrier to entering into an IVA, so lomg as the equity is properly addressed - and the IVA Protocol has good provisions to deal with this, so I supect your home will not be at risk.
I am currently acting for a couple of Radiographers working in the NHS, along with umpteen other clients working for the NHS both in professional and support roles. It is very unlikely that your employment would at all be affected by the existence of an IVA, so I would get some advice from an insolvency practitioner who can help you to assess your finances and to make decisions about the right solution of choice.
Welcome to the forum. Do take everyone's advice and pick up the phone, you will be so relieved and you will sleep again! There is a solution out there, and we are all here to help and support you in your journey.
Just come across your post, and know exactly how you are feeling right now, like everyone else on this forum, sleepless nights, constantly worrying during the day, anxiety etc. I have gone with Mel's team and they have been so brilliant so far, having to field my constant questions and worries. I am glad I have taken this step forward but it is still really scary. I potentially have quite a bit of equity in my house, but Mel is aware of this and is helping me get through this. You are exactly at the stage I am so please don't hesitate to contact me if you need a chat, I may be slightly deranged at present, but I do want to help anyone else too. Please take care of yourself xx
