I fear our children will be taken from us. Life does not seem worth it anymore.

[Ox1987]

No equity 90% mortgage and now prices have dropped was 230k now 175k,, now see why I am stressed. Value not sure what you mean....basic allocations for food etc

[cunningstunt]

yeah thats what I mean what is your current budget and how much funds have you allocated for food etc.

If the 10k which could be higher is a gift then your debt is 25k, I'm absolutely positive someone can help you.

[Foggy]

As has been said above, you really need to chat with an IP, or two, to, first of all establish your SOA, then see what the options are from there.

Might I be so bold as to suggest you contact Melanie Giles as well as MCCambridge Duffy. Both are well versed in the vagaries of self ( and unstable) employment

29p in the pound is a good return, so a F&F IVA may well be the way forward, but, until you have those chats, you will never know.

[Ox1987]

I also need to understand the impact of the IVA on my career, house(when fixed rate expires) car lease etc etc but if it could be a way through I would consider it.

I could just get the othe rmoney then it could be better and maybe even a non IVA F&F i am told

[pavel33]

I still don't see why, after paying £500 - £600 a month towards an IVA, the remaining amount (in excess of £3k) wouldn't be enough to get by. What are your monthly mortgage payments ?.

As for stable income, when I entered my IVA everyone in my firm had gone from a 5 day week to 4 and was threatened with redundancy - ended up being on 4 day week for 2 years but then resumed 5 day week.

[Foggy]

This is why you need to discuss your specific circumstances with an IP. With due respect, until you do this you are running around in circles.

[cunningstunt]

On a 25k debt, I think it would be more like £150 to £200 on the IVA....mine started at £283 and was over twice the debt.

[Foggy]

....
payments bear no relation to amount of debt, but re purely calculated on affordability -- higher DI = higher payment.

[cunningstunt]

I had two kids, slightly less wage and similar valuation of mortgage so I'm guessing that both our affordability wouldnt be too far apart either.

Overall my point is this is not the end of the world. he can get out of it succesfully and shouldnt be a massive knock on his family.

[Foggy]

I understand CS ... just clarifying for Ox, who seems to be in a bit of a tizz at the mo.

[Ox1987]

I am and have been for a while worried about impact on my family of a bankruptcy especially if I can't work can't get it out my head
My mortgage payment is 1200 council tax 187 gas etc 150 food in at 450

[Kelly O]

Hello Ox and welcome to the forum

I understand your concerns about your children, there is no reason why you would lose your children.I have 4 myself and we all want to do our best by them.

I have recently contacted CIMA regarding another client entering an IVA and the response i had via email: (see below)
an IVA does not usually impact CIMA membership however a CIMA member must inform the Institute within 30 days. Please see the following link:
http://www.cimaglobal.com/Members/Membe ... MA-status/

A full and final IVA may be a good option for you and would give a good return to your creditors, but seek some professional advice and things should become clearer for you.

All the best

[pavel33]

All the outgoings you've mentioned come to about 2k. Even with a 100% IVA return you wouldn't be paying more than £600 a month towards an IVA. That leaves you and your family with over £1000 a month, even after paying for food.

I'm sorry, but based on your posts, apart from the possibility of the job only lasting a year, which is only a possibility and lots that happen in a year, you really aren't in a bad position.

Edited by admin.
Your last comment was deemed to be rather too judgemental, and has been deleted. Please always remember that the ethos of this forum is
RESPECT FOR ALL AT ALL TIMES

[Ox1987]

Sorry did not mean it to sound too drastic I apologise I just stress too much

I had not put all numbers down as I said I just fear being homeless with my 3 kids if i go bankrupt

[Kelly O]

You do have other options besides bankruptcy but you should seek some advice to explore them.

When you decide to seek advice all the options will be explained to you in detail so that you can make an informed decision and the one that is right for you and your family