www.iva.co.uk

Hi I'm new to all this and have been on the Internet for days trying to find a solution to my dept problems. Reading a lot on this forum I am hoping you with more experience may be able to point me in the right direction.

Both myself and my husband are self employed, we have personal debts of about £30K each, plus a joint overdraft of £1800.
I also have about 26K of business dept and 20K to the inland revenue for personal tax liabilities.

This is so scary when you see it all put together [V]
But we have been paying everything for years without a problem, until November last year.

My business is subcontract work mainly to one company who I have worked for for over 10 years and have a really good relationship with.
In November their order to me dramatically reduced to the extend it only covered my rent & business loan. This has continued this year. I went to my bank LLoyds TSB and they increased my overdraft to 14K in Jan 09 I used this to pay my staff and then to make them redundant. So now I am even more in dept.

I do think my orders will pick up my problem is my income is nearly zero most months through paying business debts, so now have no income to pay personal dept.

I just don't no what way to turn, I don't really want to go bankrupt but I have read you need some income to set up an IVA.

Any help greatly appreciated

Given that your debt is a mix of personal and business,it would be a good idea to contact an insolvency practitioner ASAP to discuss your problem. Have a look on IVA.com for a list of IP firms and conatct a few to see what they come up with. You wont have to pay anything for this initial chat.

Melanie Giles comes highly recommended on these forums but contact as many IP's as you like and see what they say.

Can't help you on the technical aspects of your debt Buddy65, but I can tell you that you have come to the right place. An expert will be on hand shortly.
It was only about 3 weeks that I came to this site in utter dispair, with no where to turn and thinking there was nothing that can be done. The people on here are really great who will provide practical options (and beleive me are are options for all circumstances) and also comfort and emotional support.
It may look bleak, but facing up the problem is the right first step.
I'm sure something can be worked out.
Philx

Thank you both for your replies I am just getting all my income and expenditure listed so I can contact some IP firms. I do feel better after reading more on the forums hopefully there is a solution I don't like feeling like such a failure I would much rather still be working hard and paying it all

I would suggest that you make contact with an IP who has experience of working with the self-employed. Most of us do, but some firms prefer to concentrate on consumer debt related cases.

As Melanie says you need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars and those of your husband.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the most appropriate advice and it is free.

Thank you Melanie and David I have been reading alot on this forum and there is some very good advice. I have spoken to Melanie and am just getting all my information together.

Dear Buddy 65,

You have come to the right place to seek free advice on various topics,support when you are feeling down. There are some very good people on this forum.

Also the forum members meet once in a while at various places to have a chat and invite people to talk.

I have made a full and final payment last week and finished IVA. I had some very desperate and scary time.

I have never been to one of the meetings but may attend one some time in the future.

With best wishes.
Hara.

Hara, we have one planned for the 18th July.

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=20943

tells you all about it.