So Confused IVA or BR

[pleasehelpme22]

At the moment we are in the hands of Melanies Team (who have been great) we are waiting for the proposal to come through but have been given a rough figure for our IVA of £610 a month if accepted by the creditors.. Now the problem is as the weeks have gone by we just havent seen a real difference it our finances even though we are not paying our creditors..

I mean my DP works mon-fri 7am-4:30pm and 2 full weekends a month and have just started an evening job (3 weeks ago) working mon-fri 5pm - 9pm.. this in itself has caused our relationship to feel strained already as we hate to be apart, i know its our own fault and we got ourselves in this mess , but the only way we could make our IVA work is if i maintain this job for the next 5 years.. I just dont know if we could? Im so scared as i wouldnt want my Creditors to agree with an IVA and then we let them down. My wage for the evening work is £500 so a large chunk of what we would be paying out each month. As well as all over other commitments (rent, child maintenance etc) we are really struggling to see how it will work

Last night we were both in tears and discussed BR , but to be honest we really dont know much about it.. how does it work? will they take our car (worth about 1500 or our sofas/tele etc? ) Were just so scared.

We feel bad that Melanie and her team have taken the time and effort in taking on our case but we really dont know if we can make this payment, yes the figures work on paper but in reality can we live that tightly etc? I do hope this post doesnt come across as ungrateful / selfish its not but we just wish we could start afresh.

Im in tears as i write this message , we just dont know what to do for the best, we just want a stable life for us and our baby boy.

[kallis3]

I am sorry to hear of all your problems, but I think you need to speak to Melanie's teams and tell them of your fears. They should be able to advise you.

Do you own your own house? If so, BR would probably mean that you would have to sell it.

Also, if you went BR you would probably have to make contributions towards your creditors as well, though I don't know how much.

Best speak to your IP's.

[pleasehelpme22]

Hi Kallis
We sold our home in March as our mortgage was with NR we know live in a rented property . Wepaid off our secured borrowing to NR but kept on an unsecured

I think i will give hywel a call now

Thank you

[sillymoo]

have you watched the latest debate on the tv part of the site? it's all about bankruptcy compared with ivas mifght be worth a look

also i would definately say dont suffer in silence call melanie! she will be more than happy to help i am sure

x

[Viki.W]

Hey pleasehelpme22, I'm so sorry you are upset. I don't blame you, it is a lot to take in and if you think you are going to struggle too much financially and your relationship will suffer then maybe banktuptcy would be best for you. Your car will be ok as it is only worth £1500 and your stuff will be safe so don't worry about that.

I hope that you have called Melanies's office, please let us know how you are and how you got on.

Thinking of you, Viki X

[pleasehelpme22]

Just tp keep you all in the picture, following a conversation with Melanies office today we have decided the best option for us is to go Brankrupt, meaning a end to the horrible mess we are in! We are going up to the court tomorrow to collect the forms etc

I wish all of you much luck with your finacial journeys

[Skippy]

You can complete the forms online at www.insolvency.gov.uk

I did them this way and it made life easier as you can save them as you go along, and amend them as much as you want before you submit them.

Good luck with your BR, and if you have any questions please post them x

[chardonnay]

Hi pleasehelpme22,
I'm sorry to hear how upset you are and hope you feel better now a decision has been made. You're amongst friends here and the site gives superb support, help and advice.
Good luck for the future,
Hugs,
Chardonnay