www.iva.co.uk

im in 15000 pounds worth a debt.I dont own a house as i mrenting a place..ive lost my job so iam not making ends meet and im getting letters saying that i will be taken to court?im getting so depressed and worried i dont know how or where to turn?can you help me or do you know someone who can?

Hello Sha and welcome to the forum

First of all relax, we have been where you are, afraid and feeling alone in this. You really only have one option here and that is bankruptcy. It sounds well scary I know. However, you are renting so have no real assets to save. Your debt level is low for an IVA and have little if any disposable income for a DMP. You have already taken a huge step by posting and wanting to sort it all out. Could you post a little more info about the type of work you do your car, if any? I am sure that there is a way forward for you. I am not an expert just another person in debt.

One more thing, you are not alone and we are all willing to give you advice, support a shoulder and an ear.

LILY

I asked God for a solution and have to live with his reply.

Hi Sha

Sorry to hear about your predicament.

The main thing is to concentrate on keeping up with your priority payments, eg rent, council tax etc and the things you need to live on.

Don't worry too much about your creditors, they will hassle and threaten but it's very unlikely to amount to any more than that at this stage.

Keep them at bay by explaining your situation and offering small token payments, probably £1 a month if you can stretch to it, as you don't need them in your hair whilst you get yourself sorted out.

Do it by letter if possible as you don't want to get into long-winded discussions with them - they will just try and wheedle more money out of you. If you do have to phone them keep it brief.

There are many free charitable organizations who can give you more help and information such as CAB or National Debtline.

-Best

'5 years sticking my head into the Lion's mouth of debt !'

Hi sha

If the debt pressure is really getting to you, then bankruptcy may well be the best option for you.

If you feel that you will return to work shortly, then it is also possible to ask your creditors for a short payment holiday until you get back on your feet. Your debts are not that large, and this may just be a temporary problem.

Hope things get better for you soon.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I do understand how you feel sha - it's easy to think that there is no light at the end of the tunnel, but believe me there is. If you have no assets and want to sort this out once and for all, then bankruptcy is your best bet. I started an IVA in October 2006 which has now failed and I will be petitioning for BR next month - I wish I had done it at the beginning as I would be well on my way to being discharged.

If you have any questions please post them here (or on the sister site www.bankruptcyhelp.org.uk) and someone will be able to advise you.

Good luck, and stay positive

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/