www.iva.co.uk

Im a 35 year old with a wife and 4 children, i have a £275,000 House with little to no equity , as i have a mortgage and a secured loan on the property.

Recently Our income per month has gone down to around £3000 per month and our outgoings are around £3900 per month. I have credits cards totaling around £30,000 plus a loan and a few store cards. Total debt is around £330,000 including our mortgage.

We are now paying everything with credits cards from food shopping to telephone bills, and each month we are getting further in debt, bascially with just the cost of living. I have taken the quick route of borrowing more money to pay off debts before, which in the short term is great but has made the problem worse a few years down the line, i have looked at ways out of it, like an IVA or Bankruptcy and as far as i understand Bankruptcy is my only option? I have not talked to any profesional about this as yet as i dont know what is the best route to take. Who should i talk to and what should i do?

Hey Blade, welcome to the forum. You are in a great place for good advice and support. Personally, I would contact Melanie Giles who posts on here. Her team will go through all your options. Good luck and please wait for the experts to help. X

I agree with Viki,contact Mel and see what she has to say advice wise,if you dont like it you can try someone else,but Mel's advice is second to none.

I was exactly the same,using cards for food,gas bills etc etc and it just gets worse and worse. Get a grip of it now,today and you WILL fell a whole lot better.

Paul.

Welcome...I would 3rd that advice.I'm not with Melanie but I would have been if I'd found this forum first.Good luck.Cat

Hi Blade

The first thing to do is to reassess your finances - work out a monthly budget and see if there any arears you can cut to improve your cashflow. If what is left leaves you with insufficient disposable income to maintain your contractual repayments to creditors, then you are probably insolvent and ought to take professional advice as to the options available to you from an insolvency practitioner.

Thanks for everyones nice quick responses. I have looked into saving money, cancel Sky TV, we now only have 1 car, cut the shopping bill down etc, but its not really made any difference, there isnt anything else i can cut down on:-(, so you could say im insolvent, life is just to hard with the stress at the moment i just want to get rid of all the baggage so we as a family can breath again, im not to fussed if i loose the house etc, i just want out!!! who is the best person to talk too about bankruptcy? Melanie i have been on your website, and i know you deal with IVA's do you deal with Bankruptcy? or can you or anyone else recommended anyone? cheers.

Yes - we give advice on all types of debt solution.