www.iva.co.uk

Myself and my partner are in a pretty awful financial situation, mostly thanks to me doing a degree and teacher training over the last five years and things having to go on credit cards and then be consolidated, the whole vicious cycle. I wish we had a fancy plasma or new car to show for our debts but it is all day to day necessities. I approached my bank (Barclays) to consolidate my debts which would have given me one much more affordable monthly amount but they wouldn't do it, even though the personal banker told them they run the risk of losing it all!

We bought a shared ownership property in April this year and are concerned that by entering an IVA this may be affected, does anyone know about this?

We don't want to have to go bankrupt as we are both on reasonable salaries, it is just the repayments on our debts are now meaning that actually putting fuel in the car to get to work is becoming a struggle.

Can anyone give me any advice as to their experiences with IVAs and who may be good to get advice/help from please, it would be much appreciated.

Thank you

Hey Curly, welcome to the forum. You're definitely in the right place here for support and advice. I'm with Melanie Giles who posts on here and can highly recommend her, she will go over all of your options. Hang in there and I'm sure Melanie will advise you on the shared owenership. X

Thank you, that is good to hear. Thanks for your prompt post too!

Hi Curly and welcome to the forum

Shared ownership property is not usually a problem in an IVA, as creditors do understand how difficult it can be to raise equity. You may have to be prepared to pay a few more payments in lieu of any equity you may have, but the advantages brought by an IVA may well be worth having to consider this.

If you have decided that you cannot go on managing your debts properly, it would be well worth you having a chat with an Insolvency Practitioner who would be able to advise you on all options.

Hi Curly ... like Vicki, I just wanted to welcome you to the Forum.

It might just turn out to be that Barclays have done you a favour in refusing you the loan ... sometimes we need something like this to happen to be the straw that breaks the camel's back so to speak!

I am sure that an IVA would be a solution for you ... it might help if you could post a few more details of your income, creditors and amounts owing and then one of the experts could cast a rough eye over the figures for you.

I am not sure about the shared ownership situation but I am sure someone will be along soon to give some advice on that.

Now you have found the Forum, do stay in touch as you are amongst friends here who will help you along your path.

With best wishes

Debbie

Thank you Melanie

Our mortgage is for £52800, which is a 40% share in the property. I have a student loan but am not worried about including that in an IVA as only about £30 a month comes out in my wages for repayment. My main concern is my bank loan, overdrafts and credit cards. My partner is bank loan, credit cards and overdraft.

I can't beleive it has come to this, we feel really awful and pretty useless really, but something is going to have to be done asap.

Is it best to contact you via the link in your post for possible arrangement?

Thank you

Curly ... you are taking positive steps to address your debt situation and therefore securing a better future for yourself and your partner ... so you are by no means useless and should feel proud of yourself rather than awful [:)]

Debbie

You can get hold of me via my weblink if you would like some help with finding out what options are available to you - and do try not to worry in the meantime, there are bound to be a couple of solutions which will suit your current circumstances.