would an iva be our best option? PLEASE HELP ME!

[cathy6]

I and my husband have about 100k debt in loans and credit cards. My husband has been made redundant and although he is working for agency we are sinking fast. I work full time and any extra if possible. We don't want to lose our house we only moved here just over 18 months ago. can you offer any help. would an iva be our best option? PLEASE HELP ME!!

[MelanieGiles]

Hi cathy and welcome to the forum

If your husband's income is presently unstable, an IVA is probably not the most appropriate way forward for you at present. It might be better to come to some informal repayment arrangement with your creditors until he can find full-time employment.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[pbeck]

We'd need to know how much you could afford to pay to your creditors in your current situation.

How much do both of you take home each month, and how much are your living costs, when you take these away from your income, this will leave a figure which you are able to put towards debt repayments each month ?

Also, how much equity is there in the house, i.e. how much is the house worth and how muh is owing on mortgage(s) and other loans secured against ?

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[cathy6]

no equity in house. have now started contacting creditors and speaking to them direct. takes a long time as i keep bursting into tears!!!!
seems hopful so far. wish me luck

[MelanieGiles]

If there is no equity in your property Cathy, or any other assets which would be at risk under bankruptcy proceedings, do you not feel that this might be a better option for you in the long run? £100k debt, with an uncertain income, is a very high level to try and continue to service, and you would need to be making monthly payments of around £580 to make an IVA viable.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[cathy6]

what do you propose we do? we need help as soon as possible. the loans are insured so we can claim on those. any other ideas would be welcome.
thanks Cathy

[Beechy]

Hi Cathy6
Another option is Debt management, but with this level of debt it might take a while to clear.

What is your disposable income?

Melanie has offered a couple of reasonable options which don’t seem to satisfy you, any reason why not


Dave Beech

[cathy6]

hi, sorry i read Melanies last posting wrong and i am already contacting my creditors. i thought Melanie wanted to propose something different but now as i read it again i realise she is supporting what i am already doing. i appologise again i didn't want to cause any upset. will hopefully be able to sort things out within the next week or so.
thanks Cathy