Help, so so low

petrafyde

I can't offer much in the way of advice cos I'm 'new' to this, but just wanted you to know I'm sending fortune-filled wishes your way.

1_step_closer

Well we have had the phone call.....................................pay plan want to deal with hubby seperately because of his earnings and level of debt.

However with me they have said to go down the IVA route so I am looking into it.

I have also spent several hours reading through this site and IVA's do not appear popular.

what shall I do next?

Gemmzie

IVA are only correct for a very small number of people, however, I think that if you speak to CCCS and Payplan and they both recommend an IVA that they probably know what they are talking about.

1_step_closer

Thank you gemmzie

I have had a million scenarios go round my head today, and will go back to payplan and say yes to their suggestions.

However:

If the IVA is refused (why would that be just out of interest?) would BR be the next step? If so what happens to our house? we have about £20K equity, well we did about 2 years ago this may have dropped now.

thank syou

Gemmzie

I don't really know enough about them to answer that, sorry, they should be able to tell you though. If an IVA fails, ie you can't pay, then you would be made BR but if your income is safe then an IVA can be a good way to clear things in five years.

1_step_closer

another very quick question - sorry - the part time job i do may end soon due to circumstances out of my control.

If it does.........before the IVA..........and I get another in a couple of months.........possibly cash in hand do I declare this as well? I know the answer is probably yes but I cant think straight right now!

sorry to be a nuisance,

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loopymadlover

1_step_closer wrote: »

are you actually being serious there? I cannot beleive anyone would suggest that.

my partner and i are in serious debt too he suggested getting rid of our dogs (we dont have them insured so it costs alot when they have been unwell)

my words were you can get rid of me first thankfully he choose me over the dogs ! ive been really luckly and have just been accepted for a few 0% cards !!

virgin declined me but egg sky and barclaycard approved me ! have you tried getting a card from the same provider as your bank account ?? just a thought

maybe you should keep the redundancy money in your bank account and pay your debts monthly with it until you find another job ? you wont have to miss a payment and you might just float in the meantime . what ever your career path is maybe you should think about changing it there are still jobs out there if you look hard enough

try to stay positive life in the end will get better there is light at the end of the tunnel but its so hard to see it will get brighter !

goood luck

loopymadlover

check out martins advice on an iva ! the interest is about 5 k 1k for every year you are also charged a set up fee for this ! not sure where it is maybe on the homepage i looked into it and have decided i wouldnt be any better off !!! good luck again

savingholmes

Hi -I wrote you a long reply which I lost so will just say good luck for now!

1_step_closer

Hi

Me again like a bad penny.

I will contact Payplan as I am not happy about the fees, they are huge, and there is the added thing about 75% of my equity in year 4.

So thank you for all your help and suggestions and support. I will end this thread now as things are clearer in my mind.

Take care

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