Help - IVA re-payments too high

MoneyOwingMc

Hi Everyone,

Im hoping someone can help - please?

After a long long battle over the last couple of years, the final outcome is as follows:

Repossed property with negative equity of £28,000
Eversheds/GE Money secured loan £8,000
HSBC unsecured loans of £26,000

Ive battled long and hard as all debts are joint between me and my ex. i recently hired a solicitor to help me sue my ex for half the payments towards the debts but unfortunately, as i am currently only paying towards the HSBC debt, i cant sue him until i have agreed repayments against the other debts.
I dont wana be paying for the rest of my life so decided to go for an IVA, unfortunately the recommended figure that came back was £520 per month, due to the dividend request from HSBC (apparently they request that you pay back atleast 40p in every pound). The figure will completely wipe out my disposable income and so the IP recommended a debt management scheme (basically repay all the debt back at a reduced monthly amount but could last forever) My current boyfriend understands the situation and wants to help financially as he knows that once the IVA is over, we will be OK financially but £520 a month for 5 years could literally bankrupt me.

Has anyone got any ideas of how i can get around the HSBC dividend?

It seems as though every avenue ends in Bankruptcy and i really really dont wana have to go there.

Can someone please help?

Thanks for listening (reading)

MoneyOwingMc

PS - New to this!!!xx

thecableguy12

there is no way to get around the hsbc min div, with this in mind I would consider bankruptcy, its not as bad as it seems, but only consider BR if you have no asetts Ie a house.:beer: