IVA or Bankrupcy... deep breath

fiddlesticks1

It's a very long story so I won't bore you. Much of it has been said before with many it seems in a similar situation.

Ours has been a downward spiral the last 9 years starting with a bad back. Not being able to work, not being entitled to benefits and living off CC much to my shame.

We also still have a Spanish mortgage on an apartment which hasn't helped as the market crashed and we have not been able to rent it out so we a re seriously in arrears with that mortgage. The bank will soon take it back as it has started proceedings. Then they will charge us interest on what we have not paid in mortgage and charge us the difference on what we owe and what they sell it for. I'm sure they will more or less need to give it away leaving a huge debt.

We have no assets we live in rented accommodation. Have a 2 year old and a total net income of 3k a month of income and no benefits.

Just about making the minimums but only just, the squeeze is getting tighter and tighter. We have a combined 45k cc and loan debt and this is the means by which we live as take home does not cover our outgoings.

What should we do, can anyone advise? We live in a fairly small town and the shame of having our names and addresses posted in the local paper and all my neighbours finding out would be too much to bare for the bankruptcy option. That's why I thought an IVA may be an option.

Any advise would be much appreciated.

Charco_2

Do bankruptcy's get published in your local paper?

Do many nosey parkers around your area read the bankruptcy papers?

It's worth speaking to a trusted company about both of these options. (It's worth remembering that although you may feel cornered... you do have options, limited as they may be)

I would also add that there is no shame in admitting that things have gotten out of hand... look at the mess the banks have made of the entire financial industry these last few years, and they're supposed to be the professionals! Obviously you dont want to go shouting it from the rooftops but you've tried your best, and you're looking now to find the best way forward. The shame would be if you continued to hide your head in the sand!