Help needed

sunshine111

Hello,

I an currently going from one day to the next not sleeping and changing my mind as to which is the best course IVA or Bankruptcy, I am in despair and I think my main stumbling block is that I am a homeowner and I fear that I will lose my house and myself and husband and children will have no home. Please can anybody help me decide which is the best route - and to have a nice nights sleep...

Thank you in advance x

Charco_2

Unfortunately no-one can make the decision for you, all anybody can offer is support and perhaps as much information as you think is necessary so that you feel sure that you are making the right choice.

Generally speaking, the sooner you make the decision to deal with your debts head on, the more options you'll have. If you don't want to lose your house then 99 times out of 100 you wont have to - but it will take hard work and commitment to get through this.

There are solutions available to let you get back on your feet and although a BR or an IVA is no picnic in themselves, once you're under the protection of a debt solution, a large weight can be lifted off your shoulders and you can start to get back to some form of normality.

No-one is going to be able to advise you of anything however without knowing a bit more of the specifics of your situation.

Beetlebug1983

Hi Sunshine111,

I am in the same boat as you. I have been on a DMP for many years now and have paid off nearly £10k, but today i have taken the first step and called and IVA Company - who were really helpfull and went thorugh everything with me. I am a homeowner and have the exact same concerns.

I know it's horrible facing up to your debts and telling someone else about them is embarassing, but honestly it's the best thing i have done today and i feel much better now! Even if you just call and go through everything and let them put you in the picture so at least you won't be worrying as much and will get a good night's sleep!

I am glad that i have got the ball rolling, and i was told that it can take up to just 4weeks to get everything in place, so hopefully i will be on my way to paying back my debts in 5 years!! Unlike the 14 1/2 years it would take me on my DMP!

It is important to look at all the options, whats right for someone may not be right for the next person. There are people out there who you can talk to and get help and advice - you are not alone.

Charco_2

Firstly

1. What are your debts? (UNSECURED DEBTS! The total is enough for now although a break down of who they are to might be important later)
2. You're a homeowner: What is the rough value of your home? What size is your Mortgage? Second charge? other Secured Loan?
3. What is your household income roughly?

(Sorry if you're not ready to give out info yet, i'm only trying to be helpful!)