Ideas

thewilf

Hi guys,

Am new to here so sorry if I have done something wrong or posted in the wrong area. Just a quick one looking for advice on what I should do, I think IVA but see if you agree. This is a list of what I owe etc... but will keep it short so its not to difficult to read.

I currently owe:
MBNA Credit Card: 5600
HSBC Credit Card: 4900
Halifax Credit Card: 5300
Barclays Credit Card: 1300
Capital One Credit Card: 300
HSBC Unsecured Loan: 11000
HSBC Overdraft: 2000
Total Unsecured Debt: 30400ish

I have a shared ownership property and mortage is 56000 outstandin however identical houses in the area have gone for 50000 on shared ownership so am taking that as a rough guide for value.

My salary is 1282 per month after tax and in total have about 850 going out in monthly commitments for mortgage power etc...

I am behind on all of those debts above as I have recently had to move jobs at work as other position was being made redundent so have had to take a salary drop to that level.

Dont really know what else to say or to offer if you guys need more information.

If Im right and an IVA is the best option, how do you go about choosing a IP and how long does it all take to sort out. Just found out my fiance is pregnant so I cant afford to bury head in sand any longer, need to sort this out for her and us, do they take baby costs into account etc...

Cheers for help and advice in advance
Will

wilf55

dont really know how to advise someone will be on soon but you have come to the right place!

tlc123_2

Hi ya

I an't be sure, but from what I've read on here, people see IVAs as absolutely last resort thngs - up there with bankruptcy as far as I know.

Maybe a DMP would be better? You give thema certain amount each month and they dish it out to you creditors. Maybe try the CCCS or paylan websites.

Is your partner earning? I know she's pregnant, but presumably if you've only just found out there's a way to go yet! IF you share your finances maybe she could help to put a little towards a DMP?

T

Tixy

Hi Wilf and welcome (you've come to the right place!)

Have you yet spoken to any of these http://forums.moneysavingexpert.com/showthread.html?t=2077631. These are the professionals recommend on here to offer advice and I would definately contact one of them.

The other thing I would say is that IVAs are only suitable for a small number of people - and are a serious step to take - if it doesn't work out it usually leads to bankruptcy. IVAs also incur large fees for the IP involved and so they are no always unbiased in their opinions - thats not to say its not right for you but I would want to be talking to several IPs as well at least one from the group above before I took that sort of step.

This guide is also interesting reading http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Have you worked on cutting back on your outgoings? Have a read for tips on this board or post a full statement of affairs for tips specific to you. The usual places to look are do you have the cheapest insurances available? are you with the cheapest suppliers for utilities and for media items (usually you can save money by using a single provider for landline, internet & paid tv if you have it). Can your groceries be reduced (for a couple £150 per month is achievable, anything over £200 is too much when you have debts). Essentially I'd suggest working out a detailed monthly breakdown of your spends and working through each item to see if you can get cheaper or cut down.


Welcome on board anyway