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Time is running out, IVA from overseas?
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We moved to Dubai in October 2008, since then we have faced many challenges and are struggling (like many) with debts from the UK as well as maintaining expenses out here. We are both on local contracts, not the all singing expat deals we dreamt of. My husband was made redundant out here and our finances back in the UK are a mess.
I turned to Google in August (09) and a debt management company sprang to our rescue. They have a statement of our finances and all associated post from people chasing us for money. We were due to start paying them to help us out of trouble in October when my husband lost his job, so I have deferred this until Jan. Happily he has found new employment but on a much lower salary and having to pay for our sons schooling fees here. The management company (Moneymeans) are now saying we must start repaying ASAP.
Our UK mortgage and ground rents are up to date. It is (50,000) personal and business unsecured debt which we have fallen behind with.
In short, last night we were considering bankruptcy in the UK and letting small flat go. But in my heart I really do not want to do this. We bought five years ago, it was our first property and have over the last year lived on a really tight budget to send money back to the UK to keep up the mortgage payments.
I am pretty sure that our credit rating is screwed because A) we have missed so many payments over the past year and
we live overseas, but I am sure if I can get our personal debt resolved instead of running away we can come through this.
As a last resort I Googled again this morning (financial advice is none existent in Dubai!) and I am reading about an IVA, which I think would mean we can keep our flat.
Can you recommend a trustworthy organisation for me to consult on us entering an IVA - ASAP? Can I do this from overseas?
I am in talks with Moneymeans at the moment, but I don't trust they have our best interests at heart.
I am not sure how things got into such a mess and have no one I can talk to out here, family have no clue either.
Any advice would be appreciated - I reckon I have until the end of the week to make a decision and start talking to someone re: an IVA.
Thanks in advance,
Cal
I turned to Google in August (09) and a debt management company sprang to our rescue. They have a statement of our finances and all associated post from people chasing us for money. We were due to start paying them to help us out of trouble in October when my husband lost his job, so I have deferred this until Jan. Happily he has found new employment but on a much lower salary and having to pay for our sons schooling fees here. The management company (Moneymeans) are now saying we must start repaying ASAP.
Our UK mortgage and ground rents are up to date. It is (50,000) personal and business unsecured debt which we have fallen behind with.
In short, last night we were considering bankruptcy in the UK and letting small flat go. But in my heart I really do not want to do this. We bought five years ago, it was our first property and have over the last year lived on a really tight budget to send money back to the UK to keep up the mortgage payments.
I am pretty sure that our credit rating is screwed because A) we have missed so many payments over the past year and
we live overseas, but I am sure if I can get our personal debt resolved instead of running away we can come through this.As a last resort I Googled again this morning (financial advice is none existent in Dubai!) and I am reading about an IVA, which I think would mean we can keep our flat.
Can you recommend a trustworthy organisation for me to consult on us entering an IVA - ASAP? Can I do this from overseas?
I am in talks with Moneymeans at the moment, but I don't trust they have our best interests at heart.
I am not sure how things got into such a mess and have no one I can talk to out here, family have no clue either.
Any advice would be appreciated - I reckon I have until the end of the week to make a decision and start talking to someone re: an IVA.
Thanks in advance,
Cal
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