Someone please help me

tinytot143

Me and my partner are in debt!!!!!!!

We have been together for 4 years and have a little girl who is two now, and getting married in two weeks!!!!
He had a really bad accident at work and was off sick for a year and I was on maternity leave from work at the same time.

He is back at work now and I work full time as we can't afford for me to go full time eg child care costs!!!!

We need help we are thinking about doing a IVA but don't know if this is the right way of going about it. We are just living behond are means.

PLease Help

postingalwaysposting

tracy hun, hang in there, debt is managable and although it feels like you are going nowhere now with the help and encouragement of others on here you will have a dfd (debt free date) soon enough best thing i can advise right now is to read the stickys at the top of this forum and then come back and post a soa (state of affairs) that includes (if you feel you can) all your debts and the aprs, *hugs* hun you can get through this, oh and congratulations on the wedding :j

Debtomaniak

tinytot143 wrote:

Me and my partner are in debt!!!!!!!

We have been together for 4 years and have a little girl who is two now, and getting married in two weeks!!!!
He had a really bad accident at work and was off sick for a year and I was on maternity leave from work at the same time.

He is back at work now and I work full time as we can't afford for me to go full time eg child care costs!!!!

We need help we are thinking about doing a IVA but don't know if this is the right way of going about it. We are just living behond are means.

PLease Help

Hi,
Sorry to hear about you problem. Think everyone will need more info to try to advise you anything. But so far I would say give a call to Debt helpline or CCCS, they will talk to you and will be able to advise.
Lots of HUGS.

lynzpower

Hi there
ONce youve done a SOA it will be much easier to offer advice

Good luck with it

calleyw

Tracey,

Welcome you are in good hands here. Everyone will want to help you the best way they can.

As has already been mentioned you need to do Statemetn of Affairs (SOA) which is just a list of income and outgoings. Also list your debts and there interest rates.

Don't forget what ever we suggest you can ignore we don't mind really

Go and have a cold or hot drink of your choice. Grab all you bank statements and work out everything you owe. Don't be feel down if it is bigger than you thought. You will find a lot of people found the samething. They owed a lot more than they thought.

And we will see you later and try to help. You might want to start a new thread and call it tinytot143 SOA.

All the best and take care.

Yours

Calley

EllieB_2

Hi
Don't go into an IVA without further advice - it may or may not be the best option for you. Contact CCCS (0800 138 1111) or Payplan (0800 917 7823). There are a lot of companies that will suggest an IVA when it is not suitable for you so be sure to look at all your options first. And an SOA on this site would help - there are load of people here who can help. Just don't sign up to anything in a panic! there will be options for you - try not to worry too much. x

scottishspendaholic

Tinytot's SOA is in this thread (can they be merged mods?):-

http://forums.moneysavingexpert.com/showthread.html?t=233441

scottishspendaholic x

piglet6

Hi Tracey, well done for finding this site and having the courage to post.:T Like others have said, please post an SOA and folks here will chop your budget like you wouln't believe. There is a wealth of information that you have tapped into here, and before you know it you will be saving money in ways you didn't know were possible , and life will seem a whole lot brighter!;)

Good luck for the wedding!!:D

Piglet

Tirian

Just to re-iterate what has been said above - don't go into an IVA without getting some independent advice first. CCCS will give you an in depth interview about your financial situation, and will recommend a suitable course of action.

For those contacting CCCS, an IVA is found to be an appropriate solution for about 3%-5% of callers! Make sure it's really the right thing for you before you jump in - and find out what other courses of action are open to you.

Good luck!

Tirian

tinytot143

Can anybody go into detail what happens with and IVA or a DMP I am new on here and wanting advice.

Thanks

james32_uk

A DMP is a voluntary agreement between you and your creditors for them to accept a lower repayment. Idea is to get them to stop interest and charges and pay them a set amount that you can afford each month out of your income.

An IVA is a legally enforceable financial agreement bewtween you and your creditors where you work out your surplus income and offer that as a payment every month for 60 payments over 5 years. After this time your debt is wiped free. This is one step away from bankruptcy and should not be taken lightly. Failure to make your payments will result in you being made bankrupt.