I dont get it I cant afford an IVA?

newuser10

Hi amazingly found it!

blondieliz

First breathe....... me and my hubby went through HELL (it was that bad it deserves capitals) around the issues with his crazy a55 ex. Court, police, you name it, we've been there.

I know that you are struggling at the moment so maybe you need to contact the CSA - that's what hubby had to do. In the eye's of the law THEY say how much you have to pay - it's not really negotiable.

They have been lovely to hubbie and have been understanding etc. It is scary when you think of them as they have a bad rap, but they have been very fair and firm along our journey and act as the intermediary.

I would maybe think of this route as it seems like you are really strapped. And, don't fall in to the trap of feeling guilty about the amount you can afford. Would your child rather have a daddy who pays a bit less and will make up for it in the future when your financial crisis is solved or a daddy with a nervous breakdown?

I hope that doesn't aound harsh - I know it can be a sensitive area.

gilligansyle

newuser10 wrote: »

The payment was agreed years ago at 500 I had to beg to get it down to 250. Its a private agreement, but i dont think she will take any less.

I really dont know about the grocery bit I have only just moved back to my own place after a year at my parents, so i have had to buy a few extra items to get started. What would you say is realistic?

thanks x

Can't comment on the maintenance as no idea what the rates are through CSA but it seems high, and if you haven't got it, you can't pay it.

Groceries, careful budgeting. Hard to say whats realistic, but there are people on the Old style board who allow £2 per person per day and live reasonably well. I spend £45 a week on 2 of us and we eat well. It's hard at first, but cut back a bit at a time, buy own brands, veg is cheaper than processed foods. Beans on toast if necessary!

But all these savings are really only the tip of the iceberg. You have a lot of debt and are well short of enough money to pay any of it.

newuser10

Ok I hear what you are saying. I have spent the last year living with my parents and I paid off 9 K on credit cards, obviously continued with my loan payments and gave back/got rid of about 20 K in assets. So i guess that was easier than now as i have nothing more to sell. I have only just started renting as my parents emigrate this Sunday, so nowhere to go. Its really a frightening prospect. The agency I rent through provides a lot of my work , how will they be affected?

moremoneythansense

I just want to say well done New User 10 for posting your SOA - that's my next job but not got all the details tonight (only joined tonight).
I have got about £13,000 on credit cards and need to start repaying them - have got savings but really don't want to use them if at all possible. However, may be prepared to clear half from savings and repay other half by shifting piece by piece to 0%... need to get sorted!!

newuser10

thank you unfortunately daddy is already there, and this is a way of trying to stop my spiral any further. My partner leaving was the catalyst. Am getting help but its a long road to recovery. My parents emigrate on Sunday so i have nowhere to go

newuser10

am trying to take solice in the advice, but like you i have to get moving it all seems very desperate at mo

blondieliz

Ooh newuser, I wish I could give you a hug, so I will send some virtual hugs yourw way.

Look at the positives, you are facing your issues and you are trying to resolve them. We found (and still do at times) that the hardest part is facing the reality that this won't go away over night.

Just think -this is the worst that you will feel -you have hard your light bulb moment and now it's time to get sorted. If you are a driven person, look at it as a challange and give yourself 'mini goals' to achieve - it makes it seem much more managable.

PS - apologies about the spelling this evening!

If you need any help with egg PM me, like I said, I have a bit of knowledge about them (ggggrrrrrrrrrrrr)

Tixy

Hi

So looking at your figures the reason the charities have said to pay token payments only is because you have a shortfall of expenditure before you make any debt repayments. An IVA would not be at all suitable as you don't have any money to pay the monthly payments (the absolute minimum on an IVA is around £200per month) which you cannot afford.

The good news is there does look to be a few areas you can improve. Groceries for one person is do-able at £80, but start by aiming for £100, if you are buying lots of ready meals etc these are a very costly way to eat and it might help you to plan your meals for a week before you go shopping.)

If you are self-employed then really the van should be classed as a business cost, it doesn't alter what you pay out but does mean you get tax relief on the cost.

As a minimum you need to work out a way to make up that £195 shortfall. Can you increase your income at all? work more hours? get a second, employed job? What is your actual take home after all business expenses and after tax (as per your accounts)? This is likely to be lower than the £1500 you have entered (if only for the car costs) have you looked to see if you might be entitled to any tax credits to supplement your income?

Are you claiming the 25% discount on council tax? Your elec looks quite high for 1 person (mine for 1 person if about £15 per month for a 3bed house), have you shopped around to see if you are with the cheapest supplier for gas & elec and on the cheapest tariff?

I would also suggest you investigate what maintenance you should pay on that salary and however many kids you have to see how it compares to what you are paying. If its significantly less then you may need to reduce your payment and if she doesn't like it formalise things through CSA.

Did the charity you spoke to discuss bankruptcy as an option?
Whilst token payments may mean you get hassle from your creditors if you provide them with a copy of your income & expenditure account they should see that you cannot afford anymore. You can also write to request that they only contact you in writing, and to remove your phone number from their systems. I note you say in your first post that you are not in crisis now, the truth is you are, and you are getting further into debt each month. You need to take some action to change this and stop using further credit.
Which charity did you speak to?

Good luck with everything and perhaps try getting advice from a second charity as well.