taking the plunge....

sandalwood_2

[FONT=Verdana, Arial, Helvetica]Hello to all
Have been mooching on here for a while and thought I would post.

Me and my partner are on a DMP with payplan at the moment,been a year,the debt hasnt really reduced as one creditor is still adding on interest,one of the creditors agreed the payment I was sending them,then have recently changed there mind and sent me a CCJ,I managed to negotiate a FF settlement,£750 less than the debt and a family member has kindly paid it for me.But,we have another 10 creditors and if another one decides to issue a CCJ then we will be in trouble as we cant keep asking family to help us even more

My partner has just returned to work from Mat leave and we have just found she is expecting again,so I reckon another 5 or so months at work part time(our baby is in nursery 2 days a week wich is costing £500 a month!!!) then off on mat leave again,and then I reckon she will give up work completey due to child care costs being to high,no point in her going to work just to pay the nursery.

Our income will be going up for 5 months,then back down again and then finaly we will just be on my wage so we will really need to enter into a IVA as the rate we are going,we are approx £45000 in debt,and only paying £172 a month into a DMP,we will not be clear of debt for 20 years!

We will be selling our place which is a one bed anyway(we were going to sell,but next year-but need to do asap due to new baby coming)
We have decided to try and do a FF IVA,we have around £20k-£25k equity in the house-obviously take out moving costs and the deposit to rent(which will be high as the IVA(should) be in place) then so hopefully have around £15k-£20k to offer creditors-does anyone think this is reasonable,to be fair,we have no other assests as such,we both have cars,I do around 400 miles a week for work,so I need a reliable one,but it is only worth about £3k-£4k and my partners is probably worth that,but she needs her obviously to go out with kids and see her parents who live 60 miles away

We did mention that an IVA will be the best for us to pyaplan and they are calling me next week,but,I am not happy with them so we will probably go with someone else,going to start the ball rolling this afternoon on line and fill out some forms,can anyone reccomend a good one? I see a few on here that I am going to get in touch with,so hopefully they can help

I would like anyones advice on all the above if I may,does it all seem correct in what I am saying or am I completey off key?

Thank you for your time in reading this long winded post

thank you[/FONT]

Charco_2

All seems to be in order, you've got your head screwed on anyway.

You dont actually mention how much your total debt is for... unless i just missed that part.

The family member who lent you the money, you dont mention how much that was either... This family member will be included in the IVA but then most likely excluded, so bear that in mind! It is likely that you will come to a separate arrangement to repay them in full anyway so it doesn't matter so much but they will be able to have a small effect on the voting!

A £3k car is generally ok so long as you NEED it... you obviously do for work, your partner should be ok too so long as it's sort of under the £3k mark!

I always wonder about these companies that put you into interminable DMPs and then when YOU mention it they are willing to discuss IVAs with you... why didn't they discuss first time.

Good luck looking around

sandalwood_2

I didnt know the family member would have to go into the IVA,it was a gift-dont have to pay it back,we were given £1800,would they still have to be included?

We owe around £45k

When we entered DMP I wasnt even told about IVA's otherwise I may have done it earlier,wished I had found this site then...oh well....

Onwards and upwards,hopefully in a few years time,and certainly when my children are old enough to remember,they will never know Mum and Dad had a few "financial issues",we will be back on our feet and living in our own house again....

thank you for the reply