can I do this??

unsuremom

This is my first time of posting although I have been reading this forum for a while... I am currently a financial advisor (please no laughing) with a big high street bank, but have unsecured debts of approx £31K dating back way before I started this job. My income has always been sufficient to meet my debts, however my husbands income has dropped dramatically and we are starting to struggle to meet our outgoings.
I have spoken to ClearDebt who have recommended an IVA as I have no income in my property. they have suggested paying in £200 to this. Obviously I really want to get my situation under control, but am worried about my job. Does anyone know if I will be allowed to take on an IVA or will I lose my job?

I'm fightened to speak to anyone at work as I do not want them to know the situation I am in, but I have to complete a fit and proper test each year and this is the first year I have had problems.

Also majority of my debt is with Santander. Does anyone know if they are likely to accept an IVA?

hitabrickwall_2

Can you speak to CCCS instead or look at their website and complete their debt remedy service? They are a charity and will charge you no fees. Companies like ClearDebt make a lot of money from IVA's and do not have your interests at heart. IVA's are not the best option for everyone. I also think it may affect your job whereas something like a DMP shouldn't.

NorthernLas

There is a sticky at the top of this board for who to contact for impartial debt advice. You could even do the CCCS debt remedy on-line today and see what it suggests.
The national debtline website has really good information on debt options.

There should be a way of finding out if an IVA or CCJ would affect your work. Are you in a union - could you ask them?

Also, is the debt joint or individual? It could mean one of you entering a DMP and the other not.

headcase

as I work for compliance in an IFA company. If you go bankrput or IVA , you lose your job. You need to show your financially fit and proper (FSA rule ). Look through your contract with your employer first before you contact any debt agencies.

Loubylou2

I am new to this too and going through lots of panics atm. Origninally we were convinced that an IVA was the only way to go but have actually started a DMP instead. Not sure that the same restrictions apply so this may be better for you. (I'm no expert so others will advise better)
We have gone through Pay Plan who so far have been excellent and i would definitely recommend them or CCCS as there are no fees involved.
We were nearly sucked in by the fee paying companies as didn't really know any different and when we told them we weren't going through it with them they got a bit sniffy but have def made the right decision.
Also they made out that IVA was the obvious route and would be easy but of course that isn't true.
Good luck with whatever you decide and you will see from this forum that you are not alone and there is plenty of support to be had here.:)

unsuremom

Thank you all for your posts x I spoke to national debtline who said that I probably would not be able to do an IVA in my job and that cleardebt should have known that. They recommended I speak to CCCs too. I called CCCs who said that I would need to clarify through my employer if it would affect my job. then they may be able to help me. We have a debt counselling team through work who are calling me in the morning so I should know one way or the other. Fingers crossed xx

unsuremom

spoke to the compliance officer from my employer and they said that as my situation was due to bad financial management then my job would be at risk if i did an IVA, but I would be able to do DMP. I have spent all day trawling through sites reading up on DMPs to try and decide if we should go down that route. My husband thinks that as we are just about making ends meet, we should try to tuff it out as we have 1 loan which we pay 384 per month on which will end in a couple of years rather than wrecking our credit and after checking my credit file which at the moment is perfect i am now even more unsure. I really want to sort this out but dont want to jump into something that is going to make my life worse (thats what got me into this mess in the first place)
please can u tell me where I can find the SOA on here so I canpost it to see what anyone else thinks

unsuremom

Found it!!!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1214
Partners monthly income after tax....... 1053
Benefits................................ 371
Other income............................ 0
Total monthly income.................... 2638
Monthly Expense Details
Mortgage................................ 688
Secured/HP loan repayments.............. 271
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 68 This inc arrears will drop to £40 in Jan
Gas..................................... 61 This inc arrears will drop to £35 in dec

Oil..................................... 0
Water rates............................. 64 This inc arrears but not sure when will reduce

Telephone (land line)................... 21.5 This includes broadband
Mobile phone............................ 40 £35 of this is my contract tied for another 12 months remainder is DH no contract and only pays for calls made
TV Licence.............................. 12
Satellite/Cable TV...................... 45 this is due to be reduced in Oct to £21.50
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 30
Car Insurance........................... 55 2 cars
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 26 inc contents
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1912.5

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 204000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 158000...(688)......5.09
Secured Debt.................. 28500....(271)......10.9
Total secured & HP debts...... 186500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
santander loan.................13000.....175.......NaN
santander loan.................10000.....384.......6.1
barclaycard....................4870......110.......6.4
fashion world..................250.......30........22.9
comet..........................180.......20........22.9
santander od...................650.......0.........12.9
santander od...................600.......0.........12.9
santander o/d..................2000......0.........12.9
mbna...........................800.......35........15.9
barclaycard....................2730......50........15
Total unsecured debts..........35080.....804.......-

Monthly Budget Summary
Total monthly income.................... 2,638
Expenses (including HP & secured debts). 1,912.5
Available for debt repayments........... 725.5
Monthly UNsecured debt repayments....... 804
Amount short for making debt repayments. -78.5
Personal Balance Sheet Summary
Total assets (things you own)........... 204,000
Total HP & Secured debt................. -186,500
Total Unsecured debt.................... -35,080
Net Assets.............................. -17,580


I do get bonuses which have been averaging approx £1500 per quarter but these are not guaranteed so have not included

Buffythedebtslayer

Hello Hon

Here is the link to the SOA http://www.makesenseofcards.com/soacalc.html

Is there any thing you can do make extra money? Read the up your income board for ideas. Honest to God although you don't think it at the time every penny does count.

If your job is at risk it does make it hard, but you will have plenty of help and support on here.

I can talk being up at this time but do try and sleep, I know working out budgets and all the accompanying what ifs can drive you bats.

hang in there

Buffy xx

Buffythedebtslayer

Aha Crossed posted! xx