I saw the CAB last week

sillysarah_2

They've recommended an IVA through payplan.
I am 33,have a 12 year old who i am solely responsible for, own a house worth about 200k on a 90k mortgage. I owe about 15k on credit cards. I have re-routed my salary (or about 26k a year) into an account so that the lloyds tsb can't take £300 a month in charges/fees/credit card payments.

I can only rely on me having £1500 a month coming in every month as i occasionally get a bonus and don't want to over commit myself. I've just found out that I am pregnant (we're delighted) my partner is going to come and live with me and help with the mortgage etc and half the bills.

should i still IVA it as i am hoping to keep my house, work part time and not have my new partner responsible for me and my first child solely and my debts.

what do you think?

(i've given up smoking, drinking, don't drive and seldom go out) I spend little/nothing on food and entertainments and really CAN'T cut back any more.

Crown

Hi and welcome.

Im sure someone will be able to advise better than me on the IVA situation.

I just wanted to say that you will probally still would be advised to post your statement of affairs as listed in the sticky threads at the the top of this forum.

you would be amazed at wehat these guys can advise and save money on.
For example I actually got more TV channels and faster broadband for less money by contacting NTL.

Good luck

moxie_2

Did they talk to you about a debt management plan? That might be a better alternative for you. have a look at the Payplan website https://www.payplan.com
and congratulations BTW!

CLAPTON

15,000 is quite a low debt to consider an IVA

was the recommendation for an IVA based on your OH moving in with you and the associated improvement in your finances and/or in the context of your pregancy

why not post a full SOA and lets see the full financial details

sillysarah_2

the iva was based on me not losing my home, not changing my job and nothing else changing, that was on Wednesday...
On Friday we found out I'm pregnant. which kind of alters things, i have someone with a 'charge' on my house registered at the land registry (it's for about 1.5k from GE Capital bank) that was the one that was worrying me to be fair.

sillysarah_2

Monthly Incomings:

My salary - £1,500
Benefits - £100

Total - £1600

Monthly Outgoings:

Mortgage/Rent - £650
Council Tax - £65
Gas - (have a £1200 debt, they've installed a meter, i am getting through £50 a week at the moment, and that's with it timed and off when we're not in)
Electric - £35.00
TV License - £10.99
Sky , Phone, Broadband - £37.00
PAYG mobiles (2 of) £30 per month for both
Food - £200
Transport-£120
House Insurance £45

BANK CHARGES TO LLOYDS £300 (i've changed accounts so they can't nick money from my salary)

Daughter costs about £100 a month in school dinners, clothes, parties, books, clubs etc (she's at grammar school-and i don't get a grant for anything)


I owe 9.8k to lloyds tsb for a credit card at 29.9%
MBNA 3.4k that i am paying at £34 a month and they've frozen interest on it at my request
There's the 1.5k for this charge on my house which i assume is from debenhams card- i don't know though
Vodafone want me to pay up to the end of our contracts for the mobiles (which is £750)
I owe scottish power £1200 which tips my gas payments up massively as they installed a credit meter although the recovery is at only £5 a week (or so they say)
i've not paid my council tax for a few months
i've missed 3 mortgages over christmas as it was daughters birthday and christmas and i had a corporate amex that i was going to get sacked for not paying off.
i really don't think I can ever get out of the mess without walking away, my credit is shot to pieces, i just want to keep my home and not have to work every hour god sends to service a debt....
*winge winge winge winge*

chevalier

1) Get a copy of your credit report and check how bad your score really is. It may not be as bad as you think.
2) If this is the case, you may get a life of balance credit card deal to get some of the lloyds tsb card debt onto. 29.9% is extortionate. Alternatively phone them up and say you are thinking of going elsewhere. They may either reduce your interest, or give you some other sort of deal.
3) Can you check with debenham if this is the case ref the charge on the house?
4) Do you mean that Vodaphone want you to pay this money in one amount now or that £750 is what you will pay our over the course of the rest of the contract? Ask to be put onto the cheapest deal your contract allows, might save you a bit.
5) Gas at £50 A WEEK is huge, even if you are paying back arrears. It might be worth asking them to come and check the meter, to see if it is reading correctly.
6) Council tax is a bad one to get behind on. But you have two non paying months now. Can you phone them and work out a payment scheme? Do you get single persons discount, or could you apply for council tax benefit?
7) I don't understand the benefits £100, is the child benefit? Or is there some working family tax credit in there too? If not are you eligible, have a look at https://www.entitledto.co.uk and see if you could claim.

Sorry if this is a lot, but I wanted to suggest that there are things you can try.

I think that CCCS or Payplan could take a lot of the stress of you by negotiating with your creditors for you. You would be paying reduced payments so you would have more to budget with.

Congratulations on your pregnancy. I am sure you will be well on the way to sorting this by the time he or she is born.

the very best of luck
chev