Wot Do We Do Then

donovan_2

I'm new to all this computer stuff so my appologies to start with!! Here's my problem 60K in debt, IVA trying to be set up but creditors not going to meetings and only six days left before IVA fails, no savings, no financial help available from family, four kids, mortgage and the lot that goes with it, affraid of losing home, wot are the realities of going BR if all else fails? And to top it off 2 kids have chicken pox( but I can deal with that!!) Any advice would be really helpful as half of these companies treat you like mushrooms and I prefer real honest people. Thanks in advance

Bakeybadoo

Welcome to our forum!

I'm no help with the house question, it all depends on how much it's worth and equity and equally as confusing technical stuff to me but someone more knowledgeable will be along soon so hold tight.

Why don't you do a SoA (Statement of Affairs) for us so we can see how much debt you are in, for what, and how much you have coming in and going out.

You can see here how to lay out a SoA: http://forums.moneysavingexpert.com/showpost.html?p=1050559&postcount=1

You need to seek professional advice before deciding on BR though, it should be the very last resort. You will be asked if you've sought this advice when you file for BR so you might as well do it now!

https://www.payplan.com
https://www.cccs.co.uk
Your local CAB

All are free, independent advice places who can take you through your options and advise you on your own individual situation. We'll help you as best as we can than so stick around!

donovan_2

Thanks for a quick reply, Here's the basics I currently have an insolvency practitioner currently dealing with my case and the creditors meeting was supposed to have been today however some didn't turn up or vote by proxy,It seems strange to me that you try your best to try to get some money to these companies but they just seem to try heavy tactics like"The IVA will fail so how you going to pay us then?"

fermi

This link gives you a quick guide to bankruptcy.

http://www.insolvency.gov.uk/guidanceleaflets/guidetobankruptcy/guidetobankruptcy.htm

The tone is not particularly friendly, but it will give you an idea of the ins and outs.

If you can post some more details (as Bakeybadoo says) then this would help us advise you. Although I'm no expert, in your situation housing for you and your family is a prime consideration, Telling us your position re: this would help.

The most important point is that so many of us have been at the point you are.
Hopefully we can help

Bakeybadoo

I know, you have to love their thinking. An IVA, they get something, BR, they are likely to get nothing. They are nothing if stupid, these companies.

I'm sorry you are having a hard time when trying to do your best.

donovan_2

I will try to gather all the info 2nite and I would like to say to all you out there that just being here and doing this will help me sleep much better and just before I go "THANK YOU"

Bakeybadoo

You are very welcome and please DO come back, you'll find you are amongst friends here who understand all too well about what a horrible, dark place it is to be in unmanagable debt.