help please

fatbelly

It looks like you do have equity in the house

Also your debts are 19k including the car loan.

And £200 surplus looks about right given that you won't be adding to an emergency fund while insolvent.

A debt management plan would take 8 years. An IVA 6 years if you have to do another year rather than remortgage in the fifth year.

Just a matter off picking the right IP now.

System

thank you
ye i ad abit of equirty 10% of my house as a deposit but ive recently got a fixed 5 year agreement on the morgage
and as regards to the car i have option paying company 17500 back 50% of the finance
or sellin to a dealer this would be the btr option but still. would owe around the 10k mark. is this still classed as unsecured debts as it its pcp

also what are my chances of creditors accepting my proposal of 200ish payments
sorry for questions just im having sleepnights about this and constantly worrying

fatbelly

Mullery wrote: »

thank you
ye i ad abit of equirty 10% of my house as a deposit but ive recently got a fixed 5 year agreement on the morgage
and as regards to the car i have option paying company 17500 back 50% of the finance
or sellin to a dealer this would be the btr option but still. would owe around the 10k mark. is this still classed as unsecured debts as it its pcp

also what are my chances of creditors accepting my proposal of 200ish payments
sorry for questions just im having sleepnights about this and constantly worrying

As long as you're not trying to keep the car, whatever remains will be an unsecured debt.

An IVA at £200 on 19k of debt is better than a lot of creditors will see.

Make sure you talk to more than one insolvency practitioner. There's no definite best provider but you'll get a feel about what it will be like to work with them over the next 6 years.

System

thank u pal
if i would include my wifes debts and our joint loan
would dmp be an option
n would it be abit more lenient on the budget
ie budget for a small holiday and stuff

fatbelly

It's possible. We don't have the figures for the joint loan and the 'wife loan'?

When will the family loan get paid off at £50 per month?

On the figures we've got, a dmp would take a lot longer but going for a joint solution might bring the plan length down.

It might be worth talking to Stepchange and Payplan as both these can do fee-free dmps and also IVAs (with the usual fees)

System

hi sorry i included it in the budget plannet
we have
18knloan joint 300 amonth
6k loan wifes 100
and i owe my mum 13k which i pay 50 amonth

i dont mind mind going into a dmp all together with the wife and i dont bother me how long just as long has ita flexible so i can go on holiday buy things etc
i plan to learn from
this and never get credit again

is dmp route a more flexible budget than iva like or is it just the same like
thank you again from replayin����

foxy-stoat

Mullery wrote: »

hi sorry i included it in the budget plannet
we have
18knloan joint 300 amonth
6k loan wifes 100
and i owe my mum 13k which i pay 50 amonth

i dont mind mind going into a dmp all together with the wife and i dont bother me how long just as long has ita flexible so i can go on holiday buy things etc
i plan to learn from
this and never get credit again

is dmp route a more flexible budget than iva like or is it just the same like
thank you again from replayin����

I think you need to get these ideas completely out of your mind for the forseeable future.

DMP could last for decades - IVA will only last 6 or 7 years max.

I would VT the car now, and stop paying your debts.
£50 a month for a £13,000 loan from your Mum - 21 years to pay off - REALLY ?
Not sure if the joint loan can be added as your Wife is jointly liable - so may as well stick her loan and the joint one on the IVA as well.

Both of your credit files will be trash for 7 years - may as well start the clock ticking now.

System

ye but my mum knows i wont pay her back im just offerin to give her something
and ye u make sense dont bother dmp
credit wise am not botherd a never plan to take credit for rest of our lives
onli fing what will both me if i cant get the best i trest rates on my morgage when deal ends