Lost and nowhere to turn

CoolBeans22

gettingtheresometime wrote: »

Please do post your budget - the people here are very helpful

Thank you, if we can keep this thread open I would really appreciate it and I will definitely post our budget etc.

CoolBeans22

-taff wrote: »

it doesn't matter what has happened before, it's what's happening now that's important.
Posting a soa op will show the usual helpful posters what your income v expenditure is and where/if/how you can make cutbacks or find a nother way to prioritise debt.
Please ignore the poster who wants to beat you with a stick because you haven't conformed to his idea of what your life should be like. If you've made mistakes, you've madem istakes, now's the time to try and sort them out

thank you.

Retireby40

Why the need for credit cards when on a good salary?

NeverendingDMP

Some of us leave high paid jobs whilst still in debt. Its not ideal but its how life changes sometimes. Some of us use c cards to survive payday to payday others to fund things we can afford then it changes overnight.
Sometimes the answers and historys help people identify spending they couldnt afford sometimes its just way past being relevant anymore. The here and now is finances and current figures so we can help OP find a light at the end of the tunnel.

Willing2Learn

Retireby40 wrote: »

Why the need for credit cards when on a good salary?

A credit card can be useful for people on below average, average or above average salaries...

Card transactions are convenient, fast, give cashback/rewards and s75 protection...

sourcrates

CoolBeans22 wrote: »

I do really thank you for your comments but not all of your assumptions are correct. Hindsight is a great thing and there are many ways I would like to start over again from scratch from career path to probably just about every financial decision I ever made. But this is where we are at the moment and I am asking for help.

OK, where are we exactly with the IVA, how far into it are you ?

What advice exactly, do you need, if it’s more disposable income
then you have two options to change this, the first option is to request a temporary lowering of payments, your IP has discretion to do this for a certain period of time, however the downside, and there is one, is that the missed amounts must be repaid at the end of the arrangement, so possibly not a very good idea.

Second choice is to lower your payments permanently, but this will require a new budget, and the approval of your creditors, so a meeting would be called to discuss and vote on this, similar to when the arrangement was originally approved, you would need to show what had changed that requires you to need more disposable income.

If its any comfort, a lot of people agree to too high a payment when they first take on an IVA, thinking they are doing the right thing, then they find they cannot manage.

Retireby40

I have nothing against the OP I just like the full picture before advice.

warby68

I think the SoA will help the most here. With 2 incomes, albeit lower than in the past, previous debts sort of 'sorted' in an IVA and a material contribution from daughter, it isn't yet clear why OP is struggling so much.

Are the IVA payments based on previous income levels? That would be ny guess. And is the property very disproportionate to needs/income? But just guesses.

Retireby40's angle that full information is needed to give good advice is correct but this forum is primarily about moving forward and OP has already said mental health is an issue, that past financial decisions have been unwise with hindsight, largely losing money by property investments which someone else benefitted from and that they no longer spend on the cards. So the focus needs to be more on where they are now and how they can move forward.

You can be 'firm' about it if they are still doing something unwise once we know but a little more kindness right now might help them share that key information.

Norfolk_Jim

suelizab wrote: »

retireby40, You are a BULLY . If I wasn't so tired I would report you . don't you know ANYTHING about mental health!

Likewise Im finding the tone of those posts unhelpful. Goodness knows whatthe OP makes of them. Lets try not to let the thread get sidetracked into one about retireby40 as it is never easy to face up to the situation people find themselves in on these pages.

MovingForwards

OP has said she is now in year 4 of the IVA.

She really needs to put the SOA up to get useful guidance.

Until that is done I think it's best some people just step back.