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Considering IVA - end of my tether

54 Posts
Hey guys
Please no bashing! I have already spent the evening in tears. I feel like such a failure. Like a sh*t mum and absolute mess.
I don't know how this has all spiralled so much. Now that my 0% has ended on everything in the last year, my outgoings are crippling me and now I've started to miss payments.
My monthly outgoings with debt total £2,500. I'm self employed and have found its quiet with the cost of living, so I'm really struggling to pay everything on time now. Its really gotten to me.
I called Mums In Debt earlier and they recommend an IVA. We recently sold our flat and moved into rented as we needed the space and hope to get back on the property ladder in 3 years time. But I'm worried an IVA would hinder that massively for me.
I don't know what to do I feel so totally out of my depth and with no way out that I can see of.
Would love some advice please.
R
Please no bashing! I have already spent the evening in tears. I feel like such a failure. Like a sh*t mum and absolute mess.
I don't know how this has all spiralled so much. Now that my 0% has ended on everything in the last year, my outgoings are crippling me and now I've started to miss payments.
My monthly outgoings with debt total £2,500. I'm self employed and have found its quiet with the cost of living, so I'm really struggling to pay everything on time now. Its really gotten to me.
I called Mums In Debt earlier and they recommend an IVA. We recently sold our flat and moved into rented as we needed the space and hope to get back on the property ladder in 3 years time. But I'm worried an IVA would hinder that massively for me.
I don't know what to do I feel so totally out of my depth and with no way out that I can see of.
Would love some advice please.
R
0
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week 1 £87/£115
Week 2 £77/£115
My Debt Free Diary >>>>>https://forums.moneysavingexpert.com/discussion/6360269/desperate-to-sort-my-life-for-last-time
Please contact one of the free debt charities; links nicked from sourcrates.
For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
IVAs are sometime suitable for people who have substantial assets to protect like a house, and at least £30K in debt. The fees charged to run the IVA are high and there are lots of companies advertising a "Government approved" debt remedy. It's covered by law but it's no more Government approved than your credit cards.
If you want to get back into the housing market other options may be more suitable.
Much better to talk to one of the debt charities and discuss with them.
If you are happy to share your finances here, do a Statement of Affairs and people may be able to help you work out how to pay off the debt most effectively.
We would need more information to properly point you in the right direction. I'm reluctant to say what might/might not work based on the info you gave in your first post.
If you could complete a statement of affairs and maybe post in in the debt-free wannabe forum, you would get helpful, non-judgemental comments. That's a link to a calculator. Please format for mse
2023 £1 a day £54.26/365
I was also a single parent in despair. And I also felt at the end of my tether. I'm self-employed now but was just working part time when my husband left. Things quickly went downhill from there.
First I had a really big cry, and you've done that now. Then I sat and felt sorry for myself for a while. Then I phoned StepChange, who really did help me to change my life around.
So I would definitely recommend calling them because they can help self-employed people too. And talking to them on the phone rather than trying to contact them online really does help so much. They are in no way judgemental whatsoever. They are friendly and businesslike and only want to help. And it's free. It was such a relief to actually just talk to someone and tell them exactly how I feel. When the adviser said, 'we can help you', I cried again! So what? Crying's not always bad.
Telephone : 0800 138 1111. The website says they are open until 4pm today.
Please try not to feel like a failure. You're certainly not.