We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Money Issues Due to Sickness from Work

Decbaby1
Decbaby1 Posts: 1 Newbie
in Debt-free wannabe
Hello, I have recently been diagnosed with breast cancer meaning I have to take a considerable time off work and am only entitled to SSP.  My husband earns well but we have debts of about £30k so need to somehow consolidate these while I am not bringing in my full wage.  I had planned to apply for an IVA but not sure if this is the best course of action for us.  Can you please advise?  Thank you

Comments

  • kimwp
    kimwp Posts: 3,176 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Sorry to hear of your diagnosis. Best course of action is to post an SOA (link in my signature), using your SSP, to reflect you and your husband's joint income and outgoings as accurately as possible- the numbers will guide the best route
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,653 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Quick answer do not touch an IVA with a barge pole, the amount you owe is too small to even think about an IVA.
    If you go down to the woods today you better not go alone.
  • RAS
    RAS Posts: 36,054 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Please list the debts with supplier, card/loan, APR and minimum payment and his/hers/joint. For deals and loans, indicate when the term ends.
    If you've have not made a mistake, you've made nothing
  • ManyWays
    ManyWays Posts: 1,570 Forumite
    1,000 Posts Fifth Anniversary Name Dropper
    Very sorry to hear of your diagnosis, hope it all goes as well as possible for you.

    An IVA when you have significant health problems is rarely a good idea (typically if you die in an IVA it terminates and the creditors all expect to be paid from your estate so you have just wasted the large IVA fees). 

    Could we see an SOA https://www.lemonfool.co.uk/financecalculators/soa.php, including the names of the creditors and marked as his/hers
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.9K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.1K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.5K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture