IVA, DMP or BR ??? How do I decide the right move?

So_Sad_Angel

:eek: Angels SOA - It goes on & on ...sorry


Angelxxx

So_Sad_Angel

Well. I`ve posted it now....gosh seems soooo odd seeing it on the screen!!! I`ve just shared all this with the whole world!!!!

Having a panic now!!! I`ve gone from telling no-one to practically advertising the fact!!!!

Ax seriously in need of a strong drink...but can`t afford it .

Ps can I just say that we don`t lead extravagant lifestyle & hav`nt had holiday for 5 yrs!! OH uses caravan to live in as works 300 miles away mon-fri



Axx

skylight

Well - great for posting! Speaking to CCCS is important as there is property involved and you are both looking at BR. Remember, that for joint debts whomever does NOT go BR is liable for those debts. BR and property is a minefield so great advice is essential.

You need to be careful here and make a decision BEFORE you decide which route to take. If you cash in shares and pay a creditor then decide BR the month after, this "could" be viewed as preferential treatment and the OR views on this are dim.

Have you spoken to Payplan as well? You seem to have a complicated situation so the more information you have, the better.

Take care
xx

Toon_Dave

Hi SSA...

just reading the posts and saw your SOA..well done for compiling it. It isd one of the hardest parts putting it all down on paper, esp fopr strangers to look at but you will not be judged for anything... just good honest advice and suggestions on savings.

someone with alot more experience will be along soon im sure to have a look for you and see where any savings can be made. To be honest the Expenditure looks fine to me (although im not an expert!) take a look at my SOA and you'll see that one!!...my NR Mortgage is also variable now which hasnt helped with debts at all.

The only thing that may be asked is can you change mobile to less than £30 per month or/and cancel sky etc and get freeview box which could save money..

If it helps i have a freeview box not being used as my house reception isnt strong enough to boost signal...free if you want it. Depends where you are in country etc...

Good luck and well done again for posting SOA on here.

Dave X

So_Sad_Angel

Hi Skylight,

Thanks, I`m glad someone can see my dilema ...I need to make the right decisions as if I don`t then there are serious implications either way.

If I sell quickly then no probs as although no equity if I am not paying mtge & SL then can afford to clear the 50K from income. Even if OH goes BR which ,he is progressing with as he really can`t meet his credit commitments at all, I can cover the position if we are in rented.

Problem comes if house does`nt sell. If I rent before situation deteriorates then unless I stop paying mtge potentially I will have rent as well (695pm)!! unless I can get pmt holiday from N Rock.

I get myself in a state at this time of the day....I worry at night.

Not sleeping for going over `what ifs`!!

Angelxx

So_Sad_Angel

Dave,

Freeview is very poor here too as in deepest countryside location (hence Sky) , In terms of mobile can switch to payg however I am in O2 contract until Summer 08..when I spoke to them they want me to pay up to then so may as well leave as is.

I am going to get 2nd even 3rd opinion on this to see best course. Hope that someone here can give me any ideas that will help.

I`m terrifed of doing wrong thing.

Angelxx

Thanks for the advice.

Toon_Dave

Joint property is a difficult subject , mine is joint with ex at present. Speaking to the CCCS is the best port of call. they have a dedicated insolvnecy department fro dealing with ivas and BR etc. They will be able to explain the what ifs into the do this and do that so you dont need to worry as much..again its easier to type that but im going through similar so if u need to ask pm me or on here.

As skylight said if only one person goes BR then the debt passes to other joint holders ie OH so need to be considered carefully. This will mean that he will have to be able to repay full amount of secured on current terms, If this isnt going to be possible then maybe BR is the best and only solution.

But again follow up with legal advice through CCCS or free IP - the CAB or CCCS should be able to give you a number of some repecable ones who are looking out for your interests and not their own.

Keep us informed and we'll assist as we can.

Good night SSA.

Dave. XX

Toon_Dave

You are right to get as many opinions as possible as you can never have too much info really. If they come back with same answers then the decision is made up for you. Have you used the CCCS online debt guide?? if not try it out and it may give you some specific advice for your situation.

Also if as you said sell the house and rent to clear the joint debts...if then you have to or decided BR was option for you, the unsecured debts in your name would be wiped out. so OH wouldnt be liable. This may be a serious consideration but legal advice is certainly a must.

The property situations are always a minefield and so CCCS or CAB etc should be able to give advice on that.

D.

So_Sad_Angel

Dave,

Everything hinges on the property sale....market is so flat here. I need to get rid of joint liabilities asap.

Something you raised there has me thinking. When he was advised to go BR I had not had full consultation so I am realising that his BR will affect me far more than expected!!

More `what if`s`. Think I`ll pick this up in the morning with fresh eyes.

take care

Ax

Toon_Dave

ok sweetie, sleep well Angel and rest those eyes...im sure we will still all be here...good friday tm....another day to stay in and save...

Night. Dave. X