Dont want IVA - what are my options?

GhostHunter_3

I have finally used up all my savings and so can no longer meet the minimum repayments on my credit cards and loans. I was signed off work back in January on long term Incapacity Benefits, my husband is self employed on a very low income so dont get any help from him paying for household bills or anything (well he buys his own fat food as I am on a 'diet')!!

I have now started to get phonecalls and letters from the various companies to chase my payments and I have said I will try to pay them by end of the month when I get my benefits, making it clear and them aware that they are not the only ones I owe money to and the household bills will have to be paid first before I can see how much I have left (if any) to divide between them all.

I havent tried to apply for payment protection even though I have it on credit cards because I am sure I would not be protested. On the basis at the time it was miss-sold to me because I was self employed on a low income and had a pre-existing health complaine, the same as the one I am signed off and now receiving IB for, which I was not consulted about either.

Is it sensible of me to now call the credit card and loan companies myself and speak to them saying I am not playing ostrich and ignoring my debts and want to do something about them before I get into further trouble? Will they actually help or just make matters worse?

If I write to them what do I say? Do I enclose an SOA / income & expenditure (which will clearly show I have no spare money anywhere)? Will they force me into an IVA? I really dont want one of these, I would rather come to some mutual agreement to pay a minimum (and top up more whenever I can afford to) than end up in a pile of trouble and have no credit score and no chance of applying for credit for 5 - 7 years as an IVA will give me. Cant go bankrupt a I am just a 'partner' of my husbands business.

My credit score is bad already (not sure why always been 1 to pay on time and not ignore, maybe my husbands lack of financial control for his own?) but the last thing I want is to make it worse I am trying to repair it.

I really dont know which way to turn, it seems honesty and wanting to help myself out of debts may not help me at all.


:eek:

CLAPTON

I would suggest you go over to the debt free wanabee board and post up a full SOA... without the SOA its not possible to say whats possible or whats best.

if you are on IB then its probably you can't pay anything on your debts
but we need that SOA before any advice

why can't you seize to be a partner in your OH business?

GhostHunter_3

Because it will affect his tax returns or something. I did mention to our accountant back in March I wanted to quit as a partner but he advised against it. Its not as though husband earns much anyway and his tax refund this year was aprox £230.

I would also like to take my name off the business bank account whilst its still in credit (for once) but as our only option was to open an ordinary 'joint' account (as a business account required a minimum of between £1,000 and £5,000 a month in it at all times) as maximum monthlyincome is £500 on a rare good month! He does do the occasional part time work elsewhere but again this has knock on effects and he spends it anyway before he uses it responsibly (to pay his own bills etc) so I dont see any of it.

:eek: